Energy Minister expects full economic recovery in 2 years

Tanakorn Sangiam

 

 

BANGKOK(NNT)-Thailand’s Deputy Prime Minister for economic affairs and Minister of Energy has revealed an outlook for Thailand’s economy to fully recover from the COVID-19 crisis in 2 years, with the debt-to-GDP ratio maintained below 60 percent.

 

The Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow gave a lecture on options and the survival of Thailand, in which he has forecast that the Thai economy will recover from the COVID-19 crisis in two years, or at the earliest by the end of 2021, thanks to the government’s measures.

 

He said the government has issued assistance measures for 33 million people, using about 800 billion baht, while at the same time promoted access to soft loans for the general public and businesses to maintain their fluidity, along with debt restructuring campaigns.

 

Mr. Supattanapong said some 13 million people and businesses have already applied for these measures, for a total debt amount of 7 trillion baht. He said the government will be issuing new economic stimuli before the end of this year, to increase employment and boost the economies of individual sectors.

 

The National Economic and Social Development Council (NESDC) Deputy Secretary General Danucha Pichayanan said the country’s current public debt to GDP ratio is now 47 percent. This ratio will be raised to 57 percent with the 1 trillion baht loan campaign, which is still below the 60 percent ceiling.

 

He said the public debt ratio is of no serious concern, adding into consideration that majority of this loan will be for investments and economic stimulation. However, the government must, in the long run, review the budgeting balance to ensure the country’s stability.

 

-- © Copyright NNT 2020-09-27

 

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

- Follow Thaivisa on LINE for breaking COVID-19 updates

10 minutes ago, rooster59 said:

He said the government has issued assistance measures for 33 million people, using about 800 billion baht,

That equates to 24,242 baht for each of those 33m people over a six-month period. Not enough to save the economy, but at least it’s something. 

16 minutes ago, rooster59 said:

Thailand’s Deputy Prime Minister for economic affairs

I am pretty sure I am missing something here. How can somebody be a deputy prime minister for economic affairs. As I see it you are either a minister for something, or a prime minister for everything.

13 minutes ago, rooster59 said:

Mr. Supattanapong said some 13 million people and businesses have already applied for these measures, for a total debt amount of 7 trillion baht. He said the government will be issuing new economic stimuli before the end of this year, to increase employment and boost the economies of individual sectors.

All the economic support approved by Khun Prayut Chan O Cha no doubt. As I mentioned previously, it is jobs jobs and more jobs needed to get the Thai economy back on track. If folks have an income then the economy clicks over because they spend on food and household items.

Good work from the Thai government and specifically Khun Prayut Chan O Cha.

2 hours ago, rooster59 said:

The Deputy Prime Minister and Minister of Energy...forecast that the Thai economy will recover from the COVID-19 crisis in two years, or at the earliest by the end of 2021, thanks to the government’s measures.

Once a vaccine is widely available this is certainly possible...maybe 3 years is more likely. 

One thing for sure, economies like this will recover much quicker than the money printing ones of Europe.

4 hours ago, Matzzon said:

I am pretty sure I am missing something here. How can somebody be a deputy prime minister for economic affairs. As I see it you are either a minister for something, or a prime minister for everything.

TIT

An announcement a day won't magically bring the economic crisis back to normal. The Governor of Phuket has said that 70% of local businesses in Phuket have closed down and without tourism returning to normal 2019 levels another 10% of businesses will close down. It will take more than 2 years for confidence to return to Thailand. Tourism Businesses were suffering in 2019 anyway as the Chinese tourists get huge hotel room discounts and most pay for their stay in advance in China on so called zero dollar tours. The local small businesses don't ever see any of their money. It's the same in places like Pattaya but Pattaya is not quite as badly affected as Phuket. 

For the economy to fully recover within 2 years, tourism would need to be back to its 2019 level.

 

Possible, but highly unlikely.

 

Then there is the issue of exports, which depend on the economic situation of other countries that may not recover as quickly as Thailand.

 

Thailand and East Asia in general are certainly in better economic shape than the degenerate West, but they still depend a lot on the latter for their exports.

Well this DPM is just another living in LA-LA land.

Economic recovery will take a hell of a lot longer than 2 years.

7 hours ago, steven100 said:

All the economic support approved by Khun Prayut Chan O Cha no doubt. As I mentioned previously, it is jobs jobs and more jobs needed to get the Thai economy back on track. If folks have an income then the economy clicks over because they spend on food and household items.

