Finance minister orders economic plans in three months

 

   

BANGKOK (NNT) - In the face of the world’s volatile economic situation, Finance Minister Uttama Savanayana has ordered agencies in the care of his ministry to set out economic plans in line with national strategic plans and focus on the upgrading of the country’s competitiveness and reduction in social inequality.

 

The Ministry of Finance will take control measures for E-payment systems which will be used by consumers, community enterprises and retail shops nationwide. The government’s infrastructure investment projects will focus on quality and sustainability and contain state expenditure. A Public-Private Partnership provides an opportunity for the private sector to co-invest to help reduce state expenditure.

 

Mr Uttama said preparations for the 3.2 trillion baht Budget for fiscal 2020 which will be submitted to the cabinet, will incur a budget deficit to sufficiently meet expenditure on the government’s economic affairs. Besides, the people’s quality of life and welfare will be comprehensively upgraded.

 

Short-term economic stimulus measures will promote investment and the fundamental economy. The Finance Minister confirmed all budgetary plans will be finished within three months. He expressed his belief that today’s blasts in Bangkok will not affect Thailand’s investment climate.

 

-- © Copyright NNT 2019-08-05

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57 minutes ago, webfact said:

In the face of the world’s volatile economic situation, Finance Minister Uttama Savanayana has ordered agencies in the care of his ministry to set out economic plans in line with national strategic plans and focus on the upgrading of the country’s competitiveness and reduction in social inequality.

Thailand always late to the party. 

 

The time for this would have been decades ago. 

 

You cannot suddenly make your people smart and highly skilled na. 

1 hour ago, webfact said:

focus on the upgrading of the country’s competitiveness and reduction in social inequality.

The strong baht will continue to make imports from abroad cheaper but prices will continue to soar thus increasing the gap between the haves & the have-nots - AKA social inequality.

The high valued ฿ will hurt factory exports. Those are good paying jobs in Thailand. Also tourism is taking a hit for the same reason. Funny no mention of that in the story.

 

2 hours ago, webfact said:

Short-term economic stimulus measures will promote investment and the fundamental economy.

 

Translated:  1 million baht immigration farang tax for extensions.

2 hours ago, webfact said:

upgrading of the country’s competitiveness and reduction in social inequality.

Thailand's competitiveness has been sliding for years. And an increase to the national wage will make it even less competitive. Foreign production investment is going to nearby countries with cheaper, better educated and more productive labour forces.

Improving social inequality means taking money from the 1% disgustingly rich and giving to the farmers and the lower classes and disadvantaged.

That will never happen because the Prayut government's policies are designed to protect the wealth of the elite and their rich friends. Like those who attended the 200 table Palang Pracharat Party 600 million baht fundraising dinner.

They didn't donate 300,000 baht per person just because they like Mr Prayut. They gave him the money to help him win/rig an election to have their money safeguarded. 

And look who's there!

None other than Finance Minister Uttama Savanayana himself, smiling and eating and drinking the night away, with Alfred E Neuman on the right as guest of honour.

 

6 hours ago, webfact said:

reduction in social inequality (my bold)

As Finance Minister such is mostly beyond his purview as it really involves the coordination of all Ministers.

From https://en.wikipedia.org/wiki/Social_inequality :

• Social inequality occurs when resources in a given society are distributed unevenly, typically through norms of allocation, that engender specific patterns along lines of socially defined categories of persons.
• It is the differentiation preference of access of social goods in the society brought about by power, religion, kinship, prestige, race, ethnicity, gender, age, sexual orientation, and class. [these I call "subsets"]
• The social rights include labor market, the source of income, health care, and freedom of speech, education, political representation, and participation. [more subsets]

6 hours ago, webfact said:

Finance Minister Uttama Savanayana has ordered agencies in the care of his ministry to set out economic plans

This is a very limited and narrow approach if he is addressing the totality of "social" inequality.

"Income" inequality is one of the many subsets of social inequality and as such that is really his target. To the matter of income inequality, the former Prayut government implemented a number of plans for the last five years that only resulted in greater income inequality to become the highest in the world.

But it's going to be different now under the same PM leadership?