Thai economy
- Economy News
Permanent residency, changes to quarantine period – Government mulls strategies to revive economy
“The government is considering offering permanent residency to those buying condos in the Kingdom.” Energy minister and deputy PM Supattanapong Punmeechaow has outlined a number of strategies the government hopes will help the Thai economy recover from the Covid-19 fallout. Permanent residency for some condo purchases, changes to the mandatory quarantine and incentives for foreign investment are all under discussion.…
- Phuket News
Phuket to host Cabinet meeting to review proposals for reviving local economy
Government officials are to hold a Cabinet meeting in Phuket on November 2 and 3, when they will meet with local authorities and business owners to hear their suggestions on re-igniting the province’s decimated economy. Phuket has been hit particularly hard by the country’s borders being shut since late March, with the absence of international tourists dealing a hammer blow…
- Tourism News
Domestic tourism survey indicates long road to recovery
“Entrepreneurs in the tourism industry need to adjust their strategy to suit consumer behaviour in the new normal era.” A government survey looking at the travel habits of domestic tourists indicates an uphill struggle for the tourism industry’s recovery. Pimchanok Vonkorpon, from the Commerce Ministry’s Trade Policy and Strategy Office says around a quarter of those surveyed travelled during weekends…
- Tourism News
Health officials considering more relaxed quarantine for short-term visitors
The director-general of the Health Service Support Department says Thai officials are discussing a “more flexible form of quarantine” that would allow short-term tourists the freedom to travel within designated zones in provinces that are ready to re-open. Thares Krassanairawiwong says the tourists would be permitted to travel on specially designated routes, aka. “green lanes”, during their 14 day quarantine,…
- Economy News
Minor International Chairman calls for major overhaul of Thailand’s ASQ
Minor International’s outspoken Chairman, Bill Heinecke, has penned an open letter to Thailand’s Public Health Minister, Anutin Charnvirakul. The thrust of the letter is that the current ASQ and general quarantine requirements and restrictions, is making any recovery of the country’s tourism and hospitality industry. Minor hotels have already serviced 2,500 guest as part of the Thai government’s Alternative State…
- Economy News
Economic think tank says shopping stimulus will only help in the short-term
The research division of Kasikorn Bank says while the government’s planned shopping stimulus has its advantages, the benefits will only be short-term. The Kasikorn Research Centre points out that the scheme, which it’s hoped will run from October 23 to December 31, will only provide a temporary boost to the economy. The stimulus measure, which is being put to the…
- Visa Information
Foreign Ministry to work with Tourism Authority to speed up entry paperwork for foreigners
Foreign Ministry officials plan to coordinate with the Tourism Authority of Thailand to make the processing of international arrivals more efficient. The Bangkok Post reports that hundreds of foreigners are awaiting approval to enter the Kingdom, whether through the Special Tourist Visa scheme or as Elite Card holders, or one of the other handfuls of visa-type allowed to return to…
- Tourism News
Medical chief in favour of re-opening borders, calls zero cases target unrealistic
A senior Thai medical professional has confirmed he’s in favour of Thailand re-opening its borders, saying attempting to maintain zero cases of Covid-19 is “unrealistic”. Somsak Akksilp, from the Department of Medical Services, insists the country is adequately prepared in the event of a resurgence of the virus and, with no date set for vaccine availability, the country must move…
- Thailand News
Thailand News Today | Business people exemptions, road checkpoints, Phuket delay | October 6
Daily TV news on The Thaiger. Up to date information, delivered to you, free. Thai government considers easing restrictions for foreign business travellers The Thai government is considering further easing entry restrictions for foreign travellers coming to conduct business in the Kingdom. Up to date, around 11,000 businesspeople and work permit holders have been granted entry by the Centre for…
- Covid-19 News
Head of economic recovery panel warns of collapse if borders not re-opened now
A businessman heading up an economic recovery panel is warning the government that unless Thailand’s borders are re-opened for the last quarter of the year, the country is headed for total economic collapse. The Bangkok Post reports that Pailin Chuchottaworn says the gradual easing of Covid restrictions in recent months is not enough, insisting the country must re-open to international…
- Economy News
Finance Ministry mulls stimulus packages to boost property sector, consumption
The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy going again, as the impact of the Covid-19 pandemic continues to make itself felt. He says…
- Economy News
Cabinet to approve co-payment of 3,000 baht each for 10 million consumers
In its latest round of direct economic stimulus, the Thai government is to offer a co-payment of 3,000 baht each to 10 million Thai citizens for a period of 3 months. The scheme is expected to kick off on October 23 and run up the end of the year, with the co-payment subsidising half the cost of purchases, but excluding…
- Economy News
Government approves new stimulus measures for labour market, tourism
The Centre for Economic Situation Administration has given the go-ahead to a number of new stimulus measures proposed by the Finance Ministry and aimed at the jobs market and the domestic tourism sector. PM Prayut Chan-o-cha yesterday presided over a meeting with Danucha Pichayanan from the National Economic and Social Development Council, where officials approved new measures it’s hoped will…
- Economy News
Government’s economic task force meets to discuss job creation, “Phuket Model”
The government’s Covid-19 economic management team meets today, with a number of stimulus measures expected to be announced. Nation Thailand reports that officials plan to discuss job creation for graduates, along with yet more talks on how to safely welcome international tourists. Deputy PM and Energy Minister, Supattanapong Punmeechaow, says any measures announced are expected to be short-term. The government…
- Tourism News
Bank of Thailand issues stark warning over ongoing ban on foreign tourists
