Thai economy
- Pattaya News
Over 80% of massage shops in Pattaya closed “permanently”
The Eastern Spa and Wellness Associations says 80% of massage shops in Pattaya have closed forever, with fewer than 100 still able to operate. Speaking to the Pattaya News, the association’s president, Chairat Ratananophas, says the remaining businesses need financial support and clarity on when they can re-open. Currently, Covid-19 restrictions in the eastern province of Chon Buri mean massage…
- Covid-19 News
Tourism not expected to bounce back until 2026 – Thai government
Grim news for tourist-dependent areas such as Phuket as the government has cautioned it could be another half decade before the tourist industry is fully revitalised. 2 years ago, prior to the pandemic, tourism comprised around 21% of Thailand’s GDP, taking in 1.8 trillion baht in revenue. However, the National Economic and Social Development Council predicts Thailand won’t see similar…
- Politics News
Former Finance Minister petitions to revoke approval of government’s 700 billion baht loan
A former politician, who served as Finance Minister from 2011 to 2012, is petitioning the Supreme Administrative Court to revoke approval for the government’s 700 billion baht loan. Cabinet recently approved an executive decree that allows the government to borrow the funds, in order to restore Thailand’s decimated economy and combat the Covid-19 crisis. Thirachai Phuvanatnaranubala says he doesn’t object…
- Thailand News
New Covid-19 wave could cause the Thai economy to lose 100 billion baht per month
With more than 18,000 Covid-19 cases in 22 days, the new wave of infections may have a dramatic impact on the Thai economy… possibly a 100 billion baht loss per month, according to the University of the Thai Chamber of Commerce. They say the outbreak is likely to primarily impact the service sector and the number of workers is expected…
- Economy News
Thai Chamber of Commerce calls for vaccine delivery to be speeded up
The chairman of the Thai Chamber of Commerce says officials hope to reinvigorate the economy within 99 days, through a “Connect the Dots” policy. Sanan Angubolkul adds that the distribution of Covid-19 vaccines must be speeded up if the economy is to recover in that timeframe. “Thailand is slow in distributing vaccines. This will result in a slow economic recovery.”…
- Thailand News
Bank of Thailand wrestles with cryptocurrency adoption
The Bank of Thailand is wrestling with cryptocurrency – how to adopt its usage and how to regulate it in the face of growing popularity, along with all the dynamics surrounding the new ‘currencies’.. The BOT admits they’re struggling with balancing the innovation in the financial world and protecting investors in a volatile and unstable market. Digital currency fluctuates much…
- Economy News
Government warns of fake apps attempting to cash in on handout scheme
Thailand’s Labour Ministry has warned the public to be aware of fake mobile applications when registering for the government’s latest cash handout scheme. Spokeswoman Ratchada Thanadirek says that while a number of apps may be masquerading as registration platforms for the Mor33 Rao Rak Kan (“We Love Each Other”) campaign, registration is only possible via one official website. “The scheme…
- Economy News
Finance Minister says vaccination rollout will drive economic recovery
Thailand’s Finance Minister is pinning his hopes on the rollout of Covid-19 vaccines to kick-start the decimated economy. Arkhom Termpittayapaisith says the economy should begin to recover in the last quarter of the year, saying the government’s vaccination drive will boost the public’s confidence, leading to more domestic travel. The minister adds that he experienced no problems after receiving the…
- Business News
Slow return of foreign tourism makes more redundancies inevitable – Airlines Association of Thailand
The president of the Airlines Association of Thailand says further layoffs in the sector are inevitable, due to the slow return of international tourism. In a Bangkok Post report, Puttipong Prasarttong-Osoth says the sluggish revival of foreign tourism, now not expected until the last quarter of the year, means all carriers continue to face financial hardship. And while there was…
- Tourism News
Thai Air Asia urges government to re-open the country to foreign tourism
The low-cost carrier, Thai Air Asia, is calling on the government to accelerate the re-opening of the country to international tourism. TAA chief executive Santisuk Klongchaiya says Thailand risks losing its status as a regional hub if the country does not re-open soon in order to re-ignite tourism and airlines. According to a Bangkok Post report, he warns that Thailand…
