Dr. Somkid insists Thai economy remains good but growing slowly

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Dr. Somkid insists Thai economy remains good but growing slowly

 

 

The Thai economy is not bad, just slowing down, said Deputy Prime Minister Somkid Jatusripitak today as he urged the private sector to join hands to drive the economy.

 

Addressing a seminar for representatives of chambers of commerce from across the country, at Ratchabhat University in the northern province of Lampang today (Sunday), the deputy prime minister noted that the International Monetary Fund had adjusted global economic growth forecast four times this year, currently set at 3%, compared to Thailand’s 2.4% growth for the whole of 2019, which is still regarded as good.

 

He attributed Thailand’s economic slowdown to shrinking exports, resulting from trade tensions between China and the United States which, he said, has affected the production sector, causing layoffs of 300,000-400,000 workers.

 

Full story: https://www.thaipbsworld.com/dr-somkid-insists-thai-economy-remains-good-but-growing-slowly/

 

-- © Copyright Thai PBS 2019-12-02

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[ozz1]

That's it blame China and the America  What is this guy on! Last week it was in trouble now all good  ask all the thai people they say everything is more expensive exports down all tourists down go to the resorts most are empty but it  seems more than just a slow down but I could be wrong but blame someone else maybe it's us farangs who are now looking to leave to a friendlier destination without so much double pricing and corruption nothing to do with the thai baht being high either

[Chang_paarp]

I'm surprised he didn't say "It's just a flesh wound!"

[Cadbury]

Funny man is Dr Somkid. Last week he came out with.............Sssh! "Don't mention the economy"; "if we keep talking about it, it'll make good things look bad......"

Today, in contradiction of his earlier remarks, he out and about in a depressive mood mentioning the economy and talking it down by telling everyone it is not doing so good and 300,000 to 400,000 workers have been laid off because of the drop in exports and factory shut shut downs.

And the predicted GDP growth which was originally set at 3.3% is now only 2.4%.

I suppose at least he is being honest about it, in contrast to TAT and some of the other flaky government spokespersons. Khun Prayut Chan-o-cha is maintaining shameful wall of silence; as he should.

Chin up everyone....we still have the "eat, spend, travel, shop" stimulus programme going......ad nauseum.

 

 

 

[mikebell]

You can kid som of the people all of the time, but Somkid is trying to kid all of the people all of the time.

His volte-face has come about because he's been got at from above over his earlier pessimism.

[colinneil]

Come on people dont knock the guy, he only said what he was told to say.

You are responsible  Somkid for economic facts, get out there and say something upbeat, before the peasants start moaning.????

[yellowboat]

For the average Thai, it has been very slow for a long time.   His comment reflects the super wealthy's situation, two very different planes of existents.

[saengd]

2 hours ago, ozz1 said:

That's it blame China and the America  What is this guy on! Last week it was in trouble now all good  ask all the thai people they say everything is more expensive exports down all tourists down go to the resorts most are empty but it  seems more than just a slow down but I could be wrong but blame someone else maybe it's us farangs who are now looking to leave to a friendlier destination without so much double pricing and corruption nothing to do with the thai baht being high either

Yes sure, why try and blame falling exports on the two countries that represent 32% of all Thai exports and some silly little trade war! https://oec.world/en/profile/country/tha/#:~:targetText=The top export destinations of,and Malaysia (%2410.7B).

[Destiny1990]

Don’t want to be pessimistic but over the last years looking at prices of used real estate here, they have only been going down in their value.

Whats are the plans to turn this negative trend around?

 

[Denim]

All good. The economy is growing slowly like the roots of a tree........

downwards.

[Cadbury]

7 minutes ago, saengd said:

Yes sure, why try and blame falling exports on the two countries that represent 32% of all Thai exports and some silly little trade war! https://oec.world/en/profile/country/tha/#:~:targetText=The top export destinations of,and Malaysia (%2410.7B).

Close but no cigar!

As usual you select outdated numbers to lend support to your proud defence of junta style economics. These days both China and the US combined only represent 22% (not 32%) of Thai export trade. 

The updated 2019 figures from your 2017 numbers are, to quote:

"Major export partners are China (12 percent), Japan (10 percent), the United States (10 percent) and the European Union (9.5 percent). Others include: Malaysia, Australia and Singapore." 

I do acknowledge that if one Googles hard and long enough that statistics can always be found to suit any purpose and support any argument.

https://tradingeconomics.com/thailand/exports

 

[saengd]

38 minutes ago, Cadbury said:

Close but no cigar!

As usual you select outdated numbers to lend support to your proud defence of junta style economics. These days both China and the US combined only represent 22% (not 32%) of Thai export trade. 

