economy
- World News
Thailand planning land and rail passageway, bypassing congested Strait of Malacca
Thailand hopes to shorten shipping time by bypassing the busy Strait of Malacca with a 100 kilometre highway and railway passageway. Discussions are underway to construct 2 deep seaports on both sides of the country’s southern coast, which would be linked via rail and highway. The latest proposal replaces the Kra Canal plan, which was talked about for decades. That…
- Northern Thailand News
Public concerned with costs of MRT’s Isaan project
Money is a main concern for businesses and investors involved in a project by the Mass Rapid Transit Authority of Thailand to construct an electric light rail train line in the Isaan province Nakhon Ratchasima. Some say MRT should reconsider the type of train planned for the project and go for a more cost efficient option. Province’s proposed MRT Green…
- Tourism News
International tourists ‘essential’ to Thai economy, PM says
“If nothing is done, things will get worse. Premises will be shut down. Employees will be laid off. How can the government afford to help them all?” Thailand needs tourists to pick its economy back up, PM Prayut Chan-o-cha says, adding that a system needs to be put in place that would both prevent the spread of the coronavirus and…
- Business News
GrabFood hungry for more customers
The lockdown boosted food delivery sales, but GrabFood is still hungry for more customers. They’ve launched a major marketing campaign called “Feed Your Hunger” with discounts and deals to get more people ordering food through the mobile application. The campaign goes from now until October 4. They’re offering free delivery service for those in a 3 kilometre radius. Many of…
- Economy News
Thai education inequality grows, more students need financial aid
Thousands more students are seeking financial help this year, growing the education gap between the rich and the poor. Some families cannot afford to send their children to school due to financial stress brought on by the coronavirus pandemic, chief of the Equitable Education Fund says. Around 1.8 million students applied for financial aid this year. 1.56 million applied last…
- Tourism News
Expats should get travel stimulus deals, Thai Hotels president says
Expats might be included in the next wave of tourism incentives, at least that’s what the new president of Thai Hotels Association is pushing for. Those who live and pay taxes in Thailand should have equal rights as Thai nationals, the association’s president Marisa Sukosol Nunbhakdi says. Thai nationals have been able get deals on travel through the domestic tourism…
- Economy News
Thai economy shrinks, pandemic to blame
The Thai economy is shrinking. A lot. So much that it’s close to hitting as low as it did in the 1998 financial crisis. Some say the coronavirus pandemic is to blame. For the second quarter, the Thai economy shrank by 12.2%, the National Economic Social Development Council says. That’s just a few decimal points away from a low in…
- Economy News
Thai education set to change, prepare students for the future
Teachers may have to mix things up in the classroom. Thailand education officials are planning to change teaching with a new model they call “Education Eco-System.” The goal is to prep students for the rapidly changing future, the Education Ministry says. Along with a new curriculum, tests will be used less to evaluate students. With demands for a competitive labour…
- Bangkok News
Thousands of job applicants line up Bangkok hotel before sunrise
Not hundreds, but thousands of job applicants showed up to a Bangkok hotel before the sun came up early yesterday morning. Some slept outside to be first in line to file an application at the Miracle Grand Convention Hotel in the Lak Si district. By 4am, 5,000 people were waiting outside the hotel. The hotel advertised 300 vacant positions and…
- Phuket News
Phuket officials outline plans for economic recovery
As Thailand’s tourist hot spots struggle under the devastating economic impact of the Covid-19 pandemic, officials in Phuket are attempting to kick-start tourism in the province. Focusing initially on domestic tourism, deputy governor Pichet Panapong hopes a number of planned events will draw visitors to the southern province. The Phuket Seafood and Gastronomy Festival, which started at the weekend and…
- Economy News
PM says economy is top priority in address to the nation
Thai PM Prayut Chan-o-cha says reviving the country’s economy is the top priority of his administration. In an address to the nation, he says the current global economic crisis, a fallout of the Covid-19 pandemic, is likely to continue until the end of 2021, with Thailand’s economic performance inevitably connected to that of the rest of the world. He points…
- Covid-19 News
Aviation Authority monitoring global Covid situation, no re-opening of Thai skies yet
While the Civil Aviation Authority of Thailand gave the green light for more international arrivals to enter the country from July, it says there will be no further re-opening for the time being. However, Director-General Chula Sukmanop says the CAAT will continue monitoring developments, in particular improvements in the Covid-19 situation in other countries. He adds that any decision to…
- Economy News
Trending upwards, but consumer confidence in Thailand still at a 22 year low
A leading academic says that despite an upward trend, consumer confidence in Thailand still sits at a 22 year low as a result of the economic impact of Covid-19. Thanavath Phonvichai from the University of the Thai Chamber of Commerce, says the pandemic’s devastating effects on tourism, employment, and exports, is mostly to blame, coupled with concerns over the ongoing…
- Economy News
Thailand’s GDP forecast to fall up to 9% this year
Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop…
- World News
Philippines plummets in to recession as virus numbers spike
The Philippines, reeling from Covid-19 lockdowns that have destroyed businesses and thrown millions out of work, plunged into recession after its biggest quarterly contraction on record, data showed today. The Philippine Statistics Authority says GDP 16.5% year-on-year in the second quarter as the country endured one of the world’s longest stay-at-home orders to slow the spread of the virus that’s…
- Economy News
Price of gold rises but investment not without risks