- Covid-19 News
Thai industry representatives push government on vaccine passport policy
Industry representatives are urging the Thai government to press ahead with the adoption of a vaccine passport scheme to re-ignite international tourism. The Joint Standing Committee on Commerce, Industry and Banking is also pushing for Thailand to form travel bubble arrangements with countries where Covid-19 infection rates are low to moderate. Kalin Sarasin from the Thai Chamber of Commerce and…
- Economy News
Thailand’s passenger car sales drop by over 44% year-on-year
Thailand’s domestic car sales dropped by over 21% last month, with passenger car sales plummeting by over 44% year-on-year. The Bangkok Post reports that the resurgence of the Covid-19 virus late last year has affected consumer confidence and buying power. The sale of commercial vehicles is also down by 5.4% year-on-year. Surasak Suthongwan from Toyota Motor Thailand, says people are…
- Economy News
Shoppers disgruntled as registration for co-payment scheme fills up in 10 minutes
Social media users are up in arms after registration for the government’s Kon La Khreung (“Let’s Go Halves”) co-payment scheme filled up within 10 minutes. The scheme, first introduced as an economic stimulus measure in the wake of the Covid-19 crisis, gives shoppers 50% off the purchase of everyday items, up to 150 baht a day and capped at 3,500…
- Economy News
Government considering another registration round for co-payment scheme
The Finance Ministery is considering adding another registration round to the Khon La Khrueng (“Let’s Go Halves”) co-payment scheme, as 1.34 million rights have not yet been taken up. The government introduced the scheme last October, in an effort to stimulate the Covid-battered economy. Under the scheme, Thai citizens get a 50% subsidy on the purchase of food, drink and…
- Economy News
Struggling massage parlours petition government for financial assistance
Representatives of Thailand’s spa and massage parlour industry are pleading with the government to provide some form of tailored financial aid to offset the impact of Covid-19. Yesterday, the Charawi Association for the Conservation of Thai Massage submitted a letter to PM Prayut Chan-o-cha, who also chairs the government’s Covid-19 task force. In it, they call on his administration to…
- Covid-19 News
Thai PM pledges financial assistance for workers affected by Covid-19 restrictions
“We’ll find the money.” This is the promise from PM Prayut Chan-o-cha, who’s instructing the Ministry of Finance and other relevant agencies to come up with measures to help workers who have been affected by the Covid-19 resurgence. The PM has pledged economic assistance for those who have lost their jobs, are currently being furloughed, or whose businesses have had…
- Tourism News
Addition of 1 million hotel nights delayed as fraud detected in domestic travel scheme
The government’s plan to add 1 million hotel nights to its domestic tourism stimulus campaign has hit a snag, amid reports of fraud. Officials say irregularities have been detected in the transactions of around 514 hotels and other businesses registered with the scheme. The revelation comes as officials investigate allegations of fraud in the government’s co-payment scheme, “Let’s Go Halves”…
- Economy News
Ministry investigating multiple cases of corruption in government’s co-payment scheme
The government’s “Let’s Go Halves” (Khon La Khrueng) co-payment stimulus campaign has fallen foul of 100s of incidents of fraud, according to the Finance Ministry. Under the scheme, the government subsidises 50% of the cost of food, drink, and other products, up to a maximum of 150 baht per person per day, capped at 3,000 baht per person for the…
- Tourism News
Poll finds most Thais have no plans to travel during long weekends
Most Thai people plan to spend long weekends at home and have no travel plans, according to a Bangkok Poll survey. Nation Thailand reports that the survey carried out by Bangkok University shows that 54% of respondents have not made any travel plans for December. In terms of those who do plan to travel, Chiang Mai has proved the most…
- Economy News
Thai government urged to support foreign property buyers with additional incentives
The Thailand Development Research Institute is calling on the government to support foreign property investors, by allowing them to bid for residential units. Nonarit Bisonyabut from the TDRI says the measure would be aimed at off-setting a shortfall in local demand. With foreigners usually having higher purchasing power than Thais, he adds that the number of units offered for bidding…
