Thai PM says economic crisis will not go away quickly amid pandemic

By Orathai Sriring and Panarat Thepgumpanat

 

Thailand's Prime Minister Prayuth Chan-ocha attends a family photo session with new cabinet ministers at the Government House in Bangkok, Thailand August 13, 2020. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand's prime minister said on Thursday the economic crisis will not disappear quickly amid the coronavirus pandemic as his new cabinet faces the tough task of reviving an economy expected to shrink by a record this year.

 

The entire world is suffering one of the worst economic challenges in modern times, and Thailand is caught up in that global storm because it is dependent heavily on exports and tourism, Prayuth Chan-ocha said in a televised address.

 

"We cannot escape the storm. We are a small boat in a big ocean, and our economy can only start returning to normality when the rest of the world starts returning to normality," he said after his new cabinet members were sworn in on Wednesday.

 

In a cabinet shake-up, veteran banking executive Predee Daochai was picked as finance minister and Supattanapong Punmeechaow was named energy minister and deputy prime minister in charge of the finance ministry and the state planning agency.

 

"The economy is as big a threat to our lives as is the health threat, and which is why I have appointed non-politician, outside experts to manage the essential financial portfolios," Prayuth said.

 

He said he had some guidelines for his ministers to follow, including providing short-term pain relief to the people and ensuring right programmed are rolled out.

 

Incentives must be provided to help people stay employed and businesses to be competitive and there must be a plan for youth employment, he said, adding all of these must be done with transparency and integrity.

 

Earlier on Thursday, Prayuth approved to set up an economic centre with two committees tasked with preparing economic measures and driving them.

 

The finance ministry has forecast the economy to contract by a record 8.5% this year, although the government has introduced stimulus measures, including a 1.9 trillion baht ($61.21 billion) package, in a bid to mitigate the outbreak impact.

 

($1 = 31.04 baht)

 

(Reporting by Orathai Sriring and Panarat Thepgumpanat; Editing by Nick Zieminski)

 

-- © Copyright Reuters 2020-08-14

 

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3 hours ago, webfact said:

Thailand's prime minister said on Thursday the economic crisis will not disappear quickly

man, that is one smart guy ! must be the very last one to catch on

3 hours ago, webfact said:

Thai PM says economic crisis will not go away quickly amid pandemic

He's right. And an excellent opportunity to blame it all on the virus and nothing on his policy.

Yes the virus has hit many people hard.

He has a perfect excuse now.... The virus, no mention of his mishandling of the country, just blame the virus, which came at just the right time for him.

It stopped the student demonstrations, gave him more powers to control the people.

4 hours ago, webfact said:

all of these must be done with transparency and integrity.

"There will not be a coup" and

"I will not become prime minister"

Elections will be held in xx months ad infinitum.

The economy is hugely reliant on foreign trade.  Catering to the 1% is great when things are normal, but when it comes to emergencies, that 1% greedy, inbred group bores fall short.  Thailand needs a middle class and the government needs to get out of their way.   Lower tariffs.  Educate your people.  Stop interfering with tourism.  Stop pandering to the 1% all the time.

Edited August 14, 20205 yr by yellowboat

17 minutes ago, colinneil said:

Yes the virus has hit many people hard.

He has a perfect excuse now.... The virus, no mention of his mishandling of the country, just blame the virus, which came at just the right time for him.

It stopped the student demonstrations, gave him more powers to control the people.

Only thing you left out was the buying of the Submarines, the APC's, and numerous other pork barrel schemes that did not help the country. 

It will recover a lot quicker when they open the country and stop believing it will just disappear or some B S vaccine.  Far larger things for Thailand to think about improving other than the CCP virus.

He's doing his best 

59 minutes ago, ChipButty said:

He's doing his best 

That's the problem. He's dangerously unqualified and wholly inept. 

Very smart.

I had no idea.

5 hours ago, webfact said:

Thai PM says economic crisis will not go away quickly amid pandemic

it is statements like these that should put all you na sayers to rest. after this you still have any doubt why this man gets paid the big bucks ? smh.

 

as i said the other day the captain has and will continue to steer thailand to become the vision his government always wanted. 

 

now let's have more foreigners tell thailand how to run their own ship.  

 

 

2 hours ago, sweatalot said:

He's right. And an excellent opportunity to blame it all on the virus and nothing on his policy.

Not every country can have a Donald Trump - fortunately... 

6 hours ago, webfact said:

Thai PM says economic crisis will not go away quickly amid pandemic

The economy was on the slide long before the pandemic [which never was in Thailand] including the tourism industry... they were all reporting a drop-off.

