economy

  • Politics NewsOpposition criticises Thai government over economic toll of Covid response
    Maya TaylorMonday, May 25, 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 AshworthTuesday, May 19, 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
    ThaigerTuesday, May 19, 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…

  • Economy NewsThai GDP drops nearly 2% in first quarter
    ThaigerTuesday, May 19, 2020
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    Thai GDP drops nearly 2% in first quarter

    The Thai economy’s slumped by nearly 2% year-on-year during Q1, 2020. In it’s full-year forecast, the National Economic and Social Development Council forecasts that the Thai GDP would drop 5-6% for the year. As a comparison, the economy tanked 7.6% during the 1997 financial crisis. The Gross Domestic Product in Q1 dropped by 1.8%, compared to a rise of 1.5% in the…

  • Covid-19 News100 billion baht fund in the works for small businesses
    Caitlin AshworthFriday, May 15, 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 AshworthThursday, May 14, 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 AshworthTuesday, May 12, 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 NewsPhuket’s tourist-driven economy faces crisis – Phuket Chamber of Commerce
    Caitlin AshworthMonday, May 11, 2020
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    Phuket’s tourist-driven economy faces crisis – Phuket Chamber of Commerce

    Phuket’s tourism-driven economy is facing what one city official calls a crisis, comparing the economic impact to what it was after the 2004 tsunami. Phuket’s economy has become increasingly focused on tourism and hospitality over the past 2 decades. The Phuket Chamber of Commerce President Thunusak Phungdet said at a meeting last Thursday that Phuket has no income right now.…

  • Covid-19 NewsGovernment panel predicts 12-18 more months of pandemic-related pain
    ThaigerSaturday, May 9, 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…

  • Covid-19 NewsPM confident economy will rebound when businesses reopen
    ThaigerSaturday, May 9, 2020
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    PM confident economy will rebound when businesses reopen

    Or… “what goes down, must go up”. “If workplaces reopen, there will be employment and salaries… If factories reopen and employ people, rehabilitation will start.” Responding to reporters yesterday, the Thai PM Prayut Chan-o-cha expressed confidence the economy will improve once businesses reopen and people are employed again, and when tourism resumes, with measures in place to give visitors confidence…

  • Economy NewsLocal markets in Asia retreat as US President Trump talks up revised trade war
    ThaigerMonday, May 4, 2020
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    Local markets in Asia retreat as US President Trump talks up revised trade war

    Steep losses are the order of the day as local markets follow the lead from a sell off in New York after US President Trump foreshadowed a new round of trade sanctions on China. The US President and his Secretary of State Mike Pompeo have openly accused the Chinese government that the Covid-19 started in a lab in Wuhan, and that…

  • Covid-19 NewsCoronavirus damage to Thai economy estimated at 1 trillion baht
    ThaigerFriday, May 1, 2020
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    Coronavirus damage to Thai economy estimated at 1 trillion baht

    A trillion baht: that’s the estimated damage to Thailand’s national economy, from the COVID-19 pandemic, while business confidence for the first quarter has dropped to 47.2%, the lowest in nearly 2 years. This according to the report by the Centre for Economic and Business Forecasts of the University of Thai Chamber of Commerce. The centre did a survey of businesses…

  • Covid-19 NewsZero cases reported in Phuket today (Wednesday)
    ThaigerWednesday, April 29, 2020
    0 228

    Zero cases reported in Phuket today (Wednesday)

    Phuket has recorded no new cases of Covid-19 infections in the past 24 hours. That’s great news after a number of new cases kept popping up in a cluster in the island’s Bang Tao community. The outgoing Phuket Governor Phakaphong Tavipatana announced yesterday afternoon that island officials would start opening up the island’s sub-districts with most travel restrictions between tambons…

  • Covid-19 NewsPhuket to remove most tambon travel restrictions
    ThaigerTuesday, April 28, 2020
    0 236

    Phuket to remove most tambon travel restrictions

    Phuket will start opening up again with most travel restrictions between sub-districts to be lifted, excepting five areas on the island which are still considered ‘at risk’. Phuket’s outgoing Governor Phakaphong Tavipatana announced the lifting of the restrictions for travel between the island’s tambons, introduced back on April 13. Checkpoints were set up restricting non-essential travel between the island’s 17…

