Thai economic slowdown result of global economy: DPM Somkid

 

 

BANGKOK (NNT) - Private companies held a national chambers of commerce seminar to gather suggestions on economic stimulation. Deputy Prime Minister Somkid Jatusripitak, who is to receive these suggestions in the name of the government, stressed that the Thai economy is actually growing, albeit slowly due to global economic challenges.

 

Deputy Prime Minister Somkid Jatusripitak delivered a speech on cooperation, in which he stressed that the Thai economy is growing at a slow pace, pointing out that the country’s low 2.5-2.6 percent economic growth is a consequence of the U.S.-China trade war, which is affecting the export sector.

 

The Thai economy relies heavily on the export sector, which represents 70 percent of GDP, with most of the exports being farm products. The sector is also suffering from an appreciating Thai baht, which is being addressed by the Bank of Thailand.

 

He pointed out the Thai baht will not depreciate to 32 baht per 1 U.S. dollar like in the past, requiring companies to adjust for survival. He said the economy in Q4 2019 will show recovery due to stimulus measures issued by the government.

 

At the 37th national chambers of commerce seminar, held in Lampang, the Thai Chamber of Commerce and the Board of Trade Chairman Kalin Sarasin delivered a white paper, containing suggestions for economic measures by private companies, to the Deputy Prime Minister. These suggestions cover efforts to reduce economic inequalities, in keeping with the government’s 20-year national strategy.

 

The private sector has expressed its willingness to cooperate with the government to drive the economy forward. They are asking the government to disclose non-classified information for companies to enable business analysis.

 

Companies have suggested that the government arrange a more diverse range of tourism activities, such as musical performances and international sports competitions, as well as promoting the film industry. They have also asked the government to provide better support for local stores.

 

-- © Copyright NNT 2019-12-04

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That's it blame China and the America and the rest of the world nothing to do with the thai baht being high either crazy!

Nothing to do with the strong THB,it's the rest of the Worlds fault.????

regards worgeordie

Farang do, no Thai. Farang think too much!

Thailand is the country in SEA with the lowest increase of the economy, same as last year. I think the government will not think about what the others make better.

2 hours ago, snoop1130 said:

The sector is also suffering from an appreciating Thai baht, which is being addressed by the Bank of Thailand

And since more than 6 months we are still waiting to see the beginning of a result

from the (in)action of the Bank of Thailand,

I wonder how many years it'll take to ''address'' the problem in a correct way

2 hours ago, snoop1130 said:

Companies have suggested that the government arrange a more diverse range of tourism activities, such as musical performances and international sports competitions, as well as promoting the film industry.

Now, problem solved. The economy will soon be back on track to two digit growth.

 

It was simple, really. How come nobody came up with this earlier?

2 hours ago, snoop1130 said:

Thai economic slowdown result of global economy: DPM Somkid

Yeah, yeah, just keep telling yourself that, Mr. Somkid.

Somkid bended the truth today

Truth today

Truth today

Somkid bended the truth today

What'll he do tomorrow.

The blaming game???? 

13 hours ago, snoop1130 said:

He said the economy in Q4 2019 will show recovery

Huh? Which quarter are we in right now? Lost track, there are so many. 

13 hours ago, snoop1130 said:

They are asking the government to disclose non-classified information for

army spending.

Dear Somkid, every day you invent a new lie, it seems that the purpose of your presence in the government is to blame everyone but not those responsible!
Be brave once, to your people as things really are! Ups ... it would be a blow against yourself ... sorry ...!

13 hours ago, snoop1130 said:

The Thai economy relies heavily on the export sector, which represents 70 percent of GDP, with most of the exports being farm products.

This is why Thailand will never send people to the moon, find cures for disease or build the world's tallest building.  Crony capitalism only benefits the very few inbred elites at the expense of the country.  Somkid should be ashamed.    

For 2 decades i read and heard nothing but how strong Thai economy is and did not get affected by EU financial crisis, American Financial Crises, Asia Financial crisis, nothing could shake Thai economy, even during riots, flooding, there was nothing that could shake Thai economy, 

 

All over sudden as it turns out, the reason for Thai economy flushing down the toilet is global economy downturn. 

