Thailand will work on strengthening local economy first: Somkid

By THE NATION

 

 

Deputy Prime Minister Somkid Jatusripitak has called on the Finance Ministry, the Bank for Agriculture and Cooperatives as well as the private sector to work with local communities to develop large projects and come up with necessary measures to strengthen the local economy.

 

These projects will be launched in June as part of the government’s plan to restore the Covid-19 battered economy and will be funded partly by the Bt1 trillion loan the Finance Ministry will be taking.

 

Somkid added that Thailand has to focus on strengthening the local economy first as it will take a while before the global economy recovers.

 

Since Thailand’s export and tourism sectors are not likely to get better soon, the government will also promote local investment and domestic consumption to boost the economy.

 

He said that though Thailand has effectively curbed the outbreak, the government has to carefully consider all scenarios before deciding to relax some restrictions.

 

Source: https://www.nationthailand.com/business/30386565

 

-- © Copyright The Nation Thailand 2020-04-23

 

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21 minutes ago, webfact said:

 

Since Thailand’s export and tourism sectors are not likely to get better soon

TAT's profound optimism and creative projectionism will sort that out Somkid .. Don't you worry about that pal ..

39 minutes ago, webfact said:

Since Thailand’s export and tourism sectors are not likely to get better soon, the government will also promote local investment and domestic consumption to boost the economy.

What a daft plan, asking all the skint Thais that have been forced out of working for months to boost the economy with money they dont have anymore

11 minutes ago, RichardColeman said:

What a daft plan, asking all the skint Thais that have been forced out of working for months to boost the economy with money they dont have anymore

I think the idea of promoting and investing in the local economy means getting these people back to work...and not in the tourism industry. Locally produced and manufactured goods that are required by everyone. 

Don't see this being a big suck Ces!  In a village where I live it's rice, corn and mangoes and everything is grown on a time line that is locked into the seasonal weather.  In towns and cities there maybe some opportunities to get new projects going but I suspect if it's not already being done their isn't sufficient interest to do something new....unless the government subsidies the krap out of it.

1 hour ago, RichardColeman said:

What a daft plan, asking all the skint Thais that have been forced out of working for months to boost the economy with money they dont have anymore

Ah but they will tell people that if they spend money now that they will get a tax break so everyone will buy with CC or loans

Back to work would be the optimum approach to get money in to the hands of the locals to start spending and getting the local economy rolling again.

 

Problem is of course many of them do not have jobs to go back to, the tourism industry in tatters for a long time to come as are other industries.

Massive job creation programs of some sort but the government will need to spend big, not rely on the 20 richest.

So he wants to strengthen the economy without letting people go to work?Excellent.Buffoon is the word I'm thinking of.

Is Somkid living in the real world?

He has been quiet recently, so he is thinking, i better say something, let people know i am still here.????

The economic zsar has spoken....since he's been sidelined in favour of the elite mega rich, I guess he has to seen to make a contribution....of course, it doesn't change anything and he's still a dill !

Keep the baht strong and get the masses to borrow more.
in the long run, if the world reduces its dependency on China , Thailand’s elite could gain even more. There are quite a few odd million here who work for peanuts. 

51 minutes ago, ChrisY1 said:

The economic zsar has spoken....since he's been sidelined in favour of the elite mega rich, I guess he has to seen to make a contribution....of course, it doesn't change anything and he's still a dill !

Nobody in this Govt is a dill. They are a well oiled machine who answer to the top brass who only get richer, even in crisis. The dills are us who have taken a hit in our standard of living ( strong baht) in the last 5 years and the masses who have no clue about simple economics . 

som kid would probably do a beta job!????

5 hours ago, webfact said:

the government will also promote local investment and domestic consumption to boost the economy.

Yeah, it took one of the worst events in history for the Thai government to look to its poor people to save the economy.  Just think if they had given more and taken less six years ago: not chasing away tourists, not giving more breaks to the rich who cannot export, opening the country to business.    

Now that China's devaluation has sunk the western currencies to six-week lows--they can concentrate on in-country tourism.  Why not?  No western tourists will see Thailand as a good deal.

Open up the open air markets immediately and let the locals make some sort of living ..masks compulsory 

5 hours ago, RichardColeman said:

What a daft plan, asking all the skint Thais that have been forced out of working for months to boost the economy with money they dont have anymore

They can take a loan

 

"Promoting domestic consumption" will be tough, many jobs have been wiped out and others cut back (no extra overtime income etc.). The high level of consumer debt - maxed out credit cards in particular - would make that challenging even without the coronavirus crisis.

2 hours ago, Almer said:

They can take a loan

 

Who would give a loan to a person who has no money, no job and little chance of repaying the loan?

9 minutes ago, billd766 said:

Who would give a loan to a person who has no money, no job and little chance of repaying the loan?

They just did that in the US

26 minutes ago, Susco said:

They just did that in the US

Is the US a part of Thailand, as the thread is about strengthening the local economy in Thailand.

13 minutes ago, billd766 said:

Is the US a part of Thailand, as the thread is about strengthening the local economy in Thailand.

I must have missed where you said who in THAILAND would give a loan to a person who has no money, no job and little chance of repaying the loan?

 

Silly me

Edited April 23, 20206 yr by Susco

59 minutes ago, billd766 said:

Who would give a loan to a person who has no money, no job and little chance of repaying the loan?

Anyone of the 12,000 or so generals that racketeer the country is my guess????

2 hours ago, billd766 said:

Who would give a loan to a person who has no money, no job and little chance of repaying the loan?

Any body with house papers they do it all the time.

4 hours ago, Susco said:

I must have missed where you said who in THAILAND would give a loan to a person who has no money, no job and little chance of repaying the loan?

 

Silly me

Yes, silly you.

 

Go to the top of the page and carefully read the thread title once again, bearing in mind that the thread is posted in Thailand News

 

Thailand will work on strengthening local economy first: Somkid
By webfact, 14 hours ago in Thailand News

 

Did you see any mention of the USA in the thread title?

2 hours ago, Almer said:

Any body with house papers they do it all the time.

They might have done before, but I think that they are a bit wiser now with upwards of 15 million people out of work.

2 minutes ago, billd766 said:

They might have done before, but I think that they are a bit wiser now with upwards of 15 million people out of work.

Its the horse and the gate i think, all in all a terrible situation which i liken to playing russian roulette, which stands a good chance if ending badly