Most Thais Think Economy Bad, Getting Worse

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Most Thais Think Economy Bad, Getting Worse

By Jintamas Saksornchai, Staff Reporter

 

Few shoppers Tuesday at the Or Tor Kor Market in Bangkok's Chatuchak district.

 

BANGKOK — A majority of the public thinks the economy is heading in the wrong direction as consumer confidence slipped slightly last month due to anxieties over rising costs and political uncertainty, according to survey data out Tuesday.

 

The University of the Thai Chamber Commerce reported over half of people surveyed felt the current economic situation is poor despite government reports it expanded at the fastest rate in five years during the first quarter.

 

Full story: http://www.khaosodenglish.com/news/business/2018/06/06/most-thais-think-economy-bad-getting-worse/

 

-- © Copyright Khaosod English 2018-06-06

[spidermike007]

One thing about the economy I know for sure, is that inflation is alot higher than the goons in charge are willing to admit. And also, nearly all of the tourist establishments I talk to are complaining. Most say business is nothing like it used to be.

[BobBKK]

It's true most Thais are deeply unhappy with prices, business and all that jazz but this is what you get when you try to run things like an Army camp.

[bkk6060]

15 hours ago, spidermike007 said:

 And also, nearly all of the tourist establishments I talk to are complaining. 

Where you hear those complaints?  Some of the 1000 bars or massage shops in Pattaya?  "Slow, no customer"...

I am hearing/seeing just the opposite at many businesses.  Growth is at a five year high, people are coming here in droves, and the economy is doing well.

Most Thais have no education on economics and would have no clue what the "economy" is.  But, people love to wallow in negativity and sadness for themselves in some odd way it makes them feel empowered.

 

[jayboy]

5 minutes ago, spidermike007 said:

One thing about the economy I know for sure, is that inflation is alot higher than the goons in charge are willing to admit. And also, nearly all of the tourist establishments I talk to are complaining. Most say business is nothing like it used to be.

You are talking rubbish and the one thing you claim to know for sure you do in fact not know.Inflation is only slightly higher at just over 1%, slightly more than the expected rate of about 0.85%.The information on which this is based is not manipulated by what you ignorantly call "goons".In fact Thailand has a longstanding history of producing reliable and excellent economic and financial data and is well served by able officials in the responsible ministries and the Bank of Thailand.Naturally in the basket of items used to track inflation some items will increase more than others.You mention the "tourist industry", a euphemism no doubt for bars and similar places frequented by sex tourists and resident "expats".If the girls and boys are hiking their prices it doesn't really matter and in any case is irrelevant to the national inflation position.

[Denim]

Hardly surprising with 96%  of the total labor force in debt and the average household debt being 137, 988 baht.

 

http://englishnews.thaipbs.or.th/labourers-still-heavy-debts/

 

Living the credit dream and paying the price.

 

Also, the high baht is not doing exports much good. No matter what the official line is about a robust economy it would be a lot more robust and competitive if  the baht were not so strong.

 

Hard working sister in law has gone from working a 60 hour week ( with OT ) down to a 4 day week and only 32 hours because the garment factory she works for can't sell its clothes competitively any more.  

[jayboy]

3 minutes ago, Denim said:

Hardly surprising with 96%  of the total labor force in debt and the average household debt being 137, 988 baht.

 

http://englishnews.thaipbs.or.th/labourers-still-heavy-debts/

 

Living the credit dream and paying the price.

 

Also, the high baht is not doing exports much good. No matter what the official line is about a robust economy it would be a lot more robust and competitive if  the baht were not so strong.

 

Hard working sister in law has gone from working a 60 hour week ( with OT ) down to a 4 day week and only 32 hours because the garment factory she works for can't sell its clothes competitively any more.  

Sorry to hear about your sister in law.But it probably has less to do with the strength of the Baht than an noncompetitive overall cost structure, a huge problem in the Thai textile industry.

[lovelomsak]

Of course the people think the economy is doing poorly. They are now middle class. They want more money to pay off their new truck sooner,more money to go out to restaurants,more money for new house,fashion clothes. etc.If they lived like they did 20 years ago they would have plenty. Middle class never have enough. When they can afford Toyota they move up to Benz and complain it is hard to make ends meet.

  

[Darcula]

What's really needed to get the economy going here is a couple of submarines, a hi-speed track from Nakhon Nowhere to Samut Shitsaburi, some empty satellites, and a Singapore-style marina walk. Chai yo!

