Business

Thai economy slips into recession after worst quarter in eight years

Published

6 years ago

May 18, 2020

BANGKOK (Reuters) – Thailand’s economy contracted at its sharpest pace in eight years in the first quarter, pushing Southeast Asia’s second largest economy into recession sooner than expected, as the coronavirius pandemic hit tourism and domestic activity.

The state planning agency, reporting January-March data on Monday, slashed its forecast for 2020 gross domestic product (GDP) to a contraction of 5.0-6.0% from growth of 1.5%-2.5% projected in February.

That would be the worst decline since 1998 when the Asian financial crisis damaged the economy.

The economy shrank 1.8% in the first quarter from a year earlier, the deepest contraction since the fourth quarter of 2011, when there was bad flooding.

That was better than a 4.0% contraction seen in a Reuters poll, and compared with downwardly revised 1.5% growth in the final quarter of 2019.

“The outbreak impact in Q2 will be much bigger than in Q1,” said Phacharaphot Nugtramas, economist at Krung Thai Bank, who predicts the economy will shrink 8.8% this year.

The impact of lockdowns, while having eased somewhat, will continue to affect household spending and private investment for the rest of the year, he added.

On a quarterly basis, the economy shrank a seasonally adjusted 2.2%, also the worst decline since 2011, but less than the poll’s 4.5% decline.

The agency revised October-December’s quarterly GDP to a 0.2 contraction from 0.2% growth, meaning the economy slipped into a technical recession.

Worse yet to come

The economy will be hit the hardest in the second quarter by lockdowns, Thosaporn Sirisumphand, head of National Economic and Social Development Council (NESDC), told a news briefing.

“There should be a U-shaped recovery,” he said, adding foreign tourists may be allowed to return in the third or fourth quarter.

Thailand on Sunday opened malls and department stores for the first time since March in its second phase of relaxing measures as the number of new coronavirus cases slowed.

The government has extended a ban on passenger flights until end-June to try to curb the spread, which has infected more than 4 million globally and 3,031 people in the country.

The agency cut its projection for this year’s exports and foreign tourist numbers, the main drivers of Thai growth.

It now expects exports to fall 8% this year, rather than rise 1.4%, and slashed its forecast for foreign tourist numbers this year to 12.7 million, down from 37 million seen earlier, and last year’s record 39.8 million.

However, the government’s 1 trillion baht ($31.22 billion) borrowing will help, Thosaporn said, referring to the latest step to mitigate the outbreak impact.

Most economists expect the central bank to cut its key interest rate further from a record low of 0.75% this week.

“With the outlook for near term growth and the recovery very poor, the Bank of Thailand is set to ease policy further on Wednesday. We have pencilled in a 25 bps cut, to a record low 0.5%,” Capital Economics said in a note.

“Overall, we think the economy will shrink by 9% this year, which would be worse than even during the Asian financial crisis.”

In the first quarter, foreign tourist numbers tumbled 38% from a year earlier, while private investment fell 5.5% and public investment dropped 9.3%. Private consumption rose at a slower pace of 3%.

($1 = 32.03 baht)

Content and photo: Reuters

Business

Feydhoo Hall opens at dusitD2 Feydhoo Maldives as new event space

Published

3 weeks ago

February 16, 2026

m@ldives

Dusit International, one of Thailand’s leading hotel and property development companies, has announced the opening of Feydhoo Hall, a landmark event venue at dusitD2 Feydhoo Maldives, redefining the possibilities for meetings, celebrations, and destination events in the Maldives.

Designed to bring scale, flexibility, and creativity to island gatherings, Feydhoo Hall represents a bold step forward in positioning the Maldives as a dynamic destination for conferences, weddings, and large-scale social occasions.

Feydhoo Hall offers a versatile event complex designed to accommodate a wide range of gatherings, from corporate meetings and conferences to weddings and social celebrations.

At its core is the 390 sqm Main Hall, capable of hosting:

Up to 300 guests in theatre-style setup
Up to 240 guests for dining and banquet-style events
Up to 200 guests for cocktail-style receptions
Up to 144 guests in cluster-round configuration

Enhancing the flexibility of the venue are additional dedicated spaces, including:

A 110 sqm Veranda Terrace, ideal for welcome receptions, breakout sessions, and pre-event gatherings, accommodating up to 100 guests for cocktail-style events.
A spacious 1,000 sqm Lawn Space, perfect for large-scale outdoor celebrations, destination weddings, and open-air events, accommodating up to 400 guests for cocktail receptions and up to 350 guests for dining setups.
The 55 sqm Ekugai Meeting Room, designed for smaller meetings and executive sessions, accommodating up to 30 guests in theatre or dining setup and 24 guests in cluster-round format.

