economy
- 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…
- Thailand News
Poverty rising during pandemic, 15 million expected to be on welfare by 2022
Thailand’s poverty rate has been increasing during the pandemic. According to the deputy Finance Minister, the number of Thais receiving state welfare is expected to increase by over 1 million, totaling around 15 million people. Based on Worldometer statistics, this means that next year over 21% of the population will be on welfare, or around 1 in 5 people in 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,…
- Thailand News
Bangkok land prices rising, but still below pre-pandemic average
While Bangkok land prices are hardly on a tear, they continue to rise even amid the economic uncertainty brought about by the Covid-19 pandemic. Figures from the Real Estate Information Centre, known as REIC, show a quarterly rise of 0.5%, and a yearly rise of 7.6%, in the land price index in Greater Bangkok in the third quarter. As reported by…
- 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…
- 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…
- 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…
- 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…
- 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…
- 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
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…
- 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
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…
- 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…
- Expats
Thailand looks at proposal to make it easier for expats and long-termers
Thailand is looking to make it easier for expats and long-term visa holders to stay in the country. The Immigration Bureau is hoping to boost investments and the economy once the pandemic is over. The proposed changes could do away with 90 day reporting requirements which have been well-received by expats. Recently, the online website to report 90 day check-ins…
- 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…