[Peterw42]

19 hours ago, jayboy said:

You are talking rubbish and the one thing you claim to know for sure you do in fact not know.Inflation is only slightly higher at just over 1%, slightly more than the expected rate of about 0.85%.The information on which this is based is not manipulated by what you ignorantly call "goons".In fact Thailand has a longstanding history of producing reliable and excellent economic and financial data and is well served by able officials in the responsible ministries and the Bank of Thailand.Naturally in the basket of items used to track inflation some items will increase more than others.You mention the "tourist industry", a euphemism no doubt for bars and similar places frequented by sex tourists and resident "expats".If the girls and boys are hiking their prices it doesn't really matter and in any case is irrelevant to the national inflation position.

I can see @spidermike007 point, Its often hard to believe the official inflation figures when you see groceries and things going up, I dont watch prices to much but even I notice some significant price rises for the once a week groceries at the supermarket or basic Thai meal at the local restaurant. Things dont go up by 2-3%, its often 20-30%.. I can find 6-8 things, that I know of, at 7/11, that have gone from say 20 baht to 30 baht.

Our standard weekly shop use to cost 2,000 baht, its now 2,500.

[GarryP]

The economy is supposedly doing well. It, however, seems to be linked to the export and tourism sectors and perhaps infrastructure. Market traders, noodle sellers, small shops, etc. particularly those located in the provinces and not tourist centers and farmers are not feeling any benefit from the improved economy. Some of that could be down to an unwillingness to change and adapt but certainly not all. Sales are down in many shops in small provincial towns because people do not have money to spend. Four or five years ago things were much better.   

[Benchod]

Must be bad - 3rd request today for some financial assistance from a lovely girl I met at a bar - never knew a chicken could suffer from depression but here to help

[Misterwhisper]

1 hour ago, Darcula said:

What's really needed to get the economy going here is a couple of submarines, a hi-speed track from Nakhon Nowhere to Samut Shitsaburi, some empty satellites, and a Singapore-style marina walk. Chai yo!

And a few planes for that famous aircraft-carrier-without-aircraft plus some spare parts to actually keep it afloat and operational also will further boost the economy and make people fete in the streets in joy and sheer bliss.

[brling]

2 hours ago, bkk6060 said:

 

But, people love to wallow in negativity and sadness for themselves in some odd way it makes them feel empowered.

 

The defenders of ALL things Thai, say the Thais do not "wallow in negativity and sadness",  and the heading of this thread begins "MOST THAIS".   

[spidermike007]

3 hours ago, bkk6060 said:

Where you hear those complaints?  Some of the 1000 bars or massage shops in Pattaya?

"Slow, no customer"...

I am hearing/seeing just the opposite at many businesses.

Growth is at a five year high, people are coming here in droves, and the economy is doing well.

Most Thais have no education on economics and would have no clue what the "economy" is.

But, people love to wallow in negativity and sadness for themselves in some odd way it makes them feel empowered.

 

Restaurants, hotels, gift shops, and travel agencies, that cater to tourists. All are saying the same thing, in the resort areas. I am not making this up.

[spidermike007]

49 minutes ago, brling said:

The defenders of ALL things Thai, say the Thais do not "wallow in negativity and sadness",  and the heading of this thread begins "MOST THAIS".   

I agree. I consider the Thai people to be some of the most positive people on the planet. Westerners tend to wallow. Not most Thais.

[spidermike007]

3 hours ago, jayboy said:

You are talking rubbish and the one thing you claim to know for sure you do in fact not know.Inflation is only slightly higher at just over 1%, slightly more than the expected rate of about 0.85%.The information on which this is based is not manipulated by what you ignorantly call "goons".In fact Thailand has a longstanding history of producing reliable and excellent economic and financial data and is well served by able officials in the responsible ministries and the Bank of Thailand.Naturally in the basket of items used to track inflation some items will increase more than others.You mention the "tourist industry", a euphemism no doubt for bars and similar places frequented by sex tourists and resident "expats".If the girls and boys are hiking their prices it doesn't really matter and in any case is irrelevant to the national inflation position.

Such pure and unadulterated silliness. Anyone who listens to those government figures anywhere in the world is suffering from a severe case of delusion. All you have to do is leave your house to see inflation all around you. Frankly, I would rather look at grocery prices, the cost of construction materials, food and staples, than the "basket of goods" nonsense these creeps tell us is supposed to represent our lives and our reality. This has nothing to do with your sex industry. Your boys and girls may be hiking their prices, but that has little to do with the lives of most of us. I barely drink, so the cost of a beer in a bar means little to me. I see inflation everywhere around me.

Edited June 6, 2018 by spidermike007

[GarryP]

5 minutes ago, spidermike007 said:

Restaurants, hotels, gift shops, and travel agencies, that cater to tourists. All are saying the same thing, in the resort areas. I am not making this up.

Travel agencies (the walk in type) are losing a lot to online suppliers. 

