Economy News
Thailand economy news, business updates, financial markets, and government policies—stay informed on economic developments shaping the nation. Get the latest from The Thaiger, your trusted source for Thailand economic news.
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Finance Minister says Thailand’s GDP will take 2 years to recover
Thailand’s finance minister says the countrys GDP will take 2 years to recover the 9% it has lost since the Covid pandemic ravaged the economy. Arkhom Termpittayapaisith, the Finance Minister, says the economy would have expanded by 3% this year if it weren’t for the pandemic. “The pandemic crisis will make the economy contract by around 6% in 2020, therefore…
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Bank of Thailand takes action to curb Thai baht’s strength
The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas and invest in foreign assets. It will also make is easier for Thai citizens to…
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Chief ASEAN economist says protests not helping Thailand’s weak economy recover
Chief ASEAN economist of Nomura, Euben Paracuelles, says Thailand’s current protests are not helping Thailand’s weak economy recover. In fact, Pracuelles says Thailand’s economy is the weakest and slowest in the region, noting that it is in “pretty bad shape”. He further says that the last thing the kingdom needs is something to weaken its recovery and that the current…
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Ministry of Finance proposes extension to shopping stimulus scheme
The Ministry of Finance is proposing to get Thais to shop the country out of recession. They’ve proposed an extension to the shopping co-payment scheme, Khon La Khrueng (Let’s Go Halves), first introduced last month. The scheme aims to encourage spending by offering Thai shoppers discounts of up to 150 baht a day at participating stores, to a maximum of…
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Overseas investors buy Thai bonds, optimistic that Covid-19 vaccine will revive tourism
With hopes that a Covid-19 vaccine will be the key to open Thailand’s doors back up to international tourism, overseas investors are putting down money into Thailand’s financial market. Thai baht has strengthened by nearly 3% since the end of October, a top performing currency in Asia following the Indonesian rupiah, and it’s expected to strengthen even further over the…
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Minister says lack of foreign visitors will have knock-on effect for domestic tourism
The Tourism Minister says Thailand can expect a significant drop in domestic tourism unless international tourism is revived. According to a Bangkok Post report, Phiphat Ratchakitprakarn says local tourism figures are 40% of what they were in 2019, and are expected to drop further once the domestic travel stimulus scheme ends at the end of the year. The scheme has…
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Investors see opportunity in Pattaya hotel market
Although travel restrictions are still tight, investors see potential opportunities in Pattaya’s hotel market. Many are reimagining the 2021 market by focusing on domestic demand. Property consultancy JLL says the ongoing Eastern Economic Corridor development comes into play. U-Tapao International Airport in Rayong expanding to increase capacity by 5 million passengers and a high speed rail is in the works…
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Government pledges help for Phuket tourism industry
As Phuket’s tourism industry continues to fight for survival amid ongoing Covid-19 restrictions, the PM is ordering an advisory team to finish work on recovery proposals received from the private sector and submit them to the government’s Covid-19 task force for approval. Danucha Pichayanan, from the National Economic and Social Development Council, says this is expected to happen shortly, as…
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3 stores investigated for potential fraud in government co-payment scheme
Officials are investigating 3 businesses for possibly de-frauding the government under the “Let’s Go Halves” stimulus scheme introduced last month. The co-payment plan launched on October 16 in an effort to boost domestic spending. Under the scheme, 10 million citizens can avail of discounts on purchases at participating stores of up to 150 baht a day, capped at 3,000 baht…
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Inequality likely after economic recovery – Bank of Thailand governor
It’s expected to take at least 2 years for Thailand’s economy to recover, but once it does, inequality is likely to become a top concern, according to the Bank of Thailand governor Sethaput Suthiwart-Narueput. “It is expected to take at least two years before the Thai economy returns to its pre-pandemic levels in terms of GDP… Even when the economy…
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Government to consider rescue packages for tourism businesses in South
The government will hold a mobile Cabinet meeting in Phuket today to consider potential rescue packages for tourism-related businesses that have been ravaged by the closure of international borders. The proposals, which include soft loans for airlines and other businesses, come after PM Prayut Chan-o-cha met with Phuket business representatives and local officials yesterday. The Bangkok Post reports that the…
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PM in 2 day visit to economically-ravaged islands of Phuket, Samui
The PM and his Cabinet are visiting Phuket and Samui today and tomorrow, in order to meet with business leaders and provincial government, to discuss ways to help the decimated local economies. Since the closure of borders in late March, as the Covid-19 pandemic began its worldwide rampage, former tourist hotspots like the southern islands have borne the brunt of…
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US cuts Thailand’s tariff benefits after long-running pork dispute
Thailand’s duty-free privileges for US$817 million in exports with the US are to be revoked from the end of this year, according to US President Trump in an announcement yesterday. The President blamed a lack of progress in opening the Thai market to US pork products. Trump’s letter announcing the action follows more than 2 years of threats and negotiations…
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Dow and S&P 500 take a breath after an ugly week, tech stocks lead the way down
US stocks closed lower yesterday to end an ugly week downbeat with ‘uncertainty’ remaining the overwhelming sentiment. Tech stocks led the march downwards. The Dow Jones Industrial Average dropped in its biggest monthly collapse since March with investors reacting to rising Covid-19 cases in the US and Europe, peppered by nervousness ahead of next Tuesday’s US presidential election. The increased…
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Free Trade Agreement talks continue between Thailand and EU
Thailand is resuming trade talks with the European Union on the long-delayed Thai-EU free trade agreement. The 15th Thai-EU Senior Officials’ conference was held virtually between leading Thai and European trade officials this week. The push was on to have the Free Trade Agreement signed and sealed by the end of this year. Discussions were held regarding the ongoing affects…
