Thai economy suffering worst damage since 1950s, experts say

[northengr]

The "dirty farang" fear by the ruling clique is really about those contagious ideas westerners bring, things like "question authority" or any ideas of equality or equal rights and rule of law, about breaking down the social hierarchy. Dangerous contagious ideas, must be kept out. So, will the need for our money come to exceed their wish for maintaining the structure? Not much.

[vukovar77]

4 hours ago, ChipButty said:

Put the Baht back to 65 to the £ and we will all be over the moon

Well,THB is stronger in a last week .Thailand has a huge trade surplus ,but I agree that THB is a very expensive .

[Thomas Hannah]

3 hours ago, realfunster said:

 

I’m guessing you are retired ? As a working man I don’t mind the strong baht, it has allowed me to repatriate some savings at a beneficial exchange rate. 

I agree a little bit of weakening would probably be better for the overall economy.

 

Out of interest, I checked the charts, last time we were at 65 was August 2008, from there, a straight dive to 50. Some occasional flirting with 55 since then but generally speaking been below 50 ever since.

 

As for the OP, we had -4% GDP contraction in 2008 (GFC) and 2011 (Floods), and a -12% year in 1997 (Tom Yam Kung), so I don’t understand their reference to 1957. How many TCC members were alive and working in business in 1957 and did Thailand even have any reliable economic data back then ? If things are biblically bad, how come the TCC member confidence index is only as low as January 2018 and not off the scale low? Or are they just trying to apply pressure for further government support for business ????

 

 

 

there was nothing in thailand in 1957 tourism or infrastructure.To my knowledge things were 1980 ish.back packers in huts by the beach.It was hard to get there and expencive.But very little spending money was needed.

[Stargeezr]

Unless there is a death with my Thai family, I will not return to that high baht

country for at least 3 years, and only for a month. Tired of so many things in

Thailand, especially the inflated baht.

Geezer

Edited April 17, 2020 by Stargrazer9889
error

[Isaan sailor]

44 minutes ago, sahibji said:

is the baht being supported by some forces?

Currency traders—that’s mega banks, financial houses and even small individual traders.  When the signals change from risk off (buy safe havens) to risk on (sell safe havens, buy emerging markets), your mighty Baht rises.  And incredibly, they consider Thailand a stable economy (low inflation, decent interest rates, no political turmoil, and very high USD in reserve).

Edited April 17, 2020 by Isaan sailor

[garzhe]

"people could choose to either spend or save their Bt5,000 monthly aid payments"

 

Yeah sure, they could give up eating

[Millcx]

4 hours ago, AussieBob18 said:

Two countries in the world have by far the largest number of people with communicable diseases - not just in volume but also in percentages - China and India.  Not just corona/fly viral diseases - TB as well.  And who has Thailand encouraged to come and 'spread' - the exact wrong ones - who dont spend money anything like the westerners - no matter what TAT says. Paying money to Chinese and/or Thai-Chinese companies, is not spending money that the vast majority of Thai people get.  You are right - they are missing out big time by pushing the 'farangs' away - both the tourists and the long-stays - but will they realise it and then admit that? Of course not - not this mob is control.

They made their bed .. Tourism has been slashed by the hateful

[sweatalot]

Changing to a kind and welcomeing attitude to people from the west same as from China might do the trick. If they again open to China only Thailand will belong to Chinese soon.

[rocketdave]

Back then the Baht was much higher than 65 to the Pound.

[rocketdave]

Millcx, sadly too true.

[Boomer6969]

5 hours ago, webfact said:

For example, people could choose to either spend or save their Bt5,000 monthly aid payments

That's hilarious, most people just don't have such choice, when they have to pay the Vet fees for the sick Kwai.

[lockman07]

They are getting what they deserve & it will get worse...glad I left & thousands of farangs have already left the racist country of Thailand never to return.  But hey, they've got the Chinese & Indians right?   Oh well, that didn't work out so well did it.  You reap what you sow...

[Snow Leopard]

1.68 TrillionB to bail out the economy but i would guess mainly it would be the rich people who are the owners of the companies in the Thai SET that get bailed out. Thats roughly about 255,00OB for every man, woman and child in Thailand. Talking about wealth transfer. The Thai people will be slaves forever. 

 

https://www.bangkokpost.com/thailand/general/1892720/b1-68tn-to-blunt-covid-19

[Ventenio]

Why go on "vacation" if the country is in trouble and everyone needs your money more than ever??  you want to have a good time, not be pulled down.  plus this means:  

 

1.  if the baht is high, china will take over much faster

2.  high baht, all dirty farangs are a commodity

3.  high baht, housing prices unstable

4.  high baht, more civil unrest

5.  high baht, many more dirty farangs coming

6.  high baht, 1 billion Chinese and Indians will go to Thailand

 

 

[GlassWayOverHalfFull]

3 minutes ago, lockman07 said:

They are getting what they deserve & it will get worse...glad I left & thousands of farangs have already left the racist country of Thailand never to return.  But hey, they've got the Chinese & Indians right?   Oh well, that didn't work out so well did it.  You reap what you sow...

