Thai economy seen back to 'normal levels' within two years - deputy PM

By Satawasin Staporncharnchai

 

FILE PHOTO: A girl walks past a Skytrain (Bangkok Mass Transit System) construction site in Bangkok, Thailand May 13, 2018. REUTERS/Soe Zeya Tun

 

BANGKOK (Reuters) - Thailand's economy is expected to return to normal levels within two years as the government tries to mitigate the global impact of the coronavirus pandemic, a deputy prime minister said on Friday.

 

Southeast Asia's second-largest economy is set to contract by a record 8.5% this year as the outbreak ravaged the key tourism industry and slowed consumption, the finance ministry predicts.

 

The government has used nearly 800 billion baht ($25 billion) in supporting the economy, Supattanapong Punmeechaow told a business seminar.

 

"I think the economy should get back to normal levels within two years," he said. "But if we can manage it very well, we may see that late next year".

 

The government will continue to introduce stimulus measures and plans subsidies under a "co-pay" scheme, rather than handouts, to help spur consumption, he said, without giving further details.

 

In a bid to cope with the impact of the outbreak, the government has introduced a 1.9 trillion baht response package, including a 1 trillion baht borrowing plan.

 

The borrowing will lift the public debt to GDP ratio to 57% from about 47% in July, still within a 60% cap, Danucha Pichayanan, a deputy head of the state planning agency, the National Economic and Social Development Council, told the seminar.

 

"The higher debt burden will reduce policy space... but the current debt level can still be managed and there is room for driving the economy," he said.

 

Thailand has had a deficit budget for the past 10 years and must try to have a balanced budget at least over the next five-six years, Danucha said.

 

(Reporting by Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Ed Davies)

 

-- © Copyright Reuters 2020-09-25

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

4 minutes ago, webfact said:

Thailand's economy is expected to return to normal levels within two years 

To see tourism at "normal" levels, I'm afraid you have to travel back in time. 

Just prior to the interview 

9 minutes ago, webfact said:

Supattanapong Punmeechaow told a business seminar

My Magic 8 Ball has never been wrong before.

Only if the Government changes. Even if COVID defeated, the current climate of Government corruption, Police, economy in shatters, etc., will hold Thailand down until there is a major change.

Another nonsense prediction based on thin air and the number plate of the mangled pickup the DPM saw on his way to work yesterday. In any case, he apparently morphs into the finance minister later in the article, despite Thailand not even having one currently.

Edited September 25, 20205 yr by Pottinger

According to the crystal ball;  YES. According to the law of probality; DIFFICULT.  According to the logic; IMPOSSIBLE...  Seeing how the Covid crisis worldwide is destroying economies.

More hubris and arrogance, from men who know very little, but pretend to have the answers. How do you predict to recovery from an event that has never happened in history? The deliberate economic shutdown of nearly an entire economy.

 

Millions will remain out of work, possibly for years to come. And they are assuming when they finally do open up, the tourists will come flooding in. The old TCU (Thailand is the center of the universe) mentality. Not so. The longer they wait, the harder it will be to get them back. 20 million at most, during our lifetimes. If they are fortunate. That means thousands of hotels will go under. It will have a minor effect on some very wealthy people. But, who will carry the burden of most of this? The common man.

Foreigners who overstay their permission to remain in Thailand face fines and even possible jail. The authorities should be begging the tourists to stay. Free, unlimited visas, 10,000 baht hotel vouchers, and free meals. An immigration officer will come to your hotel to renew your visa, to show our appreciation, of your continued support. Half price air tickets for domestic travel. Princely treatment. Thank you so much for helping to rescue our economy and our people. Instead, what do they get? Threats of jail time. Beyond Inane. Are these nitwits even capable of learning and evolving? It would appear not. A truly regressive administration.
 
The Thai army. Moving Thailand backwards, and inflicting untold pain on it's people. 
 

4 minutes ago, spidermike007 said:

More hubris and arrogance, from men who know very little, but pretend to have the answers. How do you predict to recovery from an event that has never happened in history? The deliberate economic shutdown of nearly an entire economy.

 

Millions will remain out of work, possibly for years to come. And they are assuming when they finally do open up, the tourists will come flooding in. The old TCU (Thailand is the center of the universe) mentality. Not so. The longer they wait, the harder it will be to get them back. 20 million at most, during our lifetimes. If they are fortunate. That means thousands of hotels will go under. It will have a minor effect on some very wealthy people. But, who will carry the burden of most of this? The common man.

