Govt must inject another Bt1tn to revive economy, says top banker

webfact · August 18, 2020

Govt must inject another Bt1tn to revive economy, says top banker

By The Nation

Banyong Pongpanich, Kiatnakin Phatra Bank's executive committee chairman.

One of Thailand’s top bankers has urged the government to inject another Bt1 trillion to revive the subdued economy as the existing Bt1.9-trillion stimulus package is not enough to combat the severe Covid-19 fallout.

Banyong Pongpanich, Kiatnakin Phatra Bank's executive committee chairman, made the remark on Monday at a seminar on the pandemic’s impact hosted by the House committee on fiscal and monetary issues, financial institutes and Thammasat University's Economics Faculty.

However, the government must a have clear revenue-making plan before it injects more stimulus money, he cautioned.

The government should also raise corporate income tax to 25 per cent from the present 20 per cent to boost state revenue, Banyong urged.

Moreover, it should raise assets tax, which would not hurt the poor as they have little or no assets.

It should also privatise state enterprises, he added.

Juthathip Jongwanich, an associate professor at Thammasat University's Economics Faculty, said the government should raise taxes and use digital technology to tax a greater number of people.

Moreover, the government should rely less heavily on the export and tourism sectors and balance them with domestic the economy by seeking ways to reduce household debt and boost purchasing power.

Source: https://www.nationthailand.com/business/30393096

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86Tiger · August 18, 2020

......the government should raise taxes and use digital technology to tax a greater number of people......

Always the .gov answer, squeeze that lemon.

Phuketshrew · August 18, 2020

Gonna need a bigger trough guys ....

kotsak · August 18, 2020

trucking · August 18, 2020

14 hours ago, kotsak said:

Mr Meeseeks · August 18, 2020

1 hour ago, webfact said:

Moreover, it should raise assets tax, which would not hurt the poor as they have little or no assets.

Get your money safe, before they come to steal more of it from you.

Swimfan · August 18, 2020

would barely scrape the surface of the problems

sammieuk1 · August 18, 2020

However, the government must a have clear revenue-making plan before it injects more stimulus money, he cautioned.

ASQ and some more ASQ with even more forms ASQ that's the plan ????

RichardColeman · August 18, 2020

Seems a bit like injecting a dead patient with adrennalin in the hope that in 24 hours he might get better

Bender Rodriguez · August 18, 2020

just print MONEY that is not backed by gold and let the next GENERATIONS pay it back, right...

and people thought Yingluck & croonies where thieves, they only stole 500 billion.... right

if only they did some calculation, how much a dead peasant was worth, or 5, or 500 or 5000

more people die on the roads each day than the number for whom they killed the economy

Edited August 18, 2020 by Bender Rodriguez

hotchilli · August 18, 2020

4 hours ago, webfact said:

One of Thailand’s top bankers has urged the government to inject another Bt1 trillion to revive the subdued economy as the existing Bt1.9-trillion stimulus package is not enough to combat the severe Covid-19 fallout.

This has nothing to do with the Covid fallout, this is all about a dying economy that was sliding long before that came along as a good excuse for failings.

Thailand is still going deep into a recession but will never admit it, how can a country that only last year boasted of being the top Asian economy to one of the worst in only 5 months, considering it also reports of having the least damage as far as Covid infections or deaths go???

Covid may have been the nail in the coffin for an already ailing tourism industry but as far as trade & general economy Prayut & Co had already screwed that up.

Edited August 18, 2020 by hotchilli

Alex 012 · August 18, 2020

The advanced stages of an economy in its death throes.

Karma

metisdead · August 18, 2020

A post using a disallowed reference to the current government has been removed.

Isaan sailor · August 18, 2020

BoT sits on one of the world’s largest reserves of USD. Why not release it? Instead they let the Baht/USD rise every day.

Set an assets tax, and say goodbye to expats.

Brunolem · August 18, 2020

5 hours ago, webfact said:

One of Thailand’s top bankers has urged the government to inject another Bt1 trillion

And may I ask where exactly the first trillion has gone?

Has any of you seen any massive infrastructure works, any money handed to those in need, anything that would confirm that 1 trillion baht (more than 30 billion dollars) has been spent recently?

Or has this money been swallowed in a black hole...of corruption?

