economy
- 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…
- Economy News
Industry body says Thai government must borrow another 1 trillion baht
The chairman of The Federation of Thai Industries is calling on the government to borrow another 1 trillion baht to kick-start the economy in 2022. Supant Mongkolsuthree says the extra funds are desperately needed to boost an economy devastated by the fallout from the pandemic. According to a Bangkok Post report, he says the government’s borrowing of 500 billion baht…
- 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,…
- 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…
- World News
Myanmar’s economy to shrink by 18% due to military coup and Covid-19
The civil unrest following the February military coup, paired with the a spike in Covid-19 infections, is expected to cause Myanmar’s economy to contract by 18% this year, according to the World Bank. Since the military takeover, ousting the country’s elected leader Aung San Suu Kyi of the National League for Democracy, it’s estimated that more than 900 people have been killed…
- 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…
- 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…
- World News
Myanmar coup and crisis cause major damage to its economy
The continued civic unrest after the military coup has ravaged Myanmar and its economy, with massive losses across all economic indicators, including Thailand’s exports to its troubled neighbour. This year’s exports from Thailand to Myanmar predicted to lose between 60 and 96.5 billion baht, between 51 and 82%, according to the University of the Thai Chamber of Commerce. The UTCC’s…
- 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
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…
- Covid-19 News
Thai government mulling more relief packages in light of Covid-19 third wave
Thailand’s government is mulling more relief packages to help counteract the country’s third wave of Covid-19. PM Prayut Chan-o-cha has told all economic agencies to fast-track their assessments of how the third wave has impacted the economy, a requirement that must be completed before new relief packages can be detailed. Once the packages have been created, the Centre for Covid-19…
- 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…
- Thailand News
New Covid-19 wave could cause the Thai economy to lose 100 billion baht per month
With more than 18,000 Covid-19 cases in 22 days, the new wave of infections may have a dramatic impact on the Thai economy… possibly a 100 billion baht loss per month, according to the University of the Thai Chamber of Commerce. They say the outbreak is likely to primarily impact the service sector and the number of workers is expected…
- Economy News
8% March growth for Thai exports in promising recovery
An 8% increase in exports is expected for March fueled by online officials connecting foreign buyers with Thai exporters. Commerce Minister Jurin Laksanawisit touted the success of this plan to have officials working as salesmen to promote Thai products worldwide, the results of which produced 14.4 billion baht in exports last year. The Trade Policy and Strategy Office will release…
- Economy News
China grows 18.3%, the only major economy to grow in 2020
China’s economy set a record for growth in Q1, 2021, marking an 18.3% jump in year-on-year figures, the biggest quarterly growth in almost 30 years. China only started publishing growth statistics in 1992, and this drastic increase is the fastest growth recorded since then. The figures, however impressive, are mainly due to what is called a “low base effect” where…
- Economy News
Thai household debt expected to keep rising- Kasikorn Research
Despite rolling out Covid-19 vaccines, in which could see a faster return to pre-Covid times, Thailand’s household debt is expected to keep rising. Kasikorn Research analysts say it could, in fact, reach 89-91% by the end of the year. In a recent survey, KResearch says 10.8% of respondents could be stuck in a financial crisis. Of those who may be…
- Songkran News
Songkran, Thailand’s wettest holiday, dampened by Covid-19
Holiday spending during Songkran, the one time when “raining on one’s parade” is a plus, is projected to be the lowest in 9 years at about 113 billion baht, down 17% from 2019 with people still facing concerns over the Covid-19 pandemic. The tourism industry has been hoping for a big boost from the celebration, but it is seeming less…
- Economy News
Thai baht performs worst of all Southeast Asian currencies
Among common currencies in Southeast Asia, the Thai baht was the worst performing in the first quarter of 2021, mostly due to Covid-19’s effect on tourism in Thailand. This week the baht hit its lowest point in half a year, falling 4% against the US dollar to 31.24. The decline was the sharpest in all of the Southeast Asian nations.…
- Economy News
Thai government plans to draw in rich foreigners to live in Thailand
Say goodbye to the backpacker lifestyle of travelling through Thailand on a shoestring budget. The Thai government plans to lure rich, high spending foreigners with plans underway to reopen the country to foreign visitors. The government plans to draw in at least 1 million high spending tourists – rich retirees who want to settle in Thailand and potential investors interested…
- Visa Information
Tourists in Thailand can apply for another 60 day extension, allowing a stay until July 27
Thailand’s Immigration Bureau is allowing visa extensions for tourists who have been in stuck in Thailand since 2020 due to the Covid-19 pandemic. The Royal Thai Immigration Bureau announced the news through an urgent public memo yesterday. The previous order allowed those foreigners to apply for an extension until the end of March, but now they can apply for another extension…
- Thailand News
Thailand News Today | More vaccine options for Thailand, the world’s oldest cat? | March 26
Click HERE to watch Friday’s Thailand News Today program, Thailand has reported its first death of a Covid vaccine patient. An investigation has been launched by the Public Health Ministry, but health officials suspect the death is not related to the vaccine and that the death is from natural causes. 10 days after being injected with the vaccine, a 60…
- Phuket News
Tour bus operators in Phuket call for government help after a year of no work
Tour bus operators on the southern island of Phuket are calling for government assistance as they face ongoing legal action over missed lease payments on their equipment. Some operators say the threat of bankruptcy looms over them after a year of unemployment. The Covid-19 pandemic has wreaked havoc with tourism on Phuket, but tour bus operators say they have never…
- Thailand News
Thailand’s PM speeds up stimulus measures to boost domestic spending
Thailand’s PM is speeding up economic stimulus measures to continue the effort to boost domestic spending throughout the year. In a meeting yesterday, PM Prayut Chan-o-cha told the Finance Ministry to push forward the rollout of the 3rd phase’ co-payment scheme, financial relief scheme and the Section 33 We Love Each Other programme. Deputy PM Supattanapong Punmeechaow, noted that the…
- Thailand News
Soi Cowboy bar owner says the business has survived the pandemic, but revenue has fallen by 70%
Bangkok’s notorious red light district Soi Cowboy has survived the pandemic, but barely. An owner of a bar along the street said the business is only earning enough to cover operating costs. Bars and nightclubs were hit hard by disease control restrictions with the government banning alcohol, shutting down the venues and limiting operating hours during peaks in the pandemic.…
- Economy News
Government warns of fake apps attempting to cash in on handout scheme
Thailand’s Labour Ministry has warned the public to be aware of fake mobile applications when registering for the government’s latest cash handout scheme. Spokeswoman Ratchada Thanadirek says that while a number of apps may be masquerading as registration platforms for the Mor33 Rao Rak Kan (“We Love Each Other”) campaign, registration is only possible via one official website. “The scheme…
- Economy News
Finance Minister says vaccination rollout will drive economic recovery
Thailand’s Finance Minister is pinning his hopes on the rollout of Covid-19 vaccines to kick-start the decimated economy. Arkhom Termpittayapaisith says the economy should begin to recover in the last quarter of the year, saying the government’s vaccination drive will boost the public’s confidence, leading to more domestic travel. The minister adds that he experienced no problems after receiving the…