You've left but you're still quoting on Thai Visa? 

 

Where have you gone to? You don't seem very happy

[Brunolem]

1 hour ago, sahibji said:

is the baht being supported by some forces?

Yes it is...by the force of interest rates, which are higher in Thailand than in the West...

[GlassWayOverHalfFull]

3 minutes ago, Ventenio said:

Why go on "vacation" if the country is in trouble and everyone needs your money more than ever??  you want to have a good time, not be pulled down.  plus this means:  

 

1.  if the baht is high, china will take over much faster

2.  high baht, all dirty farangs are a commodity

3.  high baht, housing prices unstable

4.  high baht, more civil unrest

5.  high baht, many more dirty farangs coming

6.  high baht, 1 billion Chinese and Indians will go to Thailand

 

 

I don't know what you mean by a high baht? Is that a strong or weak currency? 

[SmartyMarty]

Quick, get the tourists back. No virus here.

[ivor bigun]

4 minutes ago, GlassWayOverHalfFull said:

You've left but you're still quoting on Thai Visa? 

 

Where have you gone to? You don't seem very happy

They usually had to leave ,because either no money ,or nothing left here for them like family or friends ,but there are far more of us who just get on with our lives here as we have homes ,family friends and a life .,

[moe666]

2 hours ago, Khun Rob said:

The rest of the world comparing it to the 1920's. Maybe hes mixing calendars.

People need a reference point for america it is the 1920s  and 30s thanks to the Big Depression. Thailand uses 1957 as bad. YThe good old days where the 1890s when thing were roaring then it became the 1950s, People need a reference point For Thais 1997 not far enough back.

[metisdead]

An inflammatory post has been removed.  Please post in a civil manner.

 

[mistral53]

8 minutes ago, Snow Leopard said:

1.68 TrillionB to bail out the economy but i would guess mainly it would be the rich people who are the owners of the companies in the Thai SET that get bailed out. Thats roughly about 255,00OB for every man, woman and child in Thailand. Talking about wealth transfer. The Thai people will be slaves forever. 

 

https://www.bangkokpost.com/thailand/general/1892720/b1-68tn-to-blunt-covid-19

1.) I think you need some work on your math.........  ????

2.) How exactly is this a different wealth transfer compared to what is done in the US or Europe?

 

[david555]

42 minutes ago, Isaan sailor said:

Currency traders—that’s mega banks, financial houses and even small individual traders.  When the signals change from risk off (buy safe havens) to risk on (sell safe havens, buy emerging markets), your mighty Baht rises.  And incredibly, they consider Thailand a stable economy (low inflation, decent interest rates, no political turmoil, and very high USD in reserve).

This was1 week ago on Bloomberg TV  as a small side news ticker thing , no mentioning then in Thai news....., explains it all , as the Thai money machine (tourism) stops , the coffers bottom comes quick in sight ….:

 

Thailand said it will explore domestic and foreign funding options for planned borrowing of 1 trillion baht ($30.6 billion) to finance a major economic stimulus program.

 

https://www.bloomberg.com/news/articles/2020-04-10/thailand-mulls-local-foreign-borrowing-for-30-6-billion-debt

 

 

Edited April 17, 2020 by david555

[shackleton]

As much as I would like to the baht about 55-60 to the pound

Cant see it happening

All countries economies around the World are suffering because of the Coronavirus this borrowed money has to be paid back

Plus the UK has Brexit to look forward to interesting times ahead

 

[ozz1]

Oh no why didn't the tat fortune teller predict this ! time to change fortune tellers

[Mike Teavee]

33 minutes ago, GlassWayOverHalfFull said:

I don't know what you mean by a high baht? Is that a strong or weak currency? 

I'm guessing he actually meant a Low baht... i.e. you get more Baht for your Pound£, Dollar$ etc... 

 

 

[Bangkok Barry]

2 hours ago, Brickbat said:

And btw, if you ever go to 4-5 star hotels, the majority are Asian customers. Farangs are in guest houses.

its Time for us to wake up to the hard n fast truth. 

Reminds me of when four of us, three friends and i, had gone to Sweden and were driving back via Denmark. We stopped off at a hotel and the manager said, "Ah English. You want a cheap room?" We did, but ...... ???? And that was in the late 60s. So, nothing new.

[ChipButty]

[Neeranam]

3 hours ago, miamiman123 said:

Yes let’s now turn back to those dirty farangs from India UK and Amerika to help us out

Indians are "kaek". Now "farang" have an idea of what discrimination they suffer here. 

As a "farang", I don't feel discriminated against. 

[sitti]

5 hours ago, ChipButty said:

Put the Baht back to 65 to the £ and we will all be over the moon

You can always dream for anything but seriously doubt baht will go anywhere near 65. UK hasn't been doing well with their economy at all for years. Nobody saw current situation back then, but they sure did the brexit at really the worst time possible. It will be very interesting to see how brexit will turn out when world economies are in toilet.