economy

  • Technology NewsThe future is now: 5G taking off in Thailand
    ThaigerPublished: 10:09, 17 July 2020
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    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…

  • Politics NewsDeputy PM Somkid, top economic team resign
    ThaigerPublished: 10:08, 16 July 2020
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    Deputy PM Somkid, top economic team resign

    Deputy PM Somkid Jatusripitak, widely considered Thailand’s economic tzar, has resigned, along with 3 ministers working for him, paving the way for the long-rumoured cabinet reshuffle by PM Prayut Chan-o-cha of the government’s economic team. The 3 others are Finance Minister Uttama Savanayana, the energy minister and the minister of higher education, science, research, and innovation. The deputy secretary-general of…

  • World NewsSingapore drops into an official recession
    ThaigerPublished: 12:15, 14 July 2020
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    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 NewsThailand’s economy facing bleakest prediction in Asia
    Maya TaylorPublished: 09:59, 07 July 2020
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    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…

  • Economy NewsThai government offering more aid to rural areas and domestic tourism
    Maya TaylorPublished: 10:37, 03 July 2020
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    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 NewsWorld travel business faces slow recovery – UN report
    ThaigerPublished: 10:21, 02 July 2020
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    World travel business faces slow recovery – UN report

    Plenty of businesses are suffering and recovery will be slow, and lumpy. One of the hardest hit, and probably one of the most difficult industries to re-start, is the world travel business. Hotels, airlines, tour companies, travel agencies and online booking systems… and the millions of people employed to make all those work together as a working machine. Now a…

  • Covid-19 NewsThailand extends international arrival ban except for certain groups
    Maya TaylorPublished: 12:12, 30 June 2020
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    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 NewsGovernment agency issues guidelines to help Thailand’s souvenir suppliers
    Maya TaylorPublished: 13:05, 27 June 2020
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    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…

  • Business NewsPM urges Thai industry representatives to adjust to “new normal”
    Maya TaylorPublished: 11:30, 23 June 2020
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    PM urges Thai industry representatives to adjust to “new normal”

    PM Prayut Chan-o-cha is urging Thai business representatives to accept and adapt to the new way of doing things in the aftermath of the Covid-19 crisis. He was speaking during a meeting with the Federation of Thai Industries, where he called for the private and civil sectors to work with the government to get the economy going again. In talks…

  • Covid-19 NewsPrice spike for Thai latex, condoms and medical gloves in demand
    Caitlin AshworthPublished: 18:56, 22 June 2020
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    Price spike for Thai latex, condoms and medical gloves in demand

    It’s clear the coronavirus pandemic has lead to a surge in demand for plastic gloves, but demand has also increased for condoms (locked up for 2 months, blah, blah…). The high demand has increased the price of latex and business is booming for companies in Thailand. Malaysia had a significant drop in natural rubber production and The Thai Rubber Latex Corporation…

  • Economy NewsSomkid outlines a bright future for Thai economy
    ThaigerPublished: 09:24, 19 June 2020
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    Somkid outlines a bright future for Thai economy

    Thailand is poised to soar in the global market with heightened investment attraction and a massive budget earmarked to rejuvenate the economy in the fourth quarter, as the Covid-19 pandemic eases, according to Deputy Prime Minister Somkid Jatusripitak. Mr Somkid says the government also plans to enhance financial cooperation with China and Hong Kong that will lead to business expansion…

  • Covid-19 NewsInternational flight talks resume as “travel bubble” debate rages on
    Maya TaylorPublished: 13:32, 18 June 2020
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    International flight talks resume as “travel bubble” debate rages on

    “There must be thorough discussions, which may continue into next month.” As the Thai government mulls the possibility of “travel bubbles” with countries where Covid-19 appears under control, aviation representatives are talking with commercial airlines about a potential return to international services. Limited domestic flights have been operating again since May, with the exception of Phuket, which resumed its domestic…

  • Covid-19 NewsBillions of baht thrown at domestic tourism
    Caitlin AshworthPublished: 12:15, 17 June 2020
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    Billions of baht thrown at domestic tourism

    The coronavirus pandemic has nearly killed tourism in Thailand. Now, Thai authorities are giving some life to domestic travel by rewarding health volunteers with a free holiday as well as subsidising hotel and transportation costs. 3 stimulus packages worth 22.4 billion baht are planned to boost up the industry and are set to run from July to October. The money comes…