The updated 2019 figures from your 2017 numbers are, to quote:

"Major export partners are China (12 percent), Japan (10 percent), the United States (10 percent) and the European Union (9.5 percent). Others include: Malaysia, Australia and Singapore." 

I do acknowledge that if one Googles hard and long enough that statistics can always be found to suit any purpose and support any argument.

https://tradingeconomics.com/thailand/exports

 

A quarter or a third, does it really matter, it's a chunk of change either way and either one will have a substantial impact.

 

But wait, I only just saw this part.....I don't care who is in government, military, elected, Donald Duck or who ever, I have no argument for against any of them. All of my arguments are based solely on economics and hopefully on fact and I'm certainly not trying to defend anyone.

Edited December 2, 2019 by saengd

[RichardColeman]

[saengd]

Bait away chaps, if you are not equipped to debate and that's what tickles your wicket, go for it..

Edited December 2, 2019 by saengd

[BestB]

Thai economy doing super well.

-30 something million tourists and empty hotel rooms 

-exports just slowing but factories closing down and laying off employees

-all is great but empty shopfronts all over country

- thai are spending and travelling but household debt at record highs 
 

 

nothing to worry about , carry on as usual 

[Forza2002]

Dr Pinocchio Somkid has a doctorate in marketing gained at Kellogs School of Management. A spin doctor full of tall tales... ????

[GeorgeCross]

Quote

Dr. Somkid said that all stakeholders must work together for the good of the country, noting that there is still potential for the Thai economy to grow, albeit slowly, if there is no political conflict.

 

this is all they really care about, save themselves first, everyone else be damned

 

 

[30la]

How many lies do you think your people can still endure?
The economy has been going down for years, this year it had a great acceleration!
None of you for sure ever leaves your conditioned rooms!

[legend49]

4 hours ago, ozz1 said:

That's it blame China and the America  What is this guy on! Last week it was in trouble now all good  ask all the thai people they say everything is more expensive exports down all tourists down go to the resorts most are empty but it  seems more than just a slow down but I could be wrong but blame someone else maybe it's us farangs who are now looking to leave to a friendlier destination without so much double pricing and corruption nothing to do with the thai baht being high either

Economy grows slowly like the length of his NOSE!

[saengd]

17 minutes ago, BestB said:

Thai economy doing super well.

-30 something million tourists and empty hotel rooms 

-exports just slowing but factories closing down and laying off employees

-all is great but empty shopfronts all over country

- thai are spending and travelling but household debt at record highs 
 

 

nothing to worry about , carry on as usual 

-"all is great but empty shopfronts all over country".

 

Do you imagine internet shopping has had a similar effect here that it has in western countries, high street shops all closed down, retailers closing down or issuing consecutive profit warnings or is Thailand immune?

[BestB]

15 minutes ago, saengd said:

-"all is great but empty shopfronts all over country".

 

Do you imagine internet shopping has had a similar effect here that it has in western countries, high street shops all closed down, retailers closing down or issuing consecutive profit warnings or is Thailand immune?

I did not realise bars or restaurants of 20-30 years closed down the doors to sell online 

[heybuz]

2 hours ago, saengd said:

Yes sure, why try and blame falling exports on the two countries that represent 32% of all Thai exports and some silly little trade war! https://oec.world/en/profile/country/tha/#:~:targetText=The top export destinations of,and Malaysia (%2410.7B).

But they also said the trade war between China and USA would be beneficial to Thailand

[saengd]

9 minutes ago, heybuz said:

But they also said the trade war between China and USA would be beneficial to Thailand

But it wasn't, Vietnam became the proxy.

[saengd]

13 minutes ago, BestB said:

I did not realise bars or restaurants of 20-30 years closed down the doors to sell online 

Ahhh, so not high street shops then, you mean bars and restaurants, that's much clearer. BTW I only asked a question!!!

Edited December 2, 2019 by saengd

[BestB]

15 minutes ago, saengd said:

Ahhh, so not high street shops then, you mean bars and restaurants, that's much clearer. BTW I only asked a question!!!

Were there high street shops all over country before?

[Isaan sailor]

Admittedly, expats don’t matter to Dr. Somkid.  But exports, tourism and the SET should matter.  Apparently, they don’t...

[saengd]

"Were there high street shops all over country before"?

 

 

Oh deary me!

Edited December 2, 2019 by saengd

[khunpa]

300.000 - 400.000 jobs gone. That’s a lot of new Grab and HomePro staff.

[saengd]

2 minutes ago, Isaan sailor said:

Admittedly, expats don’t matter to Dr. Somkid.  But exports, tourism and the SET should matter.  Apparently, they don’t...

What if, I mean just imagine for a moment, what if he's actually right and you're wrong, could that be possible?

[kevin612]

It is not just Thailand, it is a global economic issue.