economy
- Covid-19 News
The road back to ‘normal’ – when can we get back to work?
OPINION At one stage we didn’t know a new coronavirus was about to emerge. Then we started hearing stories out of China about a mysterious pneumonia-like disease in the first week of 2020. Then we started seeing a surge of cases, outside China, and wondered if it would affect us and the way we live. Then it did. Now we’re…
- Covid-19 News
Government doubles cash stimulus period for informal workers
The Thai government is doubling the period of monthly cash handouts for “informal workers,” from 3 months to 6. Finance Minister Uttama Savanayana made the announcement after yesterday’s weekly Cabinet meeting. The government initially only planned to provide cash to 3 million people for 3 months. The new stimulus marks a huge investment by the Thai government to keep the…
- Covid-19 News
Ministries will give up 10% of their 2020 budget to fight Covid-19 in Thailand
The third round of government measures are set to apply 10% of the country’s fiscal 2020 budget allocated to each ministry, and put into a central funding pool to battle against the Covid-19 pandemic as well as the rehabilitation of the economy. Deputy PM Somkid Jatusripitak says that the central fund will be overseen by PM Prayut Chan-o-cha. “The measures…
- Covid-19 News
Third stimulus package coming, valued at 500 billion baht
Thailand’s economy has been hit hard by the Covid-19 coronavirus pandemic, as it’s heavily reliant on exports and tourism. As of yesterday, Thailand had reported 1,524 cases of coronavirus and nine deaths as a result of the outbreak. So the finance minister yesterday announced a new stimulus package valued at more than 500 billion baht to alleviate the impact. The…
- Covid-19 News
BOT injects 35 billion baht into Thai financial market
35 billion baht is being injected into the local Thai financial markets in the wake of the impact from Covid-19 crisis. The Bank of Thailand say they are closely monitoring the local financial market and recognised “liquidity is tight in bond and US dollar exchange markets.” BoT assistant governor Vachira Arromdee announced yesterday… “The BoT last week injected both short…
- Economy News
Thai government planning more economic stimulus packages
Economists have urged the government to expand the fiscal deficit to up to 600 billion baht, while more stimulus packages are hopefully on course to counter the impact of the Covid-19 outbreak in Thailand. Secretary to the Council of Economic Ministers, Kobsak Pootrakool, says that the economic ministers would consider extra packages as relief for certain sectors, that were hit…
- Covid-19 News
400 billion baht stimulus announced to boost Thai economy
“The package will inject an estimated 400 billion baht into the economy in a bid to return growth to positive territory.” Yesterday’s Thai cabinet meeting gave the greenlight to a new stimulus package. The government expects the approved 400 billion baht to reduce the impact of the Covid-19 coronavirus outbreak. Last week’s 2,000 baht cash stimulus proposal, which was largely…
- Covid-19 News
Worst case scenario – Thailand loses 10 million tourists this year
Thailand’s tourist industry could be decimated in the wake of the world coronavirus outbreak. Tourism accounts for an estimated 16% of Thailand’s total GDP. The Tourism Authority of Thailand governor, Yutthasak Supasorn, says that, in a worst case scenario, Thailand could bleed 10 million of it’s projected 40 million tourist arrivals this year. He says his estimates were based on…
- Economy News
Help is on the way: 100 billion baht stimulus package passed
Eyeing the effects of the coronavirus outbreak on the nation’s already battered economy, the government yesterday approved a stimulus package, anticipated to cost more than 100 billion baht. The package was approved in a meeting of the Council of Economic Ministers, led by Prime Minister Prayut Chan-o-cha, and will be forwarded to the cabinet for approval on Tuesday. After the…
- Tourism News
Thai tourism ministry proposes 5 billion baht in tourist stimulus packages
Tourism and Sports Minister Phiphat Ratchakitprakarn says he will propose new domestic travel stimulus packages valued at 5 billion baht this Friday. The Minister says the aim is to cushion the impact of the coronavirus for the tourism service sector across the country. The Minister says that domestic tourism is “the priority during this difficult time. The government should implement…
- Thailand News
Thai Baht on the slide over fears of spread of Coronavirus outside China
What goes up must go down. The Thai baht has continued to weaken against leading international currencies, trading at 31.70 to the US$ in yesterday’s trade. The falls reflect regional concern over the coronavirus spreading beyond China. In the past few days both central South Korea and parts of northern Italy have reported outbreaks of the virus. Kasikorn Research Centre…
- Economy News
Government to extend the “Chim Shop Chai” stimulus program this month
The government is set to roll out a new phase of last year’s successful Chim Shop Chai (Eat Shop Spend) stimulus program to promote domestic spending. The measure is also intended to encourage investment by businesses in an economy hampered by a slowdown in tourist arrivals as a result of the ongoing Wuhan Coronavirus outbreak. The package, to be implemented…
- Economy News
Baht to remain strong into 2020: Kasikorn Research Centre
The Kasikorn Research Centre believes that the Thai Baht is going to remain strong into 2020. KBank’s research arm forecasts the baht to move in a range of 30.10-30.50 Thai baht to the US$ for the next few quarters. But they warn a key domestic factor to be monitored closely will be November’s export data, which will be released soon. External…
- Economy News
Sugar industry expert says banning of 3 agri-chemicals will severely damage business
The president of the Thailand Society of Sugarcane Technologists has criticised the recently- implemented ban on three agri-chemicals that were commonly used in the industry. The Nation reports that Dr Kitti Chunhawong insists the ban on Paraquat, Chlorpyrifos and Glyphosate will cripple business. “Currently Thailand is the world’s fifth sugar producer and second biggest exporter with more than 11 million…
- Economy News
Government wants to extend ‘Eat, Spend, Shop’ economic stimulus plan
The government is seeking to extend the deadline for its economic stimulus package, “Eat, Spend, Shop” (Chim Shop Chai) to January 31. The Nation reports that the Finance Ministry is planning to ask Cabinet today to agree to an extension from the original deadline of December 31, in order to provide a further boost to spending and the economy over…