  • Phuket NewsLong road to recovery for Phuket property sector
    Maya TaylorPublished: 09:55, 12 June 2020
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    Long road to recovery for Phuket property sector

    The Vice-President of the Phuket Real Estate Association says there will be no quick bounce-back for the island’s property market, saying it will take at least 2 years for things to recover from the devastating effects of Covid-19. Speaking to Bangkok Post, Boon Yongsakul, owner of Boat Lagoon, says the fall-out has been particularly severe in Phuket because the province…

  • Thailand NewsThailand News Today – Thursday, June 11
    ThaigerPublished: 17:25, 11 June 2020
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    Thailand News Today – Thursday, June 11

    Transport Company resumes service, bans foreigners The wheels on the bus go round and round. But not for foreigners living in Thailand. It’s now official. If you’re a foreigner you won’t be allowed on intercity buses operated by the state owned Transport Company, under the auspices of the Thai Ministry of Transport. They announced today that foreigners are banned from…

  • Economy NewsEconomist predicts economy will shrink 8.9% this year, despite easing of restrictions
    ThaigerPublished: 14:22, 11 June 2020
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    Economist predicts economy will shrink 8.9% this year, despite easing of restrictions

    A leading economist is predicting the Thai economy will contract by 8.9% this year despite the easing of Covid-19 restrictions, far higher than previous estimates from local and international economic pundits. Amonthep Chawla, head of the research office at CIMB Thai Bank says that although Thailand is heading toward the fourth phase of lockdown easing, with more businesses to be…

  • Transport News“Gold Line” monorail will bring more mass transport to the Chao Phraya west bank
    ThaigerPublished: 12:42, 07 June 2020
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    “Gold Line” monorail will bring more mass transport to the Chao Phraya west bank

    The construction of Thailand’s first monorail, aka. “Gold Line” in Charoen Nakhon area in Thon Buri, is causing some traffic congestion in the area. The developer, Krungthep Thanakom, is making up for lost time still hope to meet the October deadline for the new Gold Line to officially open. The project has been delayed due to the Covid-19 outbreak and lockdowns, when…

  • Business NewsCommerce Ministry announces another round of price drops on staple products
    ThaigerPublished: 10:15, 07 June 2020
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    Commerce Ministry announces another round of price drops on staple products

    The Thai Ministry of Commerce will soon launch a fourth round of price reductions, which will take place at a district level. The ministry has already received cooperation from the business sector to help those affected Covid-19 by lowering product prices, sometimes by as much as 68%, on 3 occasions, In the fourth round, around 7,100 consumer goods are being…

  • Economy NewsSpecial boxes made for delivering smelly durian
    Caitlin AshworthPublished: 12:34, 05 June 2020
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    Special boxes made for delivering smelly durian

    You either love durian, or you hate it. But many people can agree, it smells bad… really bad. Some hotels and transportation services even ban the pungent fruit. Thailand researchers have now developed a special odour-proof boxes to be used to deliver durian. The box is important when selling the Thai fruit because just the smell of it can drive…

  • Economy NewsThailand’s Central Bank will act to restrain soaring baht
    Maya TaylorPublished: 09:37, 02 June 2020
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    Thailand’s Central Bank will act to restrain soaring baht

    The rapidly strengthening Thai baht is proving a worry for Thailand’s Central Bank, which has said it’s ready to act to limit its rise, given the already damaged economy. The baht’s climb, strengthening nearly 2% against the dollar in the past month alone, makes it one of the highest climbing currencies in Asia. Its recent rise is being attributed to…

  • Covid-19 NewsBank report predicts extended timeframe for Thai tourism recovery
    ThaigerPublished: 08:56, 27 May 2020
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    Bank report predicts extended timeframe for Thai tourism recovery

    As the severity of the current situation facing Thailand’s lucrative tourism industry starts to sink in, Kasikorn Bank Research Centre have released a report with some stark predictions. Thailand’s tourism and hospitality industry faces losses of 1.69 trillion baht in 2020 and recovery “may not be clearly evident” next year. The report also foreshadows strict ‘new normal’ procedures as government measures…

  • Politics NewsOpposition criticises Thai government over economic toll of Covid response
    Maya TaylorPublished: 11:11, 25 May 2020
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    Opposition criticises Thai government over economic toll of Covid response