DrTuner · August 18, 2020

Fill 'er up.

Edited August 18, 2020 by DrTuner

steven100 · August 18, 2020

Another genius proposer ... I've not seen a month with so many proposers showing up. lol

try this , I propose i'll have another beer !! i've been on the p_ss all day

mark131v · August 18, 2020

10 minutes ago, steven100 said:

Another genius proposer ... I've not seen a month with so many proposers showing up. lol

try this , I propose i'll have another beer !! i've been on the p_ss all day

Blimey Steven that would explain a lot of your posts there I was just thinking you was delusional but clearly you have been on the pish for the last few years...

3NUMBAS · August 18, 2020

inject it where ?whats the target ?

steven100 · August 18, 2020

Just now, mark131v said:

Blimey Steven that would explain a lot of your posts there I was just thinking you was delusional but clearly you have been on the pish for the last few years...

no no mark, it's not that, it's more of a case of I, as many prefer a Thailand that has someone who can offer security and stability to the Thai people, they as I, are sick of political fighting amongst themselves, road blocks and protests which started getting out of hand and then there were shootings and general lawlessness so someone had to step in and get control back and get the government going again and that was Khun Prayut Chan O Cha. You see Mark, I understand Thai politics, having been here 20+ years and as my Tha friends also say, Thailand MUST have someone who is in charge or anarchy breaks out every time. And if you've noticed .. GDP and government spending has increased year on year since Khun Prayut took office. Numbers don't lie mark so you see why he is the choice of the people.

As for the school kids, well lets give them their say and move forward. As for COVID mark, the PM did an excellent job in stopping and minimizing it's transmission. thx.

steven100 · August 18, 2020

31 minutes ago, DrTuner said:

Fill 'er up.

are ya buffalo thirsty .....

FarFlungFalang · August 18, 2020

50 minutes ago, Brunolem said:

And may I ask where exactly the first trillion has gone?

It went into the bowls of people like this banker and now they are doing an Oliver Twist "please sir can I have more?"

mark131v · August 18, 2020

11 minutes ago, steven100 said:

no no mark, it's not that, it's more of a case of I, as many prefer a Thailand that has someone who can offer security and stability to the Thai people, they as I, are sick of political fighting amongst themselves

Yep managed that alright just outlaw the opposition then fall back on tried and tested intimidation, trumped up charges and stuff, works a treat..

11 minutes ago, steven100 said:

road blocks and protests which started getting out of hand and then there were shootings and general lawlessness so someone had to step in and get control back and get the government going again and that was Khun Prayut Chan O Cha

Yep that's right manufacture the protests and shoot a few protesters, again tried and tested

11 minutes ago, steven100 said:

You see Mark, I understand Thai politics, having been here 20+ years and as my Tha friends also say, Thailand MUST have someone who is in charge or anarchy breaks out every time.

Not noticed much love for the junta Steven need to get your eyes tested methinks. That the same anarchy that little Pinocchio and his friend Suthep engineered?

11 minutes ago, steven100 said:

And if you've noticed .. GDP and government spending has increased year on year since Khun Prayut took office.

Yep spending has gone through the roof, them submarines and private jets ain't free you know...

11 minutes ago, steven100 said:

Numbers don't lie mark so you see why he is the choice of the people.

Choice of the people??? he closed down the opposition on trumped up charges, used sect 44 and his rigged judiciary to prevent any opposition

11 minutes ago, steven100 said:

As for the school kids, well lets give them their say and move forward. As for COVID mark, the PM did an excellent job in stopping and minimizing it's transmission. thx.

Give them their say??? that must be what the little green men are doing at the schools and universities. That must be what the arrests are about

Covid is an absolute gift for the little piggy's in charge, it allows them to use stealth and fear to further their hold over the people. It also allows them to spread fear of the outside world and bring in martial law under the disguise of looking after the little people, they love covid!!

I have had a rethink mate there is not enough alcohol in the world to cause so much delusion....

steven100 · August 18, 2020

6 minutes ago, mark131v said:

Yep managed that alright just outlaw the opposition then fall back on tried and tested intimidation, trumped up charges and stuff, works a treat..

Yep that's right manufacture the protests and shoot a few protesters, again tried and tested

Not noticed much love for the junta Steven need to get your eyes tested methinks. That the same anarchy that little Pinocchio and his friend Suthep engineered?