A leading investment research firm says the price of gold is on the rise, with predictions bullion could reach US$2,000 an ounce. Chayanee Juengmanon from Morningstar Research Thailand says one exchange-traded fund favoured by most domestic gold mutual funds, recorded net inflows of over $20 billion within the last year, a 30% increase in the value of its assets. gold…
- Economy News
Banks get tough on loan criteria as economic effects of Covid-19 worsen
The Covid-19 crisis has had a devastating effect on the global economy and, while it may have been successful in suppressing the virus, Thailand is in no way immune to the economic fallout. A report in Nation Thailand today says the country’s banks are now clamping down on their lending, imposing stricter criteria on borrowing. PHOTO: Nation Thailand The Bank…
- Economy News
Thai baht getting stronger
The Thai baht continues to strengthen, coming in at 31.41 against the US dollar. Nation Thailand reports that Jitipol Puksamatanan, Head of Markets Strategy at SCB Securities, predicts the currency will fluctuate between 31.35 and 31.85 against the US dollar, which continues to weaken. xe.com/currencyconverter Meanwhile, the Standard & Poor 500 Index has dropped 0.6%, which is being blamed on…
- Covid-19 News
Phuket seeks to diversify after Covid-19
The Covid-19 pandemic continues to cripple Thailand’s vital tourism sector, with provinces that rely the most on tourism revenue, being hit the hardest. Thailand may have managed to contain the Covid-19 virus, but at the expense of its economy going into a free fall with the southern resort province of Phuket exemplifying the downturn. Phuket businesses, which rely almost exclusively…
- Tourism News
Room rates drop as Thailand’s hotels feel the Covid pinch
The devastating economic effects of the Covid-19 crisis continue to make themselves felt as hotels are forced to reduce their rates significantly in an effort to lure guests. Speaking to the Bangkok Post, James Kaplan from asset investment and management company, Destination Capital says that, unlike the economic crash of 1997, hotel revenue took a hit at the height of…
- Covid-19 News
Thai economy won’t need a bailout from the IMF
The Thai economy won’t need a bailout from the International Monetary Fund, although the GDP growth for 2020 may end up being the lowest in the region. The Governor of the Bank of Thailand, Veerathai Santipraphob says the Thai economy is “strong enough”. Speaking at a seminar entitled “Post-Covid Economic Direction”, Veerathai noted that, although Thailand has managed to control…
- Economy News
Thailand tries 2-prong strategy to get perishables to China
Thailand is bypassing supply-chain roadblocks to deliver its perishables – mainly agricultural and food products – to China, its biggest market in Asia. Since Thailand shares no border with China, perishable goods like fruit and vegetables have traditionally been sent from Thai farms and warehouses by truck, going through either Vietnam or Laos. Ships and planes are also used, but…
- Covid-19 News
Thailand’s over-zealous virus control is killing the economy
Investors and economists are saying that “fear” and concerns over a second wave of Covid-19 is stopping Thailand’s economy recover. “Thailand should overcome concern of a second wave of Covid-19 and instead relax restrictions on foreign investors and tourists in order to shore up its falling economy.” Prominent local investor Dr. Niwes Hemvachiravarakorn says that the Thai Government… “shouldn’t worry…
- Technology News
The future is now: 5G taking off in Thailand
5G… we’ve all heard aboutit, but what is it, really? 5G literally means fifth-generation wireless technology. As the successor to 4G, the biggest changes include higher speeds, almost zero latency (the delay in transfer of data once an instruction has been given), and the ability to connect more devices at once. However, the benefits of 5G aren’t limited to its…
- World News
Singapore drops into an official recession
Singapore, an early success story in Covid-19 containment, has now dropped into technical recession after an official second quarter report of negative growth. The Singaporean economy plunged 41.2% quarter-on-quarter, with the country’s trade-dependent economy battered by the Covid-19 crisis in the South East Asian region. Finance authorities are flagging that they expect Singapore’s GDP to shrink between 4 – 7% this…
- Economy News
Thailand’s economy facing bleakest prediction in Asia
“The Bank of Thailand predicts that its gross domestic product will shrink by more than 8% this year.” While Thailand appears to have been successful in suppressing the Covid-19 virus, a report in The Bangkok Post today says the outlook for the country’s economy is far from favourable, calling it the worst in Asia. The Bank of Thailand predictions are…
- Covid-19 News
Over 73,000 Thai farmers to get relief aid after appeals approved
Over 73,000 Thai farmers are set to get much-needed aid after their appeals for financial help have been approved. The Bank for Agriculture and Agricultural Cooperatives (BAAC) says it will transfer the aid tomorrow, in the amount of 5,000 baht, to help with the Covid-19 economic fallout. BAAC secretary Anan Suwanrat says the ministry’s appeal panel has approved 73,975 appeals…
- Economy News
Thai government offering more aid to rural areas and domestic tourism
The government says it’s looking at expanding its domestic tourism stimulus package to assist rural economies while helping airlines and others in the tourism sector with soft loans. Deputy PM Somkid Jatusripitak says urgent measures are needed to create jobs for those who have returned to their home provinces after losing their livelihoods as a result of the Covid-19 crisis.…
- Covid-19 News
Thailand extends international arrival ban except for certain groups
The current ban on international arrivals has been extended until further notice by the Civil Aviation Authority of Thailand, with the exception of certain categories of foreigners and returning Thais. The news came late last night in a social media post by the CAAT. According to the statement, the extension is due to the ongoing global Covid-19 crisis, which many…
- Covid-19 News
Government agency issues guidelines to help Thailand’s souvenir suppliers
Thailand’s Department of Industrial Promotion says it is working on ways to help the country’s souvenir makers recover from the devastation wreaked by the Covid-19 lock-down. Speaking to Nation Thailand, Nattapol Rangsitpol, director-general of the DIP, says the latest advice complements the government’s stimulus campaign Tiew Pan Suk (Trips to Share Happiness), aimed at boosting domestic tourism and the local…
