Thailand has 'big scheme' to ease virus impact as recession looms

By Orathai Sriring and Kitiphong Thaichareon

 

The go-go bar street Soi Cowboy is seen deserted after the government ordered the closure of all entertainment facilities, as part of measures intended to control the spread of coronavirus disease (COVID-19) in Bangkok, Thailand March 26, 2020. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand will have a "big scheme" to help stimulate the economy ravaged by the coronavirus outbreak that has infected more than 1,000 in the country, a deputy prime minister said on Friday.

 

The finance ministry has been asked to plan the scheme, which will focus on preserving jobs over the next 2-3 months, Somkid Jatusripitak told reporters after a meeting with the finance minister and the central bank governor.

 

"Most economic activity has stopped as people have been asked to stay home to curb the spread of the virus," Somkid said.

 

"The government must try to end the outbreak as soon as possible, so the economy can quickly recover. The later, the more difficult," he added.

 

The size of the stimulus has yet to be decided but the government is ready to issue a decree to borrow funds, Somkid said. "The figures are no limitation for the finance ministry".

 

The government recently introduced a series of stimulus measures worth billions of dollars to cushion the virus impact on Southeast Asia's second-largest economy which is heading into a recession.

 

Thailand on Friday reported 91 new cases of infections and one death, taking the total to 1,136 and five, respectively.

 

A state of emergency took effect on Thursday, with entry of non-resident foreigners banned.

 

The Bank of Thailand (BOT) also introduced steps to support the financial markets, and last week made a surprise rate cut to a record low of 0.75%.

 

On Wednesday, the BOT left its policy rate steady but slashed its growth forecast this year to a 5.3% contraction from 2.8% growth seen earlier.

 

BOT Governor Veerathai Santiprabhob said on Friday monetary policy was not a targeted measure as fiscal policy in helping the economy.

 

Even before the outbreak, the trade-reliant economy has been hurt by declining exports amid global trade tensions, sluggish investment and a drought. Last year's growth was 2.4%, the weakest pace in five years.

 

(Editing by Jacqueline Wong)

 

-- © Copyright Reuters 2020-03-27

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how do you work out a stimulus for 1000 hookers

2 minutes ago, steven100 said:

how do you work out a stimulus for 1000 hookers

I would say at least 100 000 hookers

_{BANGKOK (Reuters) - Thailand will have a "big scheme" to help stimulate the economy ravaged by the coronavirus outbreak that has infected more than 1,000 in the country, a deputy prime minister said on Friday.}

 

^{The "typical more than 1,000 in Thai- nueng phann qua- or} 

มากกว่า 1,000 could easily be 100,000. Or more. 

It's usually used when they don't know the exact number. 

 

BTW, how would they even know if having the virus is considered bad and people would lose face?

 

  I have my own thoughts on that. 

scam scheme?

23 minutes ago, webfact said:

The finance ministry has been asked to plan the scheme

am going to help him with some good ideas..... free entry/visa for everybody, retirement expats extension of stay based on  800K deposit to be removed (let the expats spend their money and feed their families), bring back the westerners, reduce/restrict Chinese tourists (because they don't spend as much as the westerners, Chinese go to 7/11 have cold noodles and back (alone) to their hotel room, westerners go to the (expensive) restaurants, bars & girls, soapy massages) the less Chinese the more westerners will come, as long as they reduce or stop the scams

Stimulus measures :-
1.  Recruit 20,000 new immigration staff to root out visa overstays.
2.  Recruit 10,000 new police to arrest and expel miscreants.

3.  Introduce a foreigner tax for those still here.

4.  Open 5,000 new car washes to use up any remaining water still left in the reservoirs.

5.  Start construction of 1 new runway at both Suvarnabhumi and Don Muang for the 65,000/day Chinese shortly to be coming.

6.  Reward everyone in the government handsomely for the marvellous way they have handled things.

Actions speak louder than words and with the thai baht being high it's not going to be good for Thailand exports down all tourists down it's going to be a long road ahead

7 minutes ago, Mavideol said:

am going to help him with some good ideas..... free entry/visa for everybody, retirement expats extension of stay based on  800K deposit to be removed (let the expats spend their money and feed their families), bring back the westerners, reduce/restrict Chinese tourists (because they don't spend as much as the westerners, Chinese go to 7/11 have cold noodles and back (alone) to their hotel room, westerners go to the (expensive) restaurants, bars & girls, soapy massages) the less Chinese the more westerners will come, as long as they reduce or stop the scams

You read some tripe on here, but this really takes the biscuit.

 

 

8 minutes ago, dcsw53 said:

Stimulus measures :-
1.  Recruit 20,000 new immigration staff to root out visa overstays.
2.  Recruit 10,000 new police to arrest and expel miscreants.

3.  Introduce a foreigner tax for those still here.

4.  Open 5,000 new car washes to use up any remaining water still left in the reservoirs.

5.  Start construction of 1 new runway at both Suvarnabhumi and Don Muang for the 65,000/day Chinese shortly to be coming.

