economy

  • Economy NewsEconomist predicts economy will shrink 8.9% this year, despite easing of restrictions
    ThaigerThursday, June 11, 2020
    1 253

    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…

  • Economy NewsThai government to postpone tax increase on cheap cigarettes
    Maya TaylorThursday, June 11, 2020
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    Thai government to postpone tax increase on cheap cigarettes

    The Thai government is expected to delay a planned tax increase on cheap cigarettes, as well as agreeing a moratorium on excise duties for entertainment and sporting venues, provided they don’t lay off any staff. Cigarettes costing less than 60 baht a pack were expected to see a tax hike of between 20-40% in October, but this is now being…

  • Transport News“Gold Line” monorail will bring more mass transport to the Chao Phraya west bank
    ThaigerSunday, June 7, 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
    ThaigerSunday, June 7, 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 NewsThailand’s Central Bank will act to restrain soaring baht
    Maya TaylorTuesday, June 2, 2020
    1 299

    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 NewsHow has Thailand contained Covid-19 so effectively?
    ThaigerThursday, May 28, 2020
    6 298

    How has Thailand contained Covid-19 so effectively?

    When the Covid-19 was first detected in Thailand in January, a time when the deadly virus and its contagiousness were barely understood, the kingdom might have seemed like a likely backdrop for massive infection and mortality. Untold hundreds of thousands of Chinese tourists visited the nation for the Chinese Lunar New Year holiday, and Thailand was the first country outside…

  • Covid-19 NewsBank report predicts extended timeframe for Thai tourism recovery
    ThaigerWednesday, May 27, 2020
    2 446

    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 TaylorMonday, May 25, 2020
    3 250

    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 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
    0 211

    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 NewsThai company steps up to ease condom shortage
    Caitlin AshworthTuesday, May 19, 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 AshworthFriday, May 15, 2020
    0 217

    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 NewsMajor slump in tourists expected this year
    Caitlin AshworthTuesday, May 12, 2020
    0 261

    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 NewsThailand’s GDP to contract up to 5% for 2020 – business thinktank
    ThaigerSunday, May 10, 2020
    0 277

    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
    ThaigerSaturday, May 9, 2020
    0 224

    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…

  • Economy NewsLocal markets in Asia retreat as US President Trump talks up revised trade war
    ThaigerMonday, May 4, 2020
    0 217

    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…

  • Economy NewsAcademics say virus will make inequality in Thai society even worse
    Maya TaylorThursday, April 30, 2020
    0 230

    Academics say virus will make inequality in Thai society even worse

    Leading academics from Malaysia and Thailand say the outbreak of the Covid-19 virus will only exacerbate the substantial wealth inequalities in Thailand, a country where so many citizens are already at a significant economic disadvantage. Writing in The Diplomat, M Niaz Asadullah from the University of Malaya and Ruttiya Bhula-or from Chulalongkorn University in Bangkok, say the collapse in tourism…

  • Covid-19 NewsZero cases reported in Phuket today (Wednesday)
    ThaigerWednesday, April 29, 2020
    0 237

    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…

  • Politics NewsGovernment refuses Opposition’s request for debate on executive decrees
    Maya TaylorTuesday, April 28, 2020
    0 244

    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
    0 288

    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 NewsTourist numbers and revenue expected to plunge, exceeding worst predictions for 2020
    ThaigerSaturday, April 18, 2020
    1 257

    Tourist numbers and revenue expected to plunge, exceeding worst predictions for 2020

    It’s no secret that the Covid-19 outbreak has been disastrous for Thailand’s tourism sector, long considered a vital lifeline of the nation’s already battered economy. Now the Tourism Authority of Thailand is projecting that Thailand is likely to close the year with only 16 million international tourists and 60 million domestic trips, far below the pre-virus targets of 40 million…

  • Covid-19 NewsDiscounts on 72 consumer goods to ease Covid-19 impact
    ThaigerFriday, April 17, 2020
    0 221

    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 NewsGovernment doubles cash stimulus period for informal workers
    ThaigerWednesday, April 8, 2020
    0 232

    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
    0 274

    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 NewsThird stimulus package coming, valued at 500 billion baht
    ThaigerTuesday, March 31, 2020
    0 261

    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…

  • Economy NewsBOT predicts 5.3% contraction in Thai economy for 2020
    ThaigerThursday, March 26, 2020
    0 231

    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…

  • Economy NewsThai government planning more economic stimulus packages
    AnukulMonday, March 16, 2020
    0 300

    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
    0 360

    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…