    Opposition party Pheu Thai has condemned the government’s management of the Covid-19 crisis, saying total shutdown has had a devastating effect on the country’s economy. In a report in Nation Thailand, Paopoom Rojanasakul, vice secretary-general of the party says the hard-hitting restrictions imposed across the country have led to high unemployment, with the International Monetary Fund saying Thailand’s economy is…

  • Covid-19 News“Amazing Trusted Thailand” – tourism rebrands
    Caitlin AshworthPublished: 13:26, 19 May 2020
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    “Amazing Trusted Thailand” – tourism rebrands

    International tourists still can’t enter Thailand, so the country is using this time to rebrand their tourism promotions. The aim is to add some “trust” in regards to the country’s health profile with hopes that tourists will visit Thailand worry-free. Tourism is going from the “Amazing Thailand” brand to “Amazing Trusted Thailand.” The intention is that they want tourists to…

  • Covid-19 NewsGlobal recovery unlikely to happen next year – IMF
    ThaigerPublished: 13:14, 19 May 2020
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    Global recovery unlikely to happen next year – IMF

    The head of the International Monetary Fund says the global economy is going to take longer than initially thought to recover fully from the shock caused by the Covid-19 coronavirus. She’s also warning against the danger of protectionism. Kristalina Georgieva says the Fund is likely to revise its forecast for a 3% contraction in GDP in 2020 downward, but gave…

  • Covid-19 NewsThai company steps up to ease condom shortage
    Caitlin AshworthPublished: 10:44, 19 May 2020
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    Thai company steps up to ease condom shortage

    A shortage of condoms is one thing. A shortage of condoms while people around the world are stuck at home is another. Since a top condom manufacturer in Malaysia halted production due to the coronavirus pandemic, a Thai company is now stepping up to fill the gap. Thai Nippon Rubber Industry, the country’s biggest condom manufacturer, is increasing production by…

  • Covid-19 News100 billion baht fund in the works for small businesses
    Caitlin AshworthPublished: 17:12, 15 May 2020
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    100 billion baht fund in the works for small businesses

    A pay cheque might be on the way for small businesses that kept paying their employees, despite loss of business from the pandemic. An up to 100 billion baht fund, or 3 billion USD, is planned to be set up to help Thailand’s small businesses, according to Reuters. Deputy PM Somkid Jatusripitak said assistance from the Finance Ministry will be for…

  • Covid-19 NewsTenants bailing out of pricey Bangkok offices amid pandemic
    Caitlin AshworthPublished: 13:53, 14 May 2020
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    Tenants bailing out of pricey Bangkok offices amid pandemic

    Bangkok’s high-end office district is looking more like a ghost town as the coronavirus pandemic seems to have many companies bailing out of their pricey office spaces. The increasing vacancy trend of Grade-A office space is expected to continue, possibly until a coronavirus vaccine is in effect, according to managing director of Phoenix Property Development and Consultancy, Surachet Kongcheep. Business owners have…

  • Covid-19 NewsMajor slump in tourists expected this year
    Caitlin AshworthPublished: 16:33, 12 May 2020
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    Major slump in tourists expected this year

    It’s not looking to good for Thailand’s tourism industry. This year will have the lowest numbers the country has seen in over a decade, and that’s assuming there’s some reopenings for international travel sometime later in the year. With the coronavirus pandemic freezing up international travel, the number of foreign tourists are expected to fall by 65% this year, according…

  • Covid-19 NewsThailand’s GDP to contract up to 5% for 2020 – business thinktank
    ThaigerPublished: 10:58, 10 May 2020
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    Thailand’s GDP to contract up to 5% for 2020 – business thinktank

    Thailand’s GDP is expected to contract between 3-5% for 2020, and exports by up to 10%. The predictions from Suphan Mongkolsuthee, president of the Federation of Thai Industries and chairman of the private sector joint committee. He also believes that the Thai economy has probably reached its ‘low point’ and will start recovering from now. He said that, as the…

  • Covid-19 NewsGovernment panel predicts 12-18 more months of pandemic-related pain
    ThaigerPublished: 12:23, 09 May 2020
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    Government panel predicts 12-18 more months of pandemic-related pain

    Thailand faces up to a year and a half of serious impacts from Covid-19 pandemic, according to a government advisory panel investigating the pandemic’s consequences on the Kingdom. The panel was set up on the Thai PM Prayut Chan-o-cha’s orders on April 30. After analysing data from the Ministry of Public Health, the advisory committee on the social and economic…