 

Naturally has nothing to do with being mismanaged for past 4-5 years by incompetent people, its the bad foreigners who making Thai economy fall apart

Nothing to do with a collapsing and dominated tourism market. Nothing to do with low baht tourists, which are all the Thai govt and the TAT are capable of attracting these days, due to dozens of huge mistakes and miscalculations. Deflect, obfuscate, lie, mislead, and mismanage. That is what this administration does best. And avoid losing face at all costs. 

 

Saving face is for weaklings. People who know nothing of the practice of Buddhism, which teaches one to look within for the source of the problem, and introspect. And to take responsibility. Who cares what people think of you? For those of us with high self esteem, it just does not matter. Sure, close friends and family. But strangers on the street? Who gives a hoot about this? It means nothing what they think, nor what they say about you. Nothing, less than zero. They count for nothing. They are just people, and people you do not know, nor will ever see again. Face is rife with self doubt, and by subscribing to this weakness, a man or a woman is made a far lesser person. 

A strong baht benefits the ultra rich

Sabai sabai, Mai pen rai

15 hours ago, snoop1130 said:

He pointed out the Thai baht will not depreciate to 32 baht per 1 U.S. dollar like in the past, requiring companies to adjust for survival.

I interpret this as him asking exporters and hence sources to lower prices! This will escalate downwards so the already poor farmers become even poorer. Whilst the fat cats continue to get richer and richer.

1 minute ago, madmitch said:

I interpret this as him asking exporters and hence sources to lower prices! This will escalate downwards so the already poor farmers become even poorer. Whilst the fat cats continue to get richer and richer.

He does not know what he is asking, he is as clueless and his boss.

 

eggs were 65 baht, then went up to 80 baht. now at 100 baht and my supplier advised as of new year will be 120 baht. No one is dropping prices as they simply can not afford to because cost of doing business keeps going up. 
 

if I had to guess. Current regime will run country down into the ground but lay blame on foreigners and foreign economies . 
 

sooner or later the elites will start to suffer losses and perhaps will see change of direction 

They’ve purposely crushed our currencies, to serve their masters—the ChiComs.  So let the economy burn.

19 minutes ago, BestB said:

He does not know what he is asking, he is as clueless and his boss.

 

eggs were 65 baht, then went up to 80 baht. now at 100 baht and my supplier advised as of new year will be 120 baht. No one is dropping prices as they simply can not afford to because cost of doing business keeps going up. 
 

if I had to guess. Current regime will run country down into the ground but lay blame on foreigners and foreign economies . 
 

sooner or later the elites will start to suffer losses and perhaps will see change of direction 

One can only hope many of the current generals in charge now, will end up in prison or at least exile, later. They sure deserve  that. 

16 hours ago, snoop1130 said:

He pointed out the Thai baht will not depreciate to 32 baht per 1 U.S. dollar like in the past, requiring companies to adjust for survival.

By adjusting , Thai mentality is put price up to cover loses

THAI GOVERNMENT ALWAYS BLAME THE GLOBAL ECONOMY NOT THEMSELVES , WHY ARE OTHER COUNTRIES DOING JUST FINE .

 

16 hours ago, worgeordie said:

Nothing to do with the strong THB,it's the rest of the Worlds fault.????

regards worgeordie

just like all the crashes are the brakes fault...  its like a classroom of 5 year olds....

48 minutes ago, RichardColeman said:

By adjusting , Thai mentality is put price up to cover loses

just like a bar girl standing on the corner at 1 am ...   not made any money that week so she doubles her price... guess what... shes still standing there at sun up....

19 hours ago, snoop1130 said:

he stressed that the Thai economy is growing at a slow pace

 

19 hours ago, snoop1130 said:

He said the economy in Q4 2019 will show recovery due to stimulus measures issued by the government.

first he say economy is slow and next paragraph/sentence he says economy will show recovery, is it contradictory or what, the guy doesn't know left from right like the majority of his colleagues at the government

Meanwhile, Vietnam is eating Thailand’s sum tam (lunch).  They don’t take orders from the ChiComs—no bullet trains, no submarines, and have a much higher English language proficiency.

Oh yes, did I mention the difference in currencies vs USD?

No, baht will depreciate back to 32, 33 in the future. Because it is a cycle.

On 12/4/2019 at 5:53 PM, snoop1130 said:

He pointed out the Thai baht will not depreciate to 32 baht per 1 U.S. dollar

that's ok, for now just get it at 31.99 and we will talk later