  • Politics NewsGovernment refuses Opposition’s request for debate on executive decrees
    Maya TaylorTuesday, April 28, 2020
    0 227

    Government refuses Opposition’s request for debate on executive decrees

    Calls from Opposition parties for a special session of parliament to debate the Thai Government’s executive decrees have been given short shrift, with the government saying the debate will have to wait until May 22, when parliament is set to reconvene. The three decrees relate to the procurement of significant loans, reported to be up to 1.9 trillion baht, in…

  • Covid-19 NewsThailand’s new ‘normal’ – Government charts course post-April 30
    ThaigerTuesday, April 21, 2020
    0 279

    Thailand’s new ‘normal’ – Government charts course post-April 30

    “The government will ease restrictions on businesses reopening only when it does not place people at a higher risk of catching the disease.” Trying to find a balance between the public health needs and the imperative to re-boot Thailand’s economy, the Government is rumoured to be mulling another month of the emergency decree. The current emergency decree is set to…

  • Covid-19 NewsDiscounts on 72 consumer goods to ease Covid-19 impact
    ThaigerFriday, April 17, 2020
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    Discounts on 72 consumer goods to ease Covid-19 impact

    Thailand’s commerce minister yesterday announced the reduction in price for 72 consumer goods by 5-58% to help people affected by the Covid-19 crisis. The new discounts, which went into effect yesterday, will run until June 30. The products include rice, palm oil, instant noodles, milk, frozen foods, condiments, toilet paper, talcum powder, toothpaste, toothbrushes, sanitary napkins, soap, shampoo, face cleansers,…

  • Covid-19 NewsThe road back to ‘normal’ – when can we get back to work?
    Tim NewtonTuesday, April 14, 2020
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    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 NewsGovernment doubles cash stimulus period for informal workers
    ThaigerWednesday, April 8, 2020
    0 226

    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 NewsMinistries will give up 10% of their 2020 budget to fight Covid-19 in Thailand
    AnukulTuesday, March 31, 2020
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    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…

  • Economy NewsBOT predicts 5.3% contraction in Thai economy for 2020
    ThaigerThursday, March 26, 2020
    0 209

    BOT predicts 5.3% contraction in Thai economy for 2020

    Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus continues to weigh on global financial markets, the local economy and people. GDP growth…

  • Covid-19 NewsBOT injects 35 billion baht into Thai financial market
    ThaigerWednesday, March 18, 2020
    0 285

    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 NewsThai government planning more economic stimulus packages
    AnukulMonday, March 16, 2020
    0 288

    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 News400 billion baht stimulus announced to boost Thai economy
    ThaigerWednesday, March 11, 2020
    0 343

    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…

  • Economy NewsThai PM Prayut quashes 2,000 baht handout package
    ThaigerTuesday, March 10, 2020
    0 271

    Thai PM Prayut quashes 2,000 baht handout package

    Easy come, easy go. Well that was quick. Last Friday’s announcements for 2 x 1000 baht handouts to poorer Thai citizens has been quashed by the PM. Prime Minister Prayut officially shelved plans to hand out the cash to low income earners. Last Friday the Finance Ministry made the announcement for a new round of stimulus packages to prop up…

  • Economy NewsHelp is on the way: 100 billion baht stimulus package passed
    ThaigerSaturday, March 7, 2020
    0 343

    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 NewsThai tourism ministry proposes 5 billion baht in tourist stimulus packages
    ThaigerThursday, March 5, 2020
    0 289

    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 NewsThai Baht on the slide over fears of spread of Coronavirus outside China
    ThaigerTuesday, February 25, 2020
    0 264

    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…

  • Thailand NewsSurvey shows that Thais feel “less safe”
    ThaigerWednesday, January 22, 2020
    0 203

    Survey shows that Thais feel “less safe”

    A recent survey by Suan Dusit Rajabhat University, the Suan Dusit Poll, shows that Thais are more concerned about their safety than ever before, citing the country’s economic woes as the reason. The poll was conducted from January 15-18 on 1,365 people throughout the Kingdom of varying education levels and occupations. The survey followed a spate of serious crimes in…

  • Economy NewsBaht to remain strong into 2020: Kasikorn Research Centre
    ThaigerMonday, December 23, 2019
    0 211

    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…