Foreigners who overstay their permission to remain in Thailand face fines and even possible jail. The authorities should be begging the tourists to stay. Free, unlimited visas, 10,000 baht hotel vouchers, and free meals. An immigration officer will come to your hotel to renew your visa, to show our appreciation, of your continued support. Half price air tickets for domestic travel. Princely treatment. Thank you so much for helping to rescue our economy and our people. Instead, what do they get? Threats of jail time. Beyond Inane. Are these nitwits even capable of learning and evolving? It would appear not. A truly regressive administration.
 
The Thai army. Moving Thailand backwards, and inflicting untold pain on it's people. 
 

I salute you ????????????

5 minutes ago, khunkarl said:

I salute you ????????????

I hope that salute is for A "Champion among men" ! ????

Every government in the world now pushes these false timelines, all unified in their desire to keep the global economy ticking over for just a little longer.

In the West, citizens were initially told that the lockdowns would last a month, just enough time to allow them to "flatten the curve" and stop the hospitals becoming overwhelmed. Months passed, the hospitals remained fine, the citizens remained stuck in their homes.

The governments simply kept finding excuses to extend the lockdown even though anyone who understands anything about epidemics knew the original month was never realistic.

Now this Supattanapong fellow, with a straight face, is telling Thais to just hang on in there, everything will be fully-recovered in just two years time. He and the rest of the junta boys surely know that the economy is going to be a smoking pile of wreckage for the rest of this decade, and I'm sure their own investments are being shifted accordingly.

 

Edited September 25, 20205 yr by donnacha

These people make Joe Biden look intelligent and coherent!

1 hour ago, webfact said:

Thai economy seen back to 'normal levels' within two years - deputy PM

is this quote from the new finance guy,  would like to know which crystal ball they use, for their predictions, I will by a couple of them 555

Until then people you will have to go grazing for your dinner as we mitigate what's left of the money into our stash ????

Is there a competition going on at the moment to see which Government Minister or organisation can make the most ridiculous press statement? Not sure who gets my vote.

 

In today's news we have this story, the massage parlour quarantine facility, the tourism ministers self-proclaimed reduction in quarantine times and the TCT predicting 60 million tourists by 2023.

 

BUt it's not just in Thailand. A quote from Die Welt today sums up what's going on back in the UK: "British government appears to be stumbling through a forest of lunacy."

Edited September 25, 20205 yr by madmitch

2 hours ago, webfact said:

The finance minister predicts

(Reporting by Satawasin Staporncharnchai; Writing by Orathai Sriring; Editing by Ed Davies)

 

they all think Thailand has a Finance Minister

2 hours ago, webfact said:

BANGKOK (Reuters) - Thailand's economy is expected to return to normal levels within two years as the government tries to mitigate the global impact of the coronavirus pandemic, a deputy prime minister said on Friday.

 

With UK going on a 6 months lockdown ..ish, and talking vaccine summer....ish, I think talking Thailand 2 years to be back at normal levels is just ridiculous. 

 

Thailand may be able to pay its own populace to go on newly issued holiday and long weekends, but the farang is a little wiser I suspect and will be trying to get their monetary issues in order first before flying off to Thailand for an expensive holiday. I would estimate 5 years minimum at least after vaccine to get back to normal

7 minutes ago, RichardColeman said:

With UK going on a 6 months lockdown ..ish, and talking vaccine summer....ish, I think talking Thailand 2 years to be back at normal levels is just ridiculous. 

 

Thailand may be able to pay its own populace to go on newly issued holiday and long weekends, but the farang is a little wiser I suspect and will be trying to get their monetary issues in order first before flying off to Thailand for an expensive holiday. I would estimate 5 years minimum at least after vaccine to get back to normal

Agree 100%

2 hours ago, Canuck1966 said:

These people make Joe Biden look intelligent and coherent!

Whereas no-one and nothing could ever make his buffoon competitor intelligent or coherent.

In two years, perhaps tourism recovers.  In two years, Thailand won't have much manufacturing for export left.  They need currency help now--not down the road.

4 hours ago, webfact said:

Thai economy seen back to 'normal levels' within two years - deputy PM

Does he mean pre-Covid levels... that's disturbing.

4 hours ago, webfact said:

Thai economy seen back to 'normal levels' within two years - deputy PM

I'm just imagining Prawit telling Supattanapong to go out and make this statement. Supattanapong angrily telling him that he'll do it this one time but he's gotta get a new finance minster. 