2 hours ago, YetAnother said:

man, that is one smart guy ! must be the very last one to catch on

You beat me to those words, was busy giving it to another TVF member on another post, hard ass.

Three wise men returned from the east yesterday and were immediately drafted into the new cabinet photo shoot....art/bart and fargo will sort the problems never fear...

"Thai PM says economic crisis will not go away quickly amid pandemic"

Captain Obvious, I assume?

The crisis certainly won't go away quickly if you continue to strangle the economy for a virus that has claimed less deaths than happen on Thailand's roads EVERY day.

1 hour ago, mr mr said:

it is statements like these that should put all you na sayers to rest. after this you still have any doubt why this man gets paid the big bucks ? smh.

 

as i said the other day the captain has and will continue to steer thailand to become the vision his government always wanted. 

 

now let's have more foreigners tell thailand how to run their own ship. 

 

Vietnam is vibrant at this time.  Guessing it will survive better than Thailand and will rebound faster once normalcy is achieved.   Malaysia will too as it has a middle class.   What has your captain since since taking power by force or the poor and tiny middle class of Thailand?  The current joblessness of the average Thai would show very little.  Countries that have a strong middle class will survive better and flourish once conditions are normal.  Your captain is claiming to be a little boat that is out of control.  Malaysia and Vietnam have not made those same noises.  

No it won't, because you want to use covid as an excuse to crack on the student dissidents, instead of creating a working test & tracing network and opening up.

4 hours ago, sweatalot said:

He's right. And an excellent opportunity to blame it all on the virus and nothing on his policy.

Well if you manage it like the swedes,  a few more deaths,  but a lot less poor's,  that could also be a solution and that only the government's can decide ...

We can all understand what destruction the Wuhan-19 virus has wrought on the tourist industry.  What doesn’t make sense—the ungodly high Baht which will devastate Thai exports.

If up to 30% of the Government Stimulus Package is disappearing into brown envelopes it makes it more difficult for the country to recover. Yet alone the ridiculous rules making it extremely difficult and expensive for a tourist to come to Thailand. 

Economic crisis for who? 

12 hours ago, webfact said:

The finance ministry has forecast the economy to contract by a record 8.5% this year

What complete and utter nonsense. No tourism - or 75% of it - accounting for say 15% of GDP, Exports sliding by over 10%-15% due to mad baht, At least 10% of all businesses gone out or going out. The UK just reported 20% ish drop in growth and we are far better able to get out of it than Thailand appears to be going. 

 

Now if he magically opened all the immigration and airport doors now and the baht sensible got to a better level, I may agree 8.5% drop in GDP, if not 20-25% minimum - though they will fake it lower

11 hours ago, JonnyF said:

The crisis certainly won't go away quickly if you continue to strangle the economy for a virus that has claimed less deaths than happen on Thailand's roads EVERY day.

 

12 hours ago, JonnyF said:

The crisis certainly won't go away quickly if you continue to strangle the economy for a virus that has claimed less deaths than happen on Thailand's roads EVERY day.

Agreed,  8500 dead last year?  23 dead per day on the roads, won't see covid numbers like that if they opened up, and there won't be millions and millions travelling either, money is tight nowadays....

7 hours ago, RichardColeman said:

What complete and utter nonsense. No tourism - or 75% of it - accounting for say 15% of GDP, Exports sliding by over 10%-15% due to mad baht, At least 10% of all businesses gone out or going out. The UK just reported 20% ish drop in growth and we are far better able to get out of it than Thailand appears to be going. 

 

Now if he magically opened all the immigration and airport doors now and the baht sensible got to a better level, I may agree 8.5% drop in GDP, if not 20-25% minimum - though they will fake it lower

I was about to make a likewise comment, but you have said it all here.

 

But actually, look at it globally and you will see an even bigger joke.

 

Nearly all countries are quoting this (under) 10% figure for falls or losses in all sectors..

err at a time when 50% of businesses are closing? lol really?

 

Not many politicians daring talk about anything over the BS magical 10% 

 

Its an absolute joke anywhere, we all know and are used to politicians lying,

but really?

If any countries people believe these losses are going to be that low, they really are mushrooms.

Ya dont say?

The finance ministry has forecast the economy to contract by a record 8.5% this year.

 

Figures must have been supplied by the TAT arrivals man ????

21 hours ago, colinneil said:

Yes the virus has hit many people hard.

He has a perfect excuse now.... The virus, no mention of his mishandling of the country, just blame the virus, which came at just the right time for him.

It stopped the student demonstrations, gave him more powers to control the people.

Authoritarian Prayut.......