Economy News
Discover the latest updates on Thailand’s economy with our in-depth coverage of breaking news, developments, and events shaping its financial landscape. Stay informed and ahead of the curve with our thorough analysis and insights into the business sectors, financial markets, and government policies of Thailand.
Stay ahead in Thailand’s dynamic and constantly evolving economy by subscribing to our newsletter and following us on social media.
-
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…
-
Phase 5 rules to be announced Monday
On Monday the Center for Covid-19 Situation Administration will hold a significant meeting, led by PM Prayut Chan-o-cha, to decide several major issues of importance to Thailand as well as foreigners hoping to come into the country. The issues to be discussed and expected to be resolved are: An official decision on “Phase 5” relief measures and the date of…
-
Surat Thani “cockle wars” are over, says navy chief
The chief of the Royal Thai Navy says local figures wielding influence are being “neutralised” and the disruptive, sometimes violent dispute between cockle farmers and local small-boat fishermen is drawing to an end. Admiral Ruechai Ruddit says the conflict off the coast of Bandon Bay in the southern province of Surat Thani has eased, after cockle farmers began dismantling the…
-
Open for business. Just about all business restrictions in Thailand lifted from July 1.
Thailand has now gone over a month without a locally transmitted case of Covid-19, and July 1, approaching quickly, will see the resumption of all businesses and activities originally suspended under the Emergency Decree, including bars, pubs and “soapy” massage parlours. Spokesman of the Centre for Covid-19 Situation Administration Dr Taweesilp Visanuyothin made the announcement yesterday. He told the media…
-
JLL sees bright future for post-Covid Thai real estate market
Thailand’s hospitality industry has been hit hard by the Covid-19 pandemic and Bangkok’s serviced apartments are no exception. A study by property consultant Jones Lang LaSalle indicates that serviced apartments have generally fared better than hotels in current and past times of distress. The report expects the pandemic to boost the growing trend of mixed-use premises offering hotel rooms and…
-
Arrival ban to end on July 1… some foreigners will be allowed in
“Dr. Taweesilp says about 50,000 foreigners are expected to visit the country under the new rules.” Thailand will begin allowing foreigners to enter the country from July 1, easing the months-long arrival ban. But foreign tourists will still be banned. Dr Taweesilp Visanuyothin, spokesperson of the government’s Centre for Covid-19 Situation Administration, says that the first group will comprise businessmen…
-
Finance ministry to consider incentives to stimulate shopping, retail sector
Thailand’s finance minister says his ministry is ready to consider retailers’ proposals for tax breaks on shopping to stimulate domestic spending. The ministry has assigned related agencies, including the Fiscal Policy Office, the Revenue Department and the Excise Department, to examine the possibilities, Uttama Savanayana said yesterday. His remarks come after retailers asked the government to apply a shopping tax break…
-
U-tapao and Eastern Airport City deal officially signed
The deal for a public/private partnership for the U-tapao International Airport and Eastern Airport City projects has been officially signed. The agreement is between the Eastern Economic Corridor Office of Thailand and U-tapao International Aviation Company. PM Prayut Chan-o-cha chaired the signing ceremony yesterday at Government House. The deal is for a major infrastructure project to upgrade U-tapao, which serves…
-
Tourism minister says pandemic provides “opportunity to reset tourism sector”
Needless to say, Thailand’s tourism sector, considered a lifeline to an already battered economy, has been ravaged by the Covid-19 pandemic. Now the government is rethinking its strategy for the Covid era… The new tourism revival strategy is “quality over quantity”, target big spenders seeking privacy and social distancing, rather than try to attract large numbers of visitors. In an…
-
Government considering unlocking music venues, meetings today
Thailand’s often flamboyant and occasionally controversial Public Health Minister and Deputy PM, Anutin Charnvirakul, spoke to reporters this morning after significant recent media coverage of the estimated 100,000 musicians still out of work due to the continued closure of the entertainment and nightlife industry. Anutin says he himself was once a musician (yeah, we can see that…) and he “feels for…
-
International medical hub proposed by outgoing Phuket governor
Local Thai media reported that Phuket has proposed a new project called “The International Medical and Public Health Service” to create more long term financial security and diversification, and value-added tourism in Phuket, as the island has taken a heavy financial hit due to the effects of Covid-19 pandemic. The project will use state owned property near the Tha…
-
British expat petitions government to help desperate elephants, handlers
The closure of elephant camps and sanctuary-style tourist attraction throughout the northeastern provinces has left thousands of elephants facing starvation. Some have made the long march back to their home villages, where their arrival is creating more problems than it solves. Susan Field, a British citizen living in Koh Samui, yesterday presented a petition with nearly 65,000 signatures to the Thai…
-
“It’s 3 months now, when can we reopen?” – Pattaya bar owners
Today marks 3 straight months that Pattaya’s world famous – and vitally important to the city’s economy – nightlife and entertainment industry has been shuttered by the Thai Government. The industry was originally told to close “for 2 weeks” on March 18. But as the Covid-19 crisis escalated and fear and uncertainty grew worldwide, the closure was repeatedly extended, with…
-
