economy
- Economy News
Finance Minister: economy of Thailand will recover in 2023
Minister of Finance Arkhom Termpittayapaisith says that the economy of Thailand should see a full recovery, not next year, but by 2023. The economy is expected to grow by about 4% next year so 2022 would begin economic recovery, but it will take longer for Thailand definitely bounce back after the devastation of the Covid-19 pandemic. The Finance Minister believes…
- Property
Crypto and digital nomads could boost Thailand’s real estate market
As cryptocurrency is the new payment option of the modern era, many real estate developers are now supporting their payments through it. And, as it is still new to the Thai real estate market, experts say its growth potential is huge. As it can serve as a new alternative to real estate trading, it can help real estate developers offer…
- Phuket News
Tourism recovery in Phang Nga still sluggish
Thailand may have re-opened but there’s little sign yet of any significant recovery in the southern province of Phang Nga. The Bangkok Post reports that most businesses in the tourist area of Khao Lak are still suffering. Despite the coastal resort being open for over 3 weeks now, there are only a handful of tourists in the region. Chayabol Hirankanokkul…
- World News
Thai research institute identifies global post-pandemic trends
There is no doubt that in many ways, the world looks like a very different place now than it did before Covid-19. The Thailand Development Research Institute (TDRI) has identified a number of global megatrends that they say will be a big part of post-pandemic life. The institute says that industries will have to learn to adapt to these new…
- Economy News
Chamber of Commerce proposes familiar plans for the economy
Ahead of a meeting with PM Prayut Chan-o-cha tomorrow, the Thai Chamber of Commerce has compiled a list of measures to boost Thailand’s struggling economy. The proposal was sourced from 5 regional chambers of commerce and will be submitted to the prime minister tomorrow as part of his meetings with private sector representatives. The proposed measures aren’t particularly groundbreaking, mostly…
- Thailand News
APEC summit in Thailand to focus on regional economy
Next year Thailand will be hosting the Asia Pacific Economic Cooperation (APEC) summit. The Foreign Ministry explains that this year the meeting will be focused on economic recovery and growth in the region following the global Covid-19 pandemic. Promoting cooperation between member nations is the emphasis of this event, reports Thai PBS. The theme of the summit is said to…
- Thailand News
American businesses pledge continued investment in Thailand
PM Prayut Chan-o-cha says that he is pleased with the ongoing economic relationship between Thailand and the United States. American businesses have pledged continued investment in the country as they acknowledge the many opportunities in Thailand, despite the setbacks that have been caused by Covid-19. A meeting between PM Prayut and the American Chamber of Commerce in Thailand (Amcham) was…
- Business News
Mass lay-offs at Thai AirAsia as aviation sector continues to struggle
Thailand may have re-opened to international travellers, but the aviation sector continues to struggle as a result of the pandemic. Today, the Bangkok Post reports that Thai AirAsia has announced mass redundancies and extended furlough arrangements for many of its staff. Asia Aviation, the largest shareholder in TAA, says the outlook for the aviation sector remains unstable and the company…
- Property
Government urged to simplify measures for foreign property ownership
Thailand’s government is being urged to simplify measures for foreigners who want to buy property. Such things as money transfers and more medical staff are among the measures that are being scrutinised as too stringent. The vice-chairman of the Board of Trade of Thailand, Atip Bijanonda, says these obstacles are making it hard for foreigners to buy condos. Thus, the…
- Economy News
4 new holidays in Thailand hoped to stimulate domestic travel
Apparently in an effort to boost tourism revenue in Thailand, the Thai Cabinet has approved the creation of 4 new holidays in the middle of next year that allows for extra-long weekends. The government hopes that the creation of these long holiday weekends will encourage domestic travellers to take short getaway holidays around Thailand and stimulate the economy. The move…
- Business News
More cuts at Thai Airways as flagship carrier continues rehab process
The chairman of the Thai Airways rehabilitation plan says the airline is making good progress with cost-cutting exercises. Piyasvasti Amranand says Thailand’s national carrier has managed to recover 44.8 billion baht by cutting its workforce and ending aircraft lease agreements. “Thai Airways’ operational performance has progressed satisfactorily in many aspects, including cost reduction and organisational restructuring.” According to a TTR…
- Covid-19 News
5 million deaths – 22 months of Covid-19
Covid-19 has killed more than 5 million people across the globe, a grim milestone after nearly 20 months of lockdowns, information overload, misinformation and misery. The US has contributed the largest single body count from the coronavirus – 4% of the world’s population but 15% of the total deaths. Covid-19 is now a leading cause of death in the US,…
- Tourism News
Opinion divided on proposed 500 baht tourism tax
A plan to impose a 500 baht “tourism tax” on foreign arrivals from next year has divided opinion among tourism operators. A report by Nikkei Asia says some operators are concerned such a move could deter tourists, just as the country prepares to re-open. One of those is the president of the Thai Hotels Association, Marisa Sukosol Nunbhakdi. “The fee…
- Tourism News
FTI warns Thailand must reopen to international tourists
With such a long time since tourists were welcomed into Thailand, the Federation of Thai Industries fears that potential tourists may be wandering away from Thailand. The FTI chairman warned that the window may be closing to still attract these travellers. They say absence makes the heart grow fonder, but as Thailand’s closure to most international travellers stretches to more…
- Tourism News
Thailand hotels hopeful on reopening, short-term focus on domestic travellers
With Thailand’s traditional high season approaching, along with plans to reopen more key tourist destinations, hotels and hospitality groups are hoping that the arrival of more tourists this year will provide a much needed boost to the economy. This is especially the case in Bangkok, which is traditionally so reliant on tourism. But with reopening plans having been delayed repeatedly,…