 

No wonder no one wants the job. 

Edited September 25, 20205 yr by rkidlad

4 hours ago, webfact said:

The government has used nearly 800 billion baht ($25 billion) in supporting the economy, Supattanapong Punmeechaow told a business seminar.

 

"I think the economy should get back to normal levels within two years," he said. "But if we can manage it very well, we may see that late next year".

 

The government will continue to introduce stimulus measures and plans subsidies under a "co-pay" scheme, rather than handouts, to help spur consumption, he said, without giving further details.

OK

now please put this nice guy with 0 income from today and during the next 2 years 

and let's see how he can manage it very well with no any handouts

like most of the Thai people are trying to survive actually

Edited September 25, 20205 yr by kingofthemountain

4 hours ago, webfact said:

Thailand's economy is expected to return to normal levels within two years as the government tries to mitigate the global impact of the coronavirus pandemic, a deputy prime minister said on Friday.

2 minutes ago, AhFarangJa said:

lol

these 2 old chaps from the muppet show

they were my favorites in the good old time

Just now, kingofthemountain said:

lol

these 2 old chaps from the muppet show

they were my favorites in the good old time

Yep, but now a friend said to me the other day when I was sitting at a bar watching the world go by that I reminded him of them............

Please never forget my favourite.............

Dream on.

5 hours ago, RotBenz8888 said:

Thailand's economy is expected to return to normal levels within two years 

I think they missed a zero off more like 20 years .

5 hours ago, spidermike007 said:

More hubris and arrogance, from men who know very little, but pretend to have the answers. How do you predict to recovery from an event that has never happened in history? The deliberate economic shutdown of nearly an entire economy.

 

Millions will remain out of work, possibly for years to come. And they are assuming when they finally do open up, the tourists will come flooding in. The old TCU (Thailand is the center of the universe) mentality. Not so. The longer they wait, the harder it will be to get them back. 20 million at most, during our lifetimes. If they are fortunate. That means thousands of hotels will go under. It will have a minor effect on some very wealthy people. But, who will carry the burden of most of this? The common man.

Foreigners who overstay their permission to remain in Thailand face fines and even possible jail. The authorities should be begging the tourists to stay. Free, unlimited visas, 10,000 baht hotel vouchers, and free meals. An immigration officer will come to your hotel to renew your visa, to show our appreciation, of your continued support. Half price air tickets for domestic travel. Princely treatment. Thank you so much for helping to rescue our economy and our people. Instead, what do they get? Threats of jail time. Beyond Inane. Are these nitwits even capable of learning and evolving? It would appear not. A truly regressive administration.
 
The Thai army. Moving Thailand backwards, and inflicting untold pain on it's people. 
 

This might be construed as normal. 

As in: same as it ever was.

 

Unless.....there is some sort of event that disrupt the tradition. 

Nah...

I have noticed the Hotels have adjusted there price high season, is this for the influx of foreign tourists that will be happening.

 

5 hours ago, spidermike007 said:

Foreigners who overstay their permission to remain in Thailand face fines and even possible jail. The authorities should be begging the tourists to stay. Free, unlimited visas, 10,000 baht hotel vouchers, and free meals. An immigration officer will come to your hotel to renew your visa, to show our appreciation, of your continued support. Half price air tickets for domestic travel. Princely treatment. Thank you so much for helping to rescue our economy and our people. Instead, what do they get? Threats of jail time. Beyond Inane. Are these nitwits even capable of learning and evolving? It would appear not. A truly regressive administration.

Their xenophobia literally blinds their ability to make sound economic decisions.  The tourists are here, long stay expats are here, they don't need to be screened for Covid, and long as they are here they contribute to the economy.  All Thailand can see is get the dirty foreigners out of the country and replace them with a handful of "well-heeled", wealthy tourists.  Talk about living in a constant state of denial as well as cognitive dissonance.  I think it was said that approximately 150,000 tourists remained in the country according to one of the last articles I read about immigration plan to 'deal with' overstays.  So, there are 150K chances to promote good-will in a troubled time among their 'guests.'  But instead they are going to go full medieval and in the process alienate a lot of otherwise good people who simply got stuck in an unfortunate situation. And as anyone who has ever worked within customer service knows, when you leave a customer with a bad impression, they in turn tell scores of 'potential' customers about their experience.  If Thailand handles this like a claw-hammer looking for nails to either pound or pull, then they'll probably succeed in decimating future tourism when those with bad experiences return home.