Finance minister assures Thai economy not critical, just slowing down

 

 

Finance Minister Uttama Savanayana reaffirmed today that the Thai economy this year is just slowing down and is not in a critical situation, with the likelihood that it will pick up next year.

 

While admitting that economic growth this year is disappointing, he said that the Government had rolled out several economic stimulus packages, such as the Chim Shop Chai program and the 50,000 baht down payment giveaway for condominium buyers.

 

He said he didn’t believe in the suggestion by several analysts that the Thai economy next year will reach a crisis point, adding that, in the current gloomy situation, the Government must be bolder in order to build confidence, instead of getting depressed and adversely affect the economy.

 

Full story: https://www.thaipbsworld.com/finance-minister-assures-thai-economy-not-critical-just-slowing-down/

 

-- © Copyright Thai PBS 2019-12-12

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Talk to the people that have lost their jobs this year...????

The corrupt rich telling the struggling poor how to feel...

2 hours ago, webfact said:

He said he didn’t believe in the suggestion by several analysts that the Thai economy next year will reach a crisis point, adding that, in the current gloomy situation, the Government must be bolder in order to build confidence, instead of getting depressed and adversely affect the economy.

This guy believes in Santa Claus.   A bold government that has not rudder and does not like the outside world is not going to help.   Look how they go back and forth on immigration.   It is just mind numbing to watch.

Wonder if he got the job because sudden blindness occurs at the exact right time, or if it was because he is just totally incompetent? I know, I might be wrong. Maybe he is the smartest guy in the world with a big a55 pay check.

Slowing down to be followed next year by dead stop then reverse gear engaged and the junta dream continues on its merry way.

39 minutes ago, yellowboat said:

This guy believes in Santa Claus.   A bold government that has not rudder and does not like the outside world is not going to help.   Look how they go back and forth on immigration.   It is just mind numbing to watch.

If I understand everything correctly, this gentleman is stronger than Nobel prize winners in economics

 

Promises are binding only on those who believe

Madame Irma and her crystal ball made the same promise to me...

3 hours ago, webfact said:

several economic stimulus packages, such as the Chim Shop Chai program

So, this guy says that the economy is not slowing because Thais are using free money to boost it ? I could boost it alot more if they throw a few million baht at me if they need my help

2 hours ago, mok199 said:

The corrupt rich telling the struggling poor how to feel...

Yes.  Look who's sitting next to him in the photo.

I wonder if his Mercedes Benz was slowing down alot would he wait until next year to take it for fixing?

4 hours ago, webfact said:

Finance minister assures Thai economy not critical

oink!

Actually I believe him. I don't think that the noble poor will get anything out of it but the economy should fair well, Thailand has plenty of economic ammunition left unlike the western economies, unlike China even. They play the world theater very well, nestled in between the West and China and annoying nobody while silently benefiting from the USA/China trade war and cuddling up to the EU. The government may be krap but where it matters they have some really good clever people working silently behind the scenes.

5 hours ago, webfact said:

Finance Minister Uttama Savanayana reaffirmed today that the Thai economy this year is just slowing down and is not in a critical situation, with the likelihood that it will pick up next year.

Spin doctor trying to keep the truth from emerging.

Oh, it's isn't floods. That's just slowly draining water. 

15 minutes ago, soalbundy said:

they have some really good clever people working silently behind the scenes.

These silent workers are skimming off the cream and converting strong baht to cheap dollars. That's clever and <deleted> the working class.

Are they trying to convince the people or themselves........

... and when nobody wants to buy Thailand's rice, due to the overvalued baht, the government will buy it all and then they will have done everything they accused Yindluck government of doing (wasting money on high speed rail, buying votes, subsidising rice farmers, demonstrated incompetence...). The only thing that will be different, is the loss of a meaningful democracy.

6 hours ago, webfact said:

While admitting that economic growth this year is disappointing, he said that the Government had rolled out several economic stimulus packages

Without those stimulus packages economic growth would have been much slower (aka contraction).

Obviously to reverse this year's slowing of the economy to the point of expansion beyond that of last year, the stimulus next year much be many times greater than this year.