Good work from the Thai government and specifically Khun Prayut Chan O Cha.

Comedian !

4 hours ago, sungod said:

One thing for sure, economies like this will recover much quicker than the money printing ones of Europe.

Sorry to burst your bubble but Thailand started its crash in 2016 and was becoming harder and harder to cover up then Covid his so the blame shifted. The only cure for Thailand is the vaccine that kills off the treasonous criminals who stole the country by the end of a gun. Oh and watch the USA, UK, Europe soar now their economies have been reset by the convenient Covid hoax pandemic.

Edited September 27, 20205 yr by Scot123

8 hours ago, rooster59 said:

The Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow gave a lecture on options and the survival of Thailand, in which he has forecast that the Thai economy will recover from the COVID-19 crisis in two years, or at the earliest by the end of 2021, thanks to the government’s measures.

That's to recover from Covid... what about recovering to normality, the economy was sliding long before Covid came along for a good excuse.

8 hours ago, rooster59 said:

Energy Minister expects full economic recovery in 2 years

I want whatever he's having. 

800 billion to help 33 million people . But how many will actually see this or benefit from it as I’m sure a lot will go unclaimed or lost in the system.

As for two years full recovery, absolutely deluded !!

Country run by rich elite morons. Two years! Once again Thailand will be the best;) Globally deficits are likely 10 yrs +.

12 hours ago, Wiggy said:

That equates to 24,242 baht for each of those 33m people over a six-month period. Not enough to save the economy, but at least it’s something. 

Almost half the population of Thailand got this or will get this. Do you actually believe this? If you actually believe anything that comes out of their mouths you would be in the minority.

13 hours ago, Matzzon said:

I am pretty sure I am missing something here. How can somebody be a deputy prime minister for economic affairs. As I see it you are either a minister for something, or a prime minister for everything.

I think it is just a matter of rank amongst the various ministers: rather as in the UK where the more senior ministers are actually entitled "Secretary of State" -so you would have the "Secretary of State for Defence", but the "Minister for Defence Procurement".

I “expect” to die in bed flanked by twin 18 year old beautiful girls, but about as much chance of that as the Minister’s prophecy coming true (my wife says)!

13 hours ago, Wiggy said:

That equates to 24,242 baht for each of those 33m people over a six-month period. Not enough to save the economy, but at least it’s something. 

 

Except that it's 500 baht a head for 32.9M of them and a huge buttload for a tiny minority that didn't really need any more money.

 

Poppycock!  Are they so stupid to realise a lot of export products depend on people in other  countries having disposable income which is a bit scarce these days.  I used to think their stupidity was humourous...now I find it somewhat annoying!

Edited September 27, 20205 yr by Grumpy John
Smelling

C'mon, what else can he say?

 

He is a minister of a totalitarian junta government that stole the country from the people, came to power by a coup, and later has been staying in power by a rigged election. He and the other ministers need to lie to the populace to give themselves legitimacy. He needs to ensure that at least the few remaining people gullible enough the impression that they have the situation somehow under control, what they absolutely do not have.

 

He personally will have to endure this game only a few weeks more. Then, a new government of "national unity" will be appointed, consisting of other dinosours, chosen by and from the elite and army. They will promise that everything will become better soon, will promise many other things as well, and will keep none of their promises. The raping of the country will continue, and nothing fundamental will change.

 

Who will remember in two years what this guy said today? Nobody. He will enyoy his life in wealth then, with all the money he is accumulating right now. He hardly is wasting any thoughts today on how the country will look like in two years. Everything he says today is just meaningless babbling.

 

Edited September 27, 20205 yr by Flying Saucage

5 to 10 yers at the earliest, but keep ondreaming,and maybe transfer to TAT as they

work in the fairy tale department with their figures as well.

Geezer

 

11 hours ago, dinsdale said:

Almost half the population of Thailand got this or will get this. Do you actually believe this? If you actually believe anything that comes out of their mouths you would be in the minority.

No, I don’t personally believe it, but I was just using the figures quoted. My mistake for trying to be positive on TV. 

17 hours ago, Scot123 said:

Sorry to burst your bubble but Thailand started its crash in 2016 and was becoming harder and harder to cover up then Covid his so the blame shifted. The only cure for Thailand is the vaccine that kills off the treasonous criminals who stole the country by the end of a gun. Oh and watch the USA, UK, Europe soar now their economies have been reset by the convenient Covid hoax pandemic.

Guess you think the world is flat as well?