Poll shows flea markets, supermarkets, most popular with Thais as lockdown easing continues
“46% of Thais want the Songkran holidays moved to the (western) New Year period.” A new poll shows that most Thais are anxious to return to markets and supermarkets first, as the country continues to relax the restrictions imposed during the Covid-19 crisis. A report in Nation Thailand says over 83% of those surveyed are prioritising markets, flea markets and supermarkets,…
-
Phase 3 easing generated 200 billion baht into Thai economy
Phase 3 of Covid-19 restriction easing, which began June 1, has generated 200 billion baht of additional cash flow into the economy. With many other establishments returning to business as usual tomorrow, the Thai Chamber of Commerce has launched a forum for the brainstorming of ideas on the next business trends under the “new normal,” that must comply with health…
-
Rubber roads will help Thai growers, increase safety
Thai PM Prayut Chan-o-cha chaired the signing ceremony of an agreement to use local Thai rubber in road construction, part of an effort to help the country’s financially strapped rubber farmers. Prayut praised the Ministry of Transport and the Ministry of Agriculture and Cooperatives as well as Prince of Songkhla University, the Thailand Institute of Scientific and Technological Research, the…
-
Curfew lifted from June 15, many activities resume, pubs and bars will remain closed
The Centre for Covid-19 Situation Administration has officially approved lifting the national curfew effective Monday. The centre made the decision at its meeting today, which was presided over by Thai PM Prayut Chan-o-cha. The 11pm-3am curfew will be lifted from June 15 but the national state of emergency in the country will continue. The centre has also decided to strictly…
-
Alcohol association begs government for trial re-opening of bars
But they know it is unlikely to happen. The Covid-19 pandemic and the ensuing Emergency Decree have caused immeasurable economic impact across the country.Probably no sectors has been harder hit than hospitality, entertainment and nightlife. Although alcohol sales appear set to resume in restaurants next week, around 10,000 pubs, bars and entertainment venues nationwide – and their many casual staff…
-
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…
-
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…
-
Phase 4 easing may allow restaurants to sell alcohol. But when?
Relief may be on the way for struggling restaurants, as they might be allowed to serve alcohol again when health officials further relax measures taken to stem the spread of Covid-19. No domestically transmitted cases have been now been detected for 16 days and public health officials say they’re gearing up for the next phase of reopening, and they may…
-
Finance Ministry looking at 3,000 baht ‘travel bank’ in next stimulus round
The Finance Ministry is looking at giving domestic tourists a 3,000 baht ‘travel bank’ to deduct off the cost of participating hotels, restaurants and tourism attractions. This time the restaurants, hospitality options and attractions will need to register for the service while the users won’t need to register. So, a user might check into a 5,000 baht hotel and spend…
-
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…
-
Health department urges strict “new normal” measures at beaches
With Phase 3 of the easing of lockdown measures across Thailand, many beaches across Thailand were allowed to reopen, including Chon Buri’s popular Bang Saen beach, which was flooded with so many visitors that traffic came to a halt and police ordered the beach temporarily re-closed. And beaches in Phuket are set to reopen this Tuesday, as the island has…
-
Tourist number limitations mulled for tourist spots after reopening
As the government considers allowing the resumption of more businesses and activities, the Department of Health, under the Ministry of Public Health, is pushing for measures to curb the number of visitors to tourist spots, to prevent a surge in Covid-19 transmission. The DOH director-general says that even though some restrictions on domestic travel have been relaxed, travellers should adopt…
-
Cyber minister wants Netflix-like Thai streaming platform
Thailand’s minister of digital economy and society, aka. “cyber minister” says that Thailand should have its own streaming platform to bring in revenue and promote Thai movies and television overseas. Puttipong Punnakan remarked at a forum that creating a Netflix-like platform to stream and sell Thai films and series to foreign audiences would reel some sweet, sweet subscription revenue into…
-
Phuket governor courts envoys of 16 nations to promote tourism
“I would like Phuket to organise activities leading the consulates from various countries to travel to Phuket in order to see the beautiful tourist attractions and to promote tourism for Phuket.” Phuket’s governor called yesterday for foreign envoys to visit and inspect Phuket for themselves as a mark of confidence that the island is ready to receive tourists. The call…
-
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…
-
Prachuap Khiri Khan’s scenic Ao Manao beach reopens today
Chon Buri and Hua Hin aren’t the only places reopening their beaches. Today, Ao Manao, the scenic beach in the western province of Prachuap Khiri Khan will also be open to the public. The crescent shaped bay belongs to the Air Force Wing 5 miltary base. Like all Thai beaches, it’s been closed for two months due to the Covid-19…
-
Electricity discount has been switched off
Yesterday the Ministry of Energy announced that the national electricity discount from March to May, which differed based on the amount of electricity used and size and type of the venue, has ended and will not be renewed. But, at best, the discount was merely a perfunctory political gesture, not a useful saving for most Thai residences. The discount was…
Don't forget to check out some other things to do in Thailand - get help starting a business or finding a job in Thailand, buy Thailand property, rent a yacht or book a medical procedure worldwide.