6.  Reward everyone in the government handsomely for the marvellous way they have handled things.

Whoever leaked that is going to be moved to an inactive post

31 minutes ago, steven100 said:

how do you work out a stimulus for 1000 hookers

Start up a vibrator manufacturing hub, apparently they are illegal in Thailand at present.

OR import lots of Harley-Davidsons.

36 minutes ago, steven100 said:

how do you work out a stimulus for 1000 hookers

You missed out another three 0's !

Maybe they are cutting off a certain individual's finances

That would definitely free up quite a bit of baht to be spent on real people

 

52 minutes ago, webfact said:

BANGKOK (Reuters) - Thailand will have a "big scheme" to help stimulate the economy ravaged by the coronavirus outbreak that has infected more than 1,000 in the country, a deputy prime minister said on Friday.

 

I have no doubt.... whatever they end up doing, it will be a "big scheme"!!!

I imagine all countries banning Chinese tourism until the end the practice of wet markets and eating exotic animals would be a good start - though that would obvious not pan out with the generals

47 minutes ago, steven100 said:

how do you work out a stimulus for 1000 hookers

just donate to all the sick buffaloes in their families and thus "lease the animals"...

51 minutes ago, steven100 said:

how do you work out a stimulus for 1000 hookers

Easy.

 

Unleash @NCC1701A

 

 

 

 

(Er... Sorry)

 

2 minutes ago, Samui Bodoh said:

Easy.

 

Unleash @NCC1701A

 

 

 

 

(Er... Sorry)

 

now I know what Jesus meant when he said "Heal yourselves!"

Baht has actually gained strength against the benchmark USD back up to 32.44 currently.

Started the week at 33.07

1 hour ago, ozz1 said:

Actions speak louder than words and with the Thai baht being high it's not going to be good for Thailand exports down all tourists down it's going to be a long road ahead

And your information on the Thai Baht being 'high' comes from where?  It has dropped considerably in the last month.  

5% contraction??? These official data and news are a total joke.

 

Just like now I read official news about new covid infections in Phuket and for every case they investigate what happened, blaming everything on some "contact whith foreigner". Poor clean Thais infected by dirty foreigners. Of course the virus was not brought by Chinese fleeing their country in december-january. Not at all. All dirty foreigners fault (NOT Chinese!!!). 

 

I wonder what this country would be without the money of the "dirty foreigners" throughout the last 20 years? Probably nothing more than another Myanmar. 5% contraction ahah. 

1 hour ago, steven100 said:

how do you work out a stimulus for 1000 hookers

Large toys??

I'll tell you what it's going to be. Borrow money from China. I'm still not convinced this wasn't deliberate from the CCP and the Chinese lackies WHO couldn't see a problem. China says international travel ok lap dog WHO says international travel ok. Well it wasn't and isn't. Whatever happened deliberate, accidental, wet market or lab the CCP is complicit and should pay and pay dearly.

1 hour ago, steven100 said:

how do you work out a stimulus for 1000 hookers

NCC ?

Thailand actually may fare better than many other countries. The services sector is relatively smaller, most of the job losses probably would be there.

 

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

2 hours ago, webfact said:

The finance ministry has been asked to plan the scheme, which will focus on preserving jobs over the next 2-3 months, Somkid Jatusripitak told reporters after a meeting with the finance minister and the central bank governor.

By adding one or even two zeros to the 3 billion US dollars initially planned which are, I wrote in the post ad hoc, a drop in the sea compared to actual needs.

In France, the note is already 4 billion euros in a few days.

Well every country seems to have these schemes at the moment, the headache will come when corona goes away and the financial collateral damage has to be cleaned up, I see a big global recession coming our way soon with massive unemployment.

Strange how before the virus there was no money for the NHS but now at the drop of a hat billions of pounds can be found for those whose employment has been affected.

Plenty of clapping for the NHS nurses yesterday, instead of clapping how about paying them a decent wage so that they don't have to use food banks.

Stimulus billions of dollars what could possibly go wrong and in all probability that you will end up with is a bottle of red bull DPM ???? 

1 hour ago, Mavideol said:

am going to help him with some good ideas..... free entry/visa for everybody, retirement expats extension of stay based on  800K deposit to be removed (let the expats spend their money and feed their families), bring back the westerners, reduce/restrict Chinese tourists (because they don't spend as much as the westerners, Chinese go to 7/11 have cold noodles and back (alone) to their hotel room, westerners go to the (expensive) restaurants, bars & girls, soapy massages) the less Chinese the more westerners will come, as long as they reduce or stop the scams

About removing the 800k deposit for retirement visa, maybe rather replace it by a compulsory (si nequa non), comprehensive(!) healthcare insurance from an established international company...?

I wonder who will be financing  the "debt" for all the borrowing going on around the world during this time?

It seems that countries like USA have a huge debt before all this, and I have been led to understand a sizeable part of that debt is unwritten by China

UK, Australia have now committed lots to support the communitythrough all this, but who unwrites the debt?

Anyone more informed able to enlighten me?