Together, these integrated spaces create a seamless indoor-outdoor event experience, allowing planners to design dynamic and personalised event journeys.

True to the dusitD2 brand’s lifestyle-driven philosophy, Feydhoo Hall introduces a fresh approach to meetings and events — where productivity meets creativity in an inspiring island setting.

The venue offers flexible meeting formats designed to suit different event needs, including:

Half-Day Meeting Package (4 hours) — ideal for focused sessions, executive meetings, and creative workshops.
Full-Day Meeting Package (8 hours) — designed for immersive conferences, extended workshops, and large-scale corporate gatherings.

These thoughtfully structured packages provide planners with the flexibility to create impactful and seamless experiences, whether hosting intimate strategy sessions or dynamic full-day events.

Located just seven minutes by speedboat from Velana International Airport, dusitD2 Feydhoo Maldives combines accessibility with vibrant lifestyle energy, offering event planners and guests a rare balance between convenience and tropical escape.

With the introduction of Feydhoo Hall, the resort strengthens its position as a versatile destination — not only for leisure travellers but also for international conferences, creative retreats, luxury weddings, and large-scale social celebrations seeking something refreshingly different in the Maldives.

Business

BBM expands retail presence with new Hulhumalé outlet

Published

3 weeks ago

February 16, 2026

m@ldives

Bestbuy Maldives (BBM) opened a new wholesale store in Hulhumalé Phase 2 on Monday.

The outlet is located on the ground floor of Lot 20286, Nirolhu Magu, and is intended to improve access to BBM’s imported goods for residents of Hulhumalé Phase 2 and for businesses operating in the area.

According to the company, the opening forms part of its plan to expand services closer to customers in line with population growth in Hulhumalé.

With the opening of the new store, BBM’s full range of imported and distributed products will be available at the Hulhumalé Phase 2 location. These include consumer goods from international brands such as Lifebuoy, Vaseline and Unilever.

The store will also stock wholesale food products from brands including Daily, Cavin’s and Redman.

BBM has supplied goods to resorts, hotels and retail outlets across the Maldives for several years.

Action

Ataraxis Grand & Spa hosts integrated work-and-dive corporate retreat in Fuvahmulah

Published

1 month ago

January 29, 2026

m@ldives

Ataraxis Grand & Spa recently hosted a week-long, closed corporate offsite in Fuvahmulah for a US-based artificial intelligence company, highlighting the island’s growing suitability for integrated work-and-experience retreats. The retreat brought a group of 36 international professionals to the property, which was reserved exclusively for the programme.

Designed as a private company offsite, the stay combined structured daily work sessions with guided diving and beginner-friendly surf experiences, creating a balanced format that blended focused collaboration with physical reset.

A notable component of the programme was dive training and certification. During the retreat, 17 participants completed their Open Water certification, while a further six undertook the Advanced Open Water course, with training and dives scheduled alongside work sessions as part of the integrated itinerary.

Throughout the week, participants worked on-site using dedicated shared spaces supported by reliable high-speed internet, allowing meetings, informal collaboration and scheduled activities to take place within a single, uninterrupted environment. This setup enabled teams to move seamlessly between work periods and organised ocean activities without leaving the property.

Fuvahmulah’s natural and operational advantages formed a key part of the retreat’s appeal. As one of the Maldives’ largest inhabited islands, it offers immediate access to pelagic dive sites, internationally recognised shark diving and surf breaks suitable for instruction, alongside the infrastructure required to support extended group stays.

The offsite reflects a growing preference among technology and knowledge-sector teams for small-scale retreats that prioritise concentrated work environments and team cohesion over traditional conference formats. Such programmes typically involve longer stays and higher per-capita spend, aligning with sustainable, quality-driven tourism models.

The retreat also demonstrates how locally operated properties such as Ataraxis Grand & Spa are supporting this shift by delivering unified environments where accommodation, workspaces, connectivity and curated experiences operate as a single programme rather than separate services.

As organisations continue to explore alternative formats for strategy sessions, team resets and creative offsites, Ataraxis Grand & Spa’s experience positions Fuvahmulah as an increasingly viable destination for integrated corporate retreats.

Ataraxis Grand & Spa offers work-and-dive retreat programmes in Fuvahmulah that combine accommodation, dedicated workspaces, high-speed connectivity and organised diving and surfing.