- Covid-19 News
Health Ministry teams up with Agoda to offer quarantine hotel packages
Anyone planning a visit or a return to Thailand can now book their quarantine stay through Agoda, following a deal between the Public Health Ministry and the hotel booking platform. Deputy Public Health Minister Satit Pitutecha announced the agreement yesterday, at a launch event at the Mövenpick Hotel BDMS Wellness Resort in Bangkok, in the company of Tares Krassanairawiwong from…
- Tourism News
Former WTO director cautions against re-opening Thailand too quickly
The former director general of the World Trade Organisation has issued a caution against Thailand throwing open its borders too early. Supachai Panitchpakdi says Covid-19 is still very much a threat, pointing to other countries that appear trapped in a cycle of easing restrictions, followed by renewed lockdowns. His comments come as England emerges from a national lockdown, only for…
- Economy News
Ministry of Finance proposes extension to shopping stimulus scheme
The Ministry of Finance is proposing to get Thais to shop the country out of recession. They’ve proposed an extension to the shopping co-payment scheme, Khon La Khrueng (Let’s Go Halves), first introduced last month. The scheme aims to encourage spending by offering Thai shoppers discounts of up to 150 baht a day at participating stores, to a maximum of…
- Tourism News
TAT aiming for 70 million domestic trips by year end, planning more incentives for 2021
The glass is half-full for the Tourism Authority of Thailand as it predicts domestic tourism during the last 2 months of the year will result in 70 million trips undertaken in 2020. Kritsana Kaewthamrong, deputy governor for domestic marketing, says additional public holidays, coupled with discounts on flights and hotels, should mean travel figures will exceed those of preceding months.…
- Covid-19 News
Thailand’s Covid-19 task force to debate quarantine reduction proposal tomorrow, again
After deciding in last week’s meeting to continue on with the mandatory 14 day quarantine, the issue of a reduction from 14 days to 10, is back on the table. The Centre for Covid-19 Situation Administration will meet tomorrow to discuss a proposal, again, to reduce mandatory quarantine from 14 days to 10, for arrivals from low-risk countries. But, again,…
- Tourism News
Government pledges help for Phuket tourism industry
As Phuket’s tourism industry continues to fight for survival amid ongoing Covid-19 restrictions, the PM is ordering an advisory team to finish work on recovery proposals received from the private sector and submit them to the government’s Covid-19 task force for approval. Danucha Pichayanan, from the National Economic and Social Development Council, says this is expected to happen shortly, as…
- Phuket News
Foreign minister meets with Phuket-based diplomats to discuss the island’s future
The Thai Foreign Minister and Deputy PM, Don Pramudwinai, has met with a group of European and Asian diplomats based in Phuket to discuss the future of the southern island province. Attendees came together to talk about economic stimulus measures that could help Phuket, which has been hit hard by Covid-19 travel restrictions and the closure of Thailand’s borders. According…
- Crime News
3 stores investigated for potential fraud in government co-payment scheme
Officials are investigating 3 businesses for possibly de-frauding the government under the “Let’s Go Halves” stimulus scheme introduced last month. The co-payment plan launched on October 16 in an effort to boost domestic spending. Under the scheme, 10 million citizens can avail of discounts on purchases at participating stores of up to 150 baht a day, capped at 3,000 baht…
- Tourism News
PM in 2 day visit to economically-ravaged islands of Phuket, Samui
The PM and his Cabinet are visiting Phuket and Samui today and tomorrow, in order to meet with business leaders and provincial government, to discuss ways to help the decimated local economies. Since the closure of borders in late March, as the Covid-19 pandemic began its worldwide rampage, former tourist hotspots like the southern islands have borne the brunt of…
- Covid-19 News
Officials to choose “low risk” countries for possible reduction in quarantine
The Thai government is to compile a list of countries considered “low risk” for the Covid-19 virus, as it considers a reduction in the mandatory 14-day quarantine period for foreign arrivals. Nation Thailand reports that, once finalised, the Public Health Ministry will submit its list to the Interior Ministry, who will use it to decide the criteria for reduced quarantine.…