- Economy News
PM Prayut announces a 5-point plan for the future economy
In an online meeting hosted by the National Economic and Social Development Council, Prime Minister Prayut Chan-o-cha announced his intention to revise Thailand’s economic and production outlook and methods. The plan looks towards future trends and the increasingly ubiquitous digital economy and aims to get Thailand in line for growing the economy now and in new sectors. The goals would…
- Thailand News
Cabinet approves measure to entice “high potential” foreigners to Thailand
The cabinet has approved a measure to entice “high potential” foreigners, such as wealthy retirees and specialists, to spend a prolonged period in Thailand. The measure is a bid to promote foreign investment and to improve the struggling economy. The 4 groups that the government hopes to attract to Thailand are high income earners, foreign retirees, experts in different fields,…
- Sponsored
The Thaiger Digital Summit – Seven Thai Tech Start-Ups Speak Out
Disrupt or Die. Tune in to a full-tilt, one-hour online event led by The Thaiger’s Co-Founder and leading digital entrepreneur Michael Kenner. On the virtual stage will be fast-paced conversations with seven amazing start-up disruptors who are set to change Thailand’s online space. From super apps, the sharing economy, big data, to taking business off the sois and onto digital…
- Economy News
Thai PM calls on state agencies to disburse allocated funds quickly to revive economy
The Thai PM is calling on state agencies to inject funds into the economy for the new fiscal year in October, in order to help its recovery. According to a Bangkok Post report, deputy government spokesperson Traisuree Taisaranakul says budget spending is vital to the revival of an economy decimated by Covid-19. “In light of the pandemic, the state budget…
- Environment News
Island of rubbish: Koh Samui’s pollution problem remains unsolved
No one can argue with the appeal of visiting Thailand’s exotic, tropical islands. With their glistening palm trees, crystal-clear waters, and powdery, white sands, a trip down south is what many yearn to cross off their bucket lists. One of Thailand’s most iconic islands is that of Koh Samui. As the largest and most developed island in the Gulf of…
- Economy News
JP Morgan includes Thailand in 5 economies most at risk from Delta variant
The investment banking firm JP Morgan says there are 5 emerging economies that are most vulnerable to the Delta variant – and Thailand is one of them. According to a Reuters report, the others are South Africa, Colombia, the Philippines, and Peru. The primary reason given for these findings is the low rate of vaccination, with analysts comparing the pace…
- Phuket News
It’s happening: Phuket sandbox approved by Cabinet
It’s been talked about until the buffalo came home – and then some. It was on, it was off, it was delayed, then it wasn’t. Finally, it’s been confirmed. After being closed to foreign tourists for over a year, the southern island of Phuket is set to re-open on July 1. Yesterday, the sandbox scheme, which will see the island…
- Economy News
Property market in tourism areas relying on vaccines for recovery
Tourism destinations in Thailand are pinning their hopes on Covid-19 vaccines to revive their decimated economies, including in the real estate sector. Vichai Viratkapan from the Real Estate Information Centre says the property sector’s recovery will be driven by the rollout of vaccines, particularly in tourist destinations that have borne the brunt of the economic devastation. “Tourism destinations like Phuket,…
- World News
Malaysia heads into another 2 week full lockdown
Malaysia is going back into a full lockdown for 2 weeks, starting this Tuesday. The Malaysian PM Muhyiddin Yassin announced the nationwide “total lockdown” as the country battles with a new surge of Covid-19. The lockdown will run from June 1 – 14 and only essential and emergency services would remain in operation. According to the prime ministers office, the…
- Economy News
15 most popular tourism provinces contribute 70% of total GDP
Wealth inequality around the world has always been the haves versus the have nots, but in Thailand, it has become the toured versus the toured not. The Fiscal Policy Officer’s senior expert on macroeconomic policy recently presented some stark figures showing the astounding gap in contribution to the GDP between tourism provinces and non-tourism provinces. Only 15 provinces contribute 70%…
- Economy News
Thailand Consumer Confidence Index hits record low
The University of the Thai Chamber of Commerce has reported that the Consumer Confidence Index has hit another new record low of 46.0 in April. The Covid-19 global pandemic has had a devastating effect on the economy and consumer confidence has fallen frequently to the lowest points that it has seen since 1998. The president of the UTTC believes that…
- Economy News
Stimulus package gives more back the more you spend
A new stimulus package targeting middle and high-income people aims at increasing spending by offering more e-voucher the more you spend. Ying Chai Ying Dai, which translates to “the more you spend the more you get”, will reward those who spend between 46,000 and 70,000 baht with a 7,000 baht e-voucher. This part of the government’s 225 billion baht stimulus…
- Economy News
GDP forecast dropped to 1-2% with best, middle and worst case scenarios
Mass vaccination will be the key stop the slump in economic growth after the Bank of Thailand revised their 2021 GDP forecast to between 1 – 2%. They had previously estimated a 3% growth in the gross domestic product but are now creating tiered predictions of a base level, worse situation, and a worst-case scenario, according to the Bank of…
- Economy News
Covid-19 again lowers Thai economic growth forecast to 2.3%
Thailand’s economic growth forecast was lowered to 2.3% as the tourism outlook remains bleak as Covid-19’s third wave pummels the country. Back in October 2020, the Finance Ministry’s Fiscal Policy Office had originally predicted a 4.5% growth for Thailand’s GDP, when Covid-19 seemed to be waning in the country. By January, as the second wave hit, projections were reeled in…
- Economy News
Foreign investors eye business in Thailand as hotels face closure during new outbreak
The new wave of Covid-19 infections this month has led to a drop in occupancy rates at Thailand hotels, some reporting drops of 5% to 30%, battering hoteliers that have already been struggling from a year of little to no foreign tourists. Some hotel operators have been forced to sell their businesses, according to the president of the Arjarnnar Asset…
