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The Board of Investment of Thailand (BOI) today approved a series of measures to mitigate the impact of the coronavirus or COVID-19 outbreak on business, including steps to encourage rapid investment in the manufacturing of medical equipment.

The board also approved incentives to promote technology-based “smart farming” solutions as well as research and development in a broader range of sectors.

“In face of the unprecedented situation resulting from the virus outbreak, we have taken a range of measures to address the urgent needs of affected business sectors,” Ms Duangjai Asawachintachit, Secretary General of the BOI, said at a press briefing after a board meeting chaired by Prime Minister Gen Prayut Chan-ocha in Bangkok.

“The measures for the medical sector aim to enable a rapid response to the situation, while paving the way for longer-term development.”

Ms Duangjai Asawachintachit, Secretary General of the BOI

To address the in…

The Bank of Thailand and the Center for International Trade Studies at the University of the Thai Chamber of Commerce (UTCC) forecast exports to contract by 7-8 percent this year. 

The Center for International Trade Studies at the University of the Thai Chamber of Commerce said that under the worst-case scenario in which the coronavirus crisis exceeds nine months (beyond September), exports could contract by as much as 7.1% in 2020.

Thailand’s export value contracted by 2.7 percent to 246.25 billion USD in 2019 but the COVID-19 pandemic could remove 17.42 billion USD from Thai export value this year, showing the sector’s worst performance in a decade. 

However, if the crisis is contained in September, the downturn could be limited to -3.7%.

The Trade Policy and Strategy Office (TPSO) has indicated that the gross value of Thai exports in 2019 was 246.244 billion U.S. dollars, showing a 2.65 percent decline from the previous…

Due to the coronavirus (COVID-19) outbreak, the Thai economy would contract significantly in 2020 and headline inflation would become negative, said the Bank of Thailand in a Press Release.

According to the Bank of Thailand’s latest data release, Thailand’s GDP could contract by 5.3 per cent in 2020, a sharp lowering from its 2.8 per cent previous projections in December.

Nonetheless, the financial system was sound overall, with financial markets starting to function normally. Headline inflation is also forecast to contract in negative value with -1 per cent instead of 0.8% previous projections.

Policy rate at 0.75 percent

The Committee viewed that targeted measures designed to address liquidity needs would be of great importance. Most members thus voted to maintain the policy rate at this meeting. However, two members voted to cut the policy rate by 0.25 percentage point due to the significant economic contraction.

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The impact of COVID-19 on the tourism sector in Thailand is apparent. The number of passengers using Suvarnabhumi Airport has declined sharply, as many countries have closed their borders and airlines have suspended flights.

Airports of Thailand (AOT) and Suvarnabhumi Airport announced that 726 flights arrived at and departed from Suvarnabhumi Airport on March 15, down 33 percent year-on-year. The airport welcomed 79,899 passengers, down 60.2 percent year-on-year. There were only four flights from South Korea, two Thai Airways International and two from Korean Air.

The four flights carried 492 passengers in total, 190 of whom were Thai nationals. One Thai passenger has been placed in quarantine as a precaution. Three passengers did not carry a medical certificate with them, and they are now being observed by disease control officials. Two airport staff are also quarantined.

Suvarnabhumi Airport again saw a handful of both Thai and fo…

Thailand has successfully reduced poverty over the past three decades from over 65 percent in 1988 to under 10 percent in 2018. However, the growth of household incomes and consumption growth both have stalled nationwide in recent years.

This resulted in a reversal in the progress of poverty reduction in Thailand with the number of people living in poverty rising, according to a new World Bank report which analyzes recent poverty and inequality trends based on official statistics.

#Thailand’s #poverty on the rise amid slowing #economic growth, says new @WorldBank report: https://t.co/rYfxxeJceC pic.twitter.com/qX2tvHECX1

— World Bank AsiaPac (@WB_AsiaPacific) March 10, 2020https://platform.twitter.com/widgets.js Poverty rate increased from 7.2 percent to 9.8 percent

Between 2015 and 2018, the poverty rate in Thailand increased from 7.2 percent to 9.8 percent, and the absolute number of people living in povert…

The Tourism Authority of Thailand (TAT) would like to reiterate the following recommendations for travellers amid the country’s strict system of monitoring and containment of the Coronavirus Disease 2019 (COVID-19).

Thailand has declared COVID-19 a dangerous contagious disease: what it means to tourists?

The NCDC has made such decision to allow health authorities to effectively prevent and control the disease. In the event of an urgent necessity, it has the authority to close various locations and order patients or suspected patients to temporarily cease working.

What does this mean to tourists?

All tourism and travel activities are continuing as per usual with stringent health surveillance systems and stepped up hygiene measures in place.

TAT's infographic on Thai tourism industry’s measures to prevent Coronavirus Disease 2019 (COVID-19). Information includes procedures upon arrival at the point of entry, o…

The Stock Exchange of Thailand (SET) dropped beneath 1,400 point in morning trading on Wednesday (February 26) amid concerns over the COVID-19 virus, and closed at 1366.

Thailand’s equity benchmark index tumbled to its lowest threshold in more than three years, falling at 1366, well below the 1,400 point mark as the rising number (three new cases) of novel coronavirus (Covid-19) cases in the country shrank investment appetite.

The baht continued to weaken, trading at 31.84 to the US dollar in today evening trade, amid concerns over the coronavirus spreading outside China.

Tourism is a key driver of Thai growth and a bright spot in Southeast Asia’s second-largest economy and Chinese tourists are Thailand’s biggest source of visitors.

With Chinese making up 28% of all tourists to Thailand, the travel sector is most likely to be hit hardest from the outbreak. Thai exports to China, which account for more tha…