That is unlikely to occur as it seems Prayut has in the last four years used most of the economic leverage available to the government to regain GDP growth above last year - which failed. One possible tool left is for BOT to lower its rate policy TO 0.75%. But the 1%-er's seem still unprepared to shelter their domestic assets with foreign transfers.

1 hour ago, soalbundy said:

Actually I believe him. I don't think that the noble poor will get anything out of it but the economy should fair well, Thailand has plenty of economic ammunition left unlike the western economies, unlike China even. They play the world theater very well, nestled in between the West and China and annoying nobody while silently benefiting from t the USA/China trade war and cuddling up to the EU. The government may be krap but where it matters they have some really good clever people working silently behind the scenes.

I completely disagree.  Production is down, farming is down due to drought, house sale are down, car sales are down, employment is down, many companies are folding, bad debts are accumulating.  The baht is already beginning to slide.  A month ago it was 38.23 to the £, today it is 39.94 to the £.  Top that up with a very weak and poorly performing Government that is stacking up problems for itself.  Watch this space!

Well, it will be what it will be and a procession of poorly-educated and often incompetent Thais saying otherwise will not make any difference. Sooner or later the whole edifice they have built will come crashing down around them. Watch how quickly it will be someone else's fault.

8 hours ago, webfact said:

He said he didn’t believe in the suggestion by several analysts that the Thai economy next year will reach a crisis point,

they better than all analysts and only start to panic when sh.. hits the fan

8 hours ago, webfact said:

He said he didn’t believe in the suggestion by several analysts that the Thai economy next year will reach a crisis point, adding that, in the current gloomy situation, the Government must be bolder in order to build confidence, instead of getting depressed and adversely affect the economy.

I have already written it a few times and I repeat, the Thai economy has been in a crisis for years that in 2020 if something positive does not happen, it will become a chronic crisis, you and your friends don't care about anything, your people suffer already for a long time and in the end they will have to pay the damages caused by you!

5 minutes ago, 30la said:

I have already written it a few times and I repeat, the Thai economy has been in a crisis for years that in 2020 if something positive does not happen, it will become a chronic crisis, you and your friends don't care about anything, your people suffer already for a long time and in the end they will have to pay the damages caused by you!

Interestingly, the author says the economy is not in crisis but goes on to suggest the government is depressed about it. The market in rose-coloured glasses must be booming. I wonder what the numbers say about conversions from THB to USD right about now...?

Does anyone know if the finance minister is another with a military background?

4 minutes ago, BobbyL said:

Does anyone know if the finance minister is another with a military background?

 

4 minutes ago, BobbyL said:

Does anyone know if the finance minister is another with a military background?

Let me see a Thai without a military background, the military drill starts already in schools!

3 hours ago, soalbundy said:

Actually I believe him. I don't think that the noble poor will get anything out of it but the economy should fair well, Thailand has plenty of economic ammunition left unlike the western economies, unlike China even. They play the world theater very well, nestled in between the West and China and annoying nobody while silently benefiting from the USA/China trade war and cuddling up to the EU. The government may be krap but where it matters they have some really good clever people working silently behind the scenes.

bkkpost reported for next year 500.000 unemployed young graduates, they will be offered volunteer work programs to improve stats. the economy is rapidly losing steam.

 

wbr

roobaa01

So the USD has hit another six-year low on the Baht—and no cause for worry?  What’s he smoking?

8 hours ago, RichardColeman said:

So, this guy says that the economy is not slowing because Thais are using free money to boost it ? I could boost it alot more if they throw a few million baht at me if they need my help

The leaders of the European bank have a moment in mind:

 

https://en.wikipedia.org/wiki/Helicopter_money

6 hours ago, petermik said:

Are they trying to convince the people or themselves........

The Coué method 

 

https://en.wikipedia.org/wiki/Émile_Coué

 

 

21 hours ago, mikebell said:

These silent workers are skimming off the cream and converting strong baht to cheap dollars. That's clever and <deleted> the working class.

I refer to the decision making civil servants, not the hi-so's