The Bank of Thailand has issued a sombre warning that the ongoing ban on foreign tourists returning to Thailand may have an even worse impact next year. Don Nakornthab, from the BOT’s economic and policy department, says if international tourists are not allowed back into the country soon, Thailand’s tourism industry will face even bigger threats next year. A report…
- Tourism News
Thai Hotel Association demands international tourists be allowed to return
The Thai Hotel Association is urging the government to re-open the country to international tourists, pointing out that room occupancy is nearly zero and many smaller premises have had no choice but to close. THA chairman, Marisa Sukosol Nunbhakdi, says the government must look at ways it can admit tourists from certain countries or cities, using marketing promotions to lure…
- Economy News
PM says economy is top priority in address to the nation
Thai PM Prayut Chan-o-cha says reviving the country’s economy is the top priority of his administration. In an address to the nation, he says the current global economic crisis, a fallout of the Covid-19 pandemic, is likely to continue until the end of 2021, with Thailand’s economic performance inevitably connected to that of the rest of the world. He points…
- Economy News
Household debt on the rise, as Thailand’s economic index decreases
The fallout from the Covid-19 pandemic continues to be felt around the country as Thailand’s economic index decreases and unemployment and debt continue to rise. Experts predict the country’s economic index will decrease from 37.4 to 36.8 over the coming 3 months. A report by the National News Bureau of Thailand says household debt is on the increase, with consumers…
- Economy News
Trending upwards, but consumer confidence in Thailand still at a 22 year low
A leading academic says that despite an upward trend, consumer confidence in Thailand still sits at a 22 year low as a result of the economic impact of Covid-19. Thanavath Phonvichai from the University of the Thai Chamber of Commerce, says the pandemic’s devastating effects on tourism, employment, and exports, is mostly to blame, coupled with concerns over the ongoing…
- Economy News
Thai baht getting stronger
The Thai baht continues to strengthen, coming in at 31.41 against the US dollar. Nation Thailand reports that Jitipol Puksamatanan, Head of Markets Strategy at SCB Securities, predicts the currency will fluctuate between 31.35 and 31.85 against the US dollar, which continues to weaken. xe.com/currencyconverter Meanwhile, the Standard & Poor 500 Index has dropped 0.6%, which is being blamed on…
- Economy News
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…
- Tourism News
Domestic tourism stimulus package registration starts July 15
Thai nationals, who are 18 years or older, can start registering for the domestic tourism stimulus package on July 15. The government’s “Rao Tiew Dauy Kan” (We Travel Together) scheme entitles 5 million Thais to discounts on hotels and eating out, while 2 million can get rebates on flight tickets. A report in the Nation Thailand says the arrangement will…
- Economy News
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.…
- Business News
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…
- Economy News
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…
- Economy News
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…
- Tourism News
Government to introduce financial incentives to boost domestic tourism
The Thai government is set to introduce some financial sweeteners to stimulate domestic tourism – essentially paying its citizens to holiday in their own country. A report in Bangkok Biz News, says that from July, Thai nationals will receive a discount of between 40-50% on hotel accommodation within the Kingdom. The scheme, aimed at a domestic kick-start to the country’s…
- Economy News
PM assures MPs that government knows how to handle trillion baht loan
“Don’t worry, we got this…” Following the Finance Ministry’s securing of a trillion baht loan, PM Prayut Chan-o-cha spoke up to address concerns over how the funds will be administered. Answering questions raised by opposition parties, the PM said the government has clear rules in place on how the funds will be distributed, with the priority being small and medium…
- Politics News
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
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…
- Business News
Business recovery in the Covid-19 era
As some countries begin to tentatively look to reboot their economies in a Covid-19 world, what does the future hold for business? Nation Thailand reports today on an extensive Bank of Thailand survey that examined the impact of the pandemic on four business sectors and what might happen next. Things are looking a bit brighter for the manufacturing and retail…
- Economy News
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…
- Politics News
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…
- Economy News
Eat Shop Spend version 2 on the way, but no cash giveaway
After feedback from the successful “Chim-Shop-Chai” (Eat-Shop-Spend) campaign, the Minister of Finance says campaign will now be extended into Phase 2 but with the criteria and regulations adjusted to attract more people with purchasing power to spend their own money, without the 1,000 baht per person give-away. The Minister of Finance Uttama Savanayana says there have been 1.3 million persons so…
- Economy News
Thais clamour for the “Chim, Shop, Chai” 1000 baht give-away program
PHOTO: buriramguru.com The “Chim, Shop, Chai” (Eat, Shop, Spend) program has been a resounding success, and it’s still got a another five days or so to go. Thai citizens can apply for the 1000 baht ‘gift’ from the government and spend the money at selected shops anywhere outside their home province. The government only accepts one million applications each day so,…
- Economy News
PM says Thailand plans to be a high income country within 17 years
PHOTO: AFP The PM General Prayut Chan-o-cha has high ambitions for Thailand within the next 17 years, saying the government aims to see it become a high income country. The PM made the claim while attending a lunch meeting with the Asia Society for Executives and foreign media in New York. He says the government has spent the last five…
- Economy News
Focus on quality over quantity, says leading Thai economist
PHOTO: Sbs.com.au One of Thailand’s leading economists says we’ve got it all wrong and the country needs to change the way it thinks about the economy. Pasuk Phongpaichit from Chulalongkorn University says Thailand should stop focusing on growth and consumption and prioritise quality of life instead. She was speaking at the Fukuoka Prize Symposium in Japan earlier this week. Pasuk…