[mfd101]

2 hours ago, lovelomsak said:

Of course the people think the economy is doing poorly. They are now middle class. They want more money to pay off their new truck sooner,more money to go out to restaurants,more money for new house,fashion clothes. etc.If they lived like they did 20 years ago they would have plenty. Middle class never have enough. When they can afford Toyota they move up to Benz and complain it is hard to make ends meet.

  

Yes, ask Aussies the same question - from one of the 5 or 6 richest highest-quality-living countries in the world - and you'll get the same answers: Oh it's terrible! Can't afford anything better than $30 for a bottle pf shiraz. Government's terrible. All the politicians are just terrible. I don't know how I cope ...

[stephen tracy]

8 hours ago, bkk6060 said:

Where you hear those complaints?  Some of the 1000 bars or massage shops in Pattaya?

"Slow, no customer"...

I am hearing/seeing just the opposite at many businesses.

Growth is at a five year high, people are coming here in droves, and the economy is doing well.

Most Thais have no education on economics and would have no clue what the "economy" is.

But, people love to wallow in negativity and sadness for themselves in some odd way it makes them feel empowered.

 

In 11 years I have never met a Thai person that didn't know what the economy is. We must mix in different circles. 

[Thian]

That ortorkor market costs 3-5 times more than a normal market.

 

It's for tourists but the vendors can't speak english and won't show the prices. 

 

It's for old chinese ladies who ride a big benz.

[bkk6060]

6 hours ago, stephen tracy said:

In 11 years I have never met a Thai person that didn't know what the economy is. We must mix in different circles. 

As your avatar says, you are the Twerker so it makes sense.

[stephen tracy]

2 minutes ago, bkk6060 said:

As your avatar says, you are the Twerker so it makes sense.

And I do it more than 3 times. 

[ezzra]

I always use to gauge the economy strength by the number of the red number plates on new cars and pickups, now days you see very few maybe one a day, compare to better days where you'd see them everywhere, i hear that the government is looking closer at people who evade paying revenues as they're tight with funds, on top of the household debts that are skyrocketing...

Pattaya real estate is pretty much dead, they still selling condos in BKK because people prefer to invest in brick and mortar than to bet 1.5% interests in the bank, IMHO, i think that the economy doing just ok, nothing spectacular....

[simoh1490]

15 hours ago, bkk6060 said:

Where you hear those complaints?  Some of the 1000 bars or massage shops in Pattaya?

"Slow, no customer"...

I am hearing/seeing just the opposite at many businesses.

Growth is at a five year high, people are coming here in droves, and the economy is doing well.

Most Thais have no education on economics and would have no clue what the "economy" is.

But, people love to wallow in negativity and sadness for themselves in some odd way it makes them feel empowered.

 

I agree with this and the proof for what you wrote is in the article itself, 56% think the economy is bad or getting worse while 49% don't know.

 

 

Edited June 6, 2018 by simoh1490

[simoh1490]

18 hours ago, Peterw42 said:

I can see @spidermike007 point, Its often hard to believe the official inflation figures when you see groceries and things going up, I dont watch prices to much but even I notice some significant price rises for the once a week groceries at the supermarket or basic Thai meal at the local restaurant. Things dont go up by 2-3%, its often 20-30%.. I can find 6-8 things, that I know of, at 7/11, that have gone from say 20 baht to 30 baht.

Our standard weekly shop use to cost 2,000 baht, its now 2,500.

We've seen something similar recently but the answer was not inflation but complacency and profiteering by the supermarket chain we use - as a result, we just switched from Rimping (Chiang Mai) to a one-off supermarket nearby and our costs have fallen quite substantially. As for shopping at 7-11, you're never likely to ever do cost-effective shopping at a convenience store.

[simoh1490]

6 hours ago, stephen tracy said:

In 11 years I have never met a Thai person that didn't know what the economy is. We must mix in different circles. 

Read the survey, over 40% couldn't answer the question!

[simoh1490]

12 hours ago, spidermike007 said:

Restaurants, hotels, gift shops, and travel agencies, that cater to tourists. All are saying the same thing, in the resort areas. I am not making this up.

I believe you are not making it up, it's a fact that people are moving out of farming because of competitive pricing and out of manufacturing because of automation, the workforce has shifted - where are those people going? They're starting small businesses in the tourist sector, restaurants, travel agencies, shops, massage etc and now the market is saturated with such places, just take  a walk around Pattaya and count how many you see, instead of one business getting 100 customers a day, 20 similar business are getting 5 a day. 

[stephen tracy]

8 minutes ago, simoh1490 said:

Read the survey, over 40% couldn't answer the question!

Was the question: do you know what an economy is?

[simoh1490]

1 minute ago, stephen tracy said:

Was the question: do you know what an economy is?

You told us earlier that, "I have never met a Thai person that didn't know what the economy is", so presumably they do!