- Economy News
Thailand’s ‘economic condition index’ expected to decline in Q3
PHOTO: Culture Trip Thailand’s household economic condition index is likely to drop further due to the ongoing global economic slowdown. Another drop would make it the third this year, measured in quarters. The slowdown is impacting the domestic economy and employment, according to the Kasikorn Thai research centre. Thai PBS reports that the latest ECI report indicates that a survey…
- Economy News
Chonburi manufacturers suspend operations, workers laid off
PHOTO: Nippon Steel Steel Processing Company storage yard and port facilities Thailand’s division of the Nippon Steel Steel Processing Company, in Rayong province, says they will suspend operations, temporarily, starting November 9, citing a steady drop in steel sales. Japan’s local affiliate Nippon Steel, says that, if all its employees work full-time, the company’s output of steel will far exceed…
- World News
“Build ASEAN brands” says AirAsia CEO
The CEO of AirAsia, Tony Fernandes, has told ASEAN governments to help create and strengthen “ASEAN brands” to drive the regional economy. Addressing the ASEAN Business and Investment Summit 2019, Mr. Fernandes says, although ASEAN is the world’s fourth largest economy, there are few ASEAN brands with impact beyond their national or regional boundaries. He blamed “both visible and invisible…
- Economy News
High-speed rail link approved
Plans for a new 7.4 billion dollar high-speed rail link from Bangkok to Pattaya got the thumbs-up Thursday (October 24). The approval comes after months of acrimonious negotiations. The government said it had signed an agreement on Thursday to begin construction with a consortium led by conglomerate Charoen Pokphand Group (CP) and including China Railway Construction Corporation. Japanese banks have…
- Economy News
Commerce Ministry will appeal US GSP decision
Thailand will ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences (GSP), according to the Ministry of Commerce. In the past, whenever trade benefits for Thai products exported to the US were suspended, Thailand has appealed to the US, according to the commerce minister, who added that it is ultimately…
- Economy News
Thai exports will suffer from Trump decision
US President Donald Trump announced on Friday that the US will suspend 1.3 billion dollars worth of duty-free trade for certain items from Thailand, claiming that Thailand has not taken steps to protect labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said he had suspended duty-free treatment because Thailand…
- Health
Second phase of government’s economic stimulus package off to a good start
The government has launched phase 2 of its Chim-Shop-Chai scheme, aimed at boosting the country’s economy. The second phase is aimed at those who missed out on subscribing the first time round, with each person entitled to a 1,000 baht giveaway and a 15 – 20% rebate on spending between 30,000 and 50,000 baht. Thai PBS World reports that the…
- Economy News
Thai Airways not at risk of shutting down: president
Thai Airways is not at risk of shutting down and recent news reports about the airline’s situation were “misinterpreted”, the beleaguered carrier’s president insisted on Wednesday. The statement appeared to directly contradict remarks he made to high-ranking THAI staff in a speech on Tuesday. He said the remarks were to encourage staff to make an earnest effort to ensure the…
- World News
Thai Airways denies cancelling flights to 4 Asean destinations
Thai Airways has dismissed reports that it will stop flying to four Asean destinations, namely Laos, Cambodia, Vietnam and Myanmar. In a statement issued Tuesday October 22, Thai’s president insisted there is no truth to reports that the airline will stop flights to the four destinations. He said that the company is preparing its corporate strategy, and a thorough analysis…
- Economy News
Airline on brink of collapse, TG president warns
The president of Thai Airways has announced that the national flag carrier is in deep financial trouble and may have to fold unless staff members unite to work harder. He also said that there may still be time, though not much, to save the company. “Otherwise speculation that THAI is going bankrupt will materialize and there is a chance that…
- World News
Thai Airways announces cancellation of six routes to four ASEAN destinations
The President of Thai Airways International says the airline is set to cancel six flight routes to Laos, Vietnam, Cambodia, and Myanmar. The Nation reports that Sumeth Damrongchaitham says the routes in question are all from Bangkok’s Suvarnabhumi airport to Vientiane, Luang Prabang, Phnom Penh, Hanoi, Ho Chi Minh and Yangon. “These routes are all covered by a small number…
- News
Tax on salt content being considered
The Excise Department is considering imposing a tax on the salt content of food to encourage food producers to reduce the sodium content of snacks, instant noodles and seasoning cubes. The director of the Office of Tax Planning said that the department is discussing a limit on the amount of sodium food can contain, in line with the standard set…
- Economy News
Asia leads the world in medical tourism
Over the past ten years, Asia has become a favourite destination for medical tourism for people from around the world. Besides the white sand beaches, historic monuments and rich cultural legacy, healthcare in Asia is now a major attraction. From transplants and surgeries to dental procedures and botox, people are turning to Asia. But what makes Asia the most popular…
- Economy News
Thailand’s growth forecasts for the rest of 2019 slashed again
Following their most recent meeting, the Joint Standing Committee on Commerce, Industry and Banking has announced Thailand’s economic growth this year has been revised downward to between 2.7 – 3.0% from the previous projection of 2.9 – 3.3%. It has also revised down its prediction of this year’s exports to between minus 2 – 0%. The committee says the revised…
- Economy News
“Too good for its own good” – The Thai economy
Bloomberg has written an opinion piece about the robust Thai economy, sharing its fears along with some pats on the back. “Thailand really should let its hair down. The currency is strong and the current-account surplus is big versus the neighborhood, while there’s a lot of scope for fiscal expansion. The Bank of Thailand has been grudging in cutting interest rates, in contrast to the…