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Officials to choose “low risk” countries for possible reduction in quarantine
The Thai government is to compile a list of countries considered “low risk” for the Covid-19 virus, as it considers a reduction in the mandatory 14-day quarantine period for foreign arrivals. Nation Thailand reports that, once finalised, the Public Health Ministry will submit its list to the Interior Ministry, who will use it to decide the criteria for reduced quarantine.…
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Permanent residency, changes to quarantine period – Government mulls strategies to revive economy
“The government is considering offering permanent residency to those buying condos in the Kingdom.” Energy minister and deputy PM Supattanapong Punmeechaow has outlined a number of strategies the government hopes will help the Thai economy recover from the Covid-19 fallout. Permanent residency for some condo purchases, changes to the mandatory quarantine and incentives for foreign investment are all under discussion.…
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Thailand at the crossroads. The anti-government protesters vs Thai establishment – VIDEO
Click to watch the video… This video provides some background of the protests and their challenge ahead. They are battling a deeply entrenched “establishment”, including the Army, the government, the Bangkok ‘elite’ and years of conservative traditions protecting the revered Thai monarchy. The protesters are young, educated and motivated. The government controls the levers of power. What will happen? Like…
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“Protests could affect the economy” – Bank of Thailand
The ongoing political protests could have a negative impact on Thailand’s already crippled economy by weakening domestic consumption and tourism even more, according to the Bank of Thailand. The bank’s newly appointed governor Settaput Suthiwart-Narueput, who started this month, says they need to keep a close watch on the situation. “Basically, the political factor is one of the uncertainties… It…
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Phuket tax revenue plummets during pandemic – VIDEO
The Covid-19 pandemic led has tax revenue in Phuket to be cut in half. Border closures, banning international tourists, has caused the tax revenue for the popular island destination to plummet. From January to August, total tax receipts year on year fell by more than 46%, according to data from the Phuket Area Revenue Office, obtained by The Phuket News. In…
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Covid-19 could lead to a crisis worse than the 1997 Asian financial crisis
With debt relief measures set to expire this month, Thailand’s financial woes, brought on by the Covid-19 pandemic, might end up being worse that the 1997 Asian financial crisis, known in Thailand as the Tom Yam Kung crisis, according to the Bangkok Commercial Asset Management. The 1997 Asian financial crisis started in Thailand with the financial collapse of the Thai…
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The Pattaya to Hua Hin bridge. Government discusses 900 billion baht investment.
The government is looking into a so-called “Thai Bridge” that would connect Pattaya to Hua Hin, an estimated 900 billion baht investment. The project would be part of the Eastern Economic Corridor development plan aimed at improving the transportation and infrastructure in Thailand. The 900 billion baht investment is expected to take 10 years to financially implement, according to chairperson…
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Minor International Chairman calls for major overhaul of Thailand’s ASQ
Minor International’s outspoken Chairman, Bill Heinecke, has penned an open letter to Thailand’s Public Health Minister, Anutin Charnvirakul. The thrust of the letter is that the current ASQ and general quarantine requirements and restrictions, is making any recovery of the country’s tourism and hospitality industry. Minor hotels have already serviced 2,500 guest as part of the Thai government’s Alternative State…
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China’s economy expected to grow 1.6% in 2020 – World Bank
Much the world is currently seeing continuing surges of new Covid-19 cases, some countries are well into their 2nd wave. Meanwhile China is quietly getting it’s industrial engine and economy going again as new cases. In fact China’s number of ‘active cases’ has been dropping since April, and now is fewer than 200 total cases across the country. Along with…
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Economic think tank says shopping stimulus will only help in the short-term
The research division of Kasikorn Bank says while the government’s planned shopping stimulus has its advantages, the benefits will only be short-term. The Kasikorn Research Centre points out that the scheme, which it’s hoped will run from October 23 to December 31, will only provide a temporary boost to the economy. The stimulus measure, which is being put to the…
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Medical chief in favour of re-opening borders, calls zero cases target unrealistic
A senior Thai medical professional has confirmed he’s in favour of Thailand re-opening its borders, saying attempting to maintain zero cases of Covid-19 is “unrealistic”. Somsak Akksilp, from the Department of Medical Services, insists the country is adequately prepared in the event of a resurgence of the virus and, with no date set for vaccine availability, the country must move…
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Thailand’s Health Ministry wants to reduce tourist quarantine to 10 days
Thailand’s Health Ministry is seeking to reduce the mandatory quarantine period for foreign tourists, currently mandated at 14 days, to 10 days. The reduction would be assessed after one month and, if successful, quarantine could be further reduced to 7 days. However, this reduction would only apply to those arriving from countries considered “safe” from Covid-19. Those arriving from high-risk…
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Key foreign investors could be exempt from quarantine
Key foreign investors might get to skip out on the 14 day quarantine required for travellers entering Thailand. Allowing high spending investors a free pass on the isolation period is aimed to help revive the economy after it was battered by the pandemic. The Centre for Economic Situation Administration, or CESA, is expected to discuss the proposal today. Special measures…
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Head of economic recovery panel warns of collapse if borders not re-opened now
A businessman heading up an economic recovery panel is warning the government that unless Thailand’s borders are re-opened for the last quarter of the year, the country is headed for total economic collapse. The Bangkok Post reports that Pailin Chuchottaworn says the gradual easing of Covid restrictions in recent months is not enough, insisting the country must re-open to international…
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Finance Ministry mulls stimulus packages to boost property sector, consumption
The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy going again, as the impact of the Covid-19 pandemic continues to make itself felt. He says…
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