Yep spending has gone through the roof, them submarines and private jets ain't free you know...

Choice of the people??? he closed down the opposition on trumped up charges, used sect 44 and his rigged judiciary to prevent any opposition

Give them their say??? that must be what the little green men are doing at the schools and universities. That must be what the arrests are about

Covid is an absolute gift for the little piggy's in charge, it allows them to use stealth and fear to further their hold over the people. It also allows them to spread fear of the outside world and bring in martial law under the disguise of looking after the little people, they love covid!!

I have had a rethink mate there is not enough alcohol in the world to cause so much delusion....

good comments, at least you can talk without blasting off and going off the deep end as some do. Very good conversation and I take your points as duly noted. cheers...

Edited August 18, 2020 by steven100

Peterphuket · August 18, 2020

Wow that's a lot of money.

I don't remember when I has this in my pocket.

But the big question, do's the goverment have?

FarFlungFalang · August 18, 2020

28 minutes ago, steven100 said:

good comments, at least you can talk without blasting off and going off the deep end as some do. Very good conversation and I take your points as duly noted. cheers...

Oh for f(&^&%%%$$#$%%$&$##$#%&&%%^&(*)_(*^%$#@@%&** what's the #@!!#$$%&^*&^$#$@!@ bloody()**&^^&&^^%$%$##&%%^%^^ wrong with going off the f^&%%$$%*&^*&)(*& deep end?

Edited August 18, 2020 by FarFlungFalang

Aussie Col · August 18, 2020

_{As every day passes Thailand sinks further into the the mire with the incompetent junta in charge}

Brunolem · August 18, 2020

2 hours ago, mark131v said:

Yep managed that alright just outlaw

Choice of the people??? he closed down the opposition on trumped up charges, used sect 44 and his rigged judiciary to prevent any opposition

Give them their say??? that must be what the little green men are doing at the schools and universities. That must be what the arrests are about

This is right, but what is the alternative?

Given the geopolitical situation in Thailand, the Thaksin reds are sure to win all the general elections, and then set up governments including highly respected characters such as Chalerm and sons, among others.

Then they embark in Duterte like policies, including the lawless killings of thousands under the pretense of a war on drugs (remember the early 00s?), or similar.

And by the way, Thaksin and his merrymen were not expats friendly...

There was (is?) a state of emergency, but then what?

Conditions, and freedoms, under this state of emergency were still far better than those imposed on the French, Italians or Spaniards, by their very democratic leaders...

mark131v · August 18, 2020

1 hour ago, Brunolem said:

This is right, but what is the alternative?

Given the geopolitical situation in Thailand, the Thaksin reds are sure to win all the general elections, and then set up governments including highly respected characters such as Chalerm and sons, among others.

Then they embark in Duterte like policies, including the lawless killings of thousands under the pretense of a war on drugs (remember the early 00s?), or similar.

And by the way, Thaksin and his merrymen were not expats friendly...

There was (is?) a state of emergency, but then what?

Conditions, and freedoms, under this state of emergency were still far better than those imposed on the French, Italians or Spaniards, by their very democratic leaders...

There is always an alternative but the main issue is the never ending cycle of coups and interference by the hi so's who control the Army, BiB, judiciary and all the other important institutions

The Thai's chose Toxin repeatedly their country their choice, the last joke of an election with it's predetermined winner insult's even the dimmest of observers

I have said it before and nothing has changed my opinion there needs to be a reboot and that will take blood, that's the only way there will be any meaningful change, wonder if they have the stomach for it

Once that's done the Army needs to be decimated and their leaders jailed or hung and then the Thai's need to make some hard decisions, whether that is Expat friendly or not is by the by...

asd · August 18, 2020

5 hours ago, Brunolem said:

And may I ask where exactly the first trillion has gone?

Has any of you seen any massive infrastructure works, any money handed to those in need, anything that would confirm that 1 trillion baht (more than 30 billion dollars) has been spent recently?

Or has this money been swallowed in a black hole...of corruption?

You know what ? We are in a golden age of infratructure in Thailand. Anyway, i would like to thank you Thaivisa for covering news in Thailand because i am a member of this webboard almost 15 years.