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Income inequality, debt, climate change and plastic waste the main issues – BOT governor


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Income inequality, debt, climate change and plastic waste the main issues – BOT governor

 

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Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok today (July 24th), said Thailand faces four challenges that require good governance in businesses to address.

 

He said that Thailand has a high level of income inequality, citing statistics from the Office of the National Economic and Social Development Council which reveal that the richest 10% of the country’s population have incomes that are 19 times higher than the poorest 10%, adding the former own over 61.5% of the country’s land while the latter barely own 0.07%.

 

The BOT governor went on to say that a lot of Thais are still trapped in a cycle of debt and are among the most indebted populations among developing countries.

 

Full story: https://www.thaipbsworld.com/income-inequality-debt-climate-change-and-plastic-waste-the-main-issues-bot-governor/

 

 
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10 minutes ago, webfact said:

The BOT governor went on to say that a lot of Thais are still trapped in a cycle of debt and are among the most indebted populations among developing countries.

I'm pretty sure that the BOT formulating will be to encourage more loans to pay of their old loans

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4 hours ago, webfact said:

The BOT governor went on to say that a lot of Thais are still trapped in a cycle of debt and are among the most indebted populations among developing countries

A strong driver of the economy. If people stop consuming the bubble will burst.

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4 hours ago, RichardColeman said:

I'm pretty sure that the BOT formulating will be to encourage more loans to pay of their old loans

The government has just announced a new "stimulus" package which included government bank loans to farmers, workers and small business people. This package was allegedly to stimulate the economy but predictably all it will do is to stimulate the already high national household debt numbers.

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5 hours ago, webfact said:

He said that Thailand has a high level of income inequality,

Didn't the junta cry follow to such a report stating the divide increased by 8% during their rule ?  This guy may not last long if he states the obvious truths. 

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7 hours ago, mikebell said:

Agree with Nickstav; the richest 10% will include those who call the tune in Thailand, including those who are minting it in because of the strong baht: ergo nothing will be done.

that would include me.  i'm quite happy now earning a salary paid in THB.  Thanks to all the tax loopholes I'm paying an effective rate of around 15% to boot.

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7 hours ago, Isaan sailor said:

Too bad he ignored Thailand’s #1 economic problem—a stratospherically high Baht.

Perhaps BoT is still stratospherically high on foreign hot money bond sales... 

don't the economic fundamentals support the current level of the baht?

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10-average USD/Baht: 32.40.  Same can be said for other western currencies.  Yes, my TV friends, Thai Baht seems high.  And please don’t compare Baht to gold prices. That’s a fallacious argument.  Compare Baht to other SEA currencies.  You will see the problem here.

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15 hours ago, Angry Dragon said:

that would include me.  i'm quite happy now earning a salary paid in THB.  Thanks to all the tax loopholes I'm paying an effective rate of around 15% to boot.

You're in the richest 10%? What do you do, advise Prawit on what watch to buy next?

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