Thailand’s economy suffers biggest fall since 1998 Asian financial crisis

[sambum]

3 hours ago, Mike Rodik said:

so they still expect millions of foreign tourists this year, looooooooooooooooooool

 

It might help if they actually did something to ATTRACT them, rather than pin their hopes on "Quality Tourists"  "Elite Card Tourists", and "Golfing Quarantine Tourists" and making  life even more difficult for the "bread and butter" tourists!

 

And it's been said before, but this situation began long before Covid. Deserted streets in tourist areas began a few years ago, despite the figures spouted out by TAT that they expected everyone to believe, and churning out lame excuses for the absence e.g. "They are all going to Esan to experience the proper Thailand"!!!

 

The only way that tourism will return to Thailand is if Thailand becomes an attractive place to visit again, with reasonable prices, and a cleaner and safer environment (and I'm not just talking Road Safety here). 

Edited February 15, 2021 by sambum

[hotchilli]

8 hours ago, webfact said:

Thailand cut its estimate for economic growth this year to 2.5-3.5% after suffering its worst slump in more than two decades in 2020 due to the shock from the COVID-19 pandemic.

Not just in Thailand but world wide, this is going to take years to overcome.

Thailand can forget boom time again in the second half of this year.

[ThaiFelix]

2 hours ago, Chiang Mai Bill said:

This country needs politicians and economists that are truthful and well educated -- perhaps I just mean ''intelligent''!

And from where do you think they should be imported from?

[ThaiFelix]

25 minutes ago, sambum said:

 

It might help if they actually did something to ATTRACT them, rather than pin their hopes on "Quality Tourists"  "Elite Card Tourists", and "Golfing Quarantine Tourists" and making  life even more difficult for the "bread and butter" tourists!

 

And it's been said before, but this situation began long before Covid. Deserted streets in tourist areas began a few years ago, despite the figures spouted out by TAT that they expected everyone to believe, and churning out lame excuses for the absence e.g. "They are all going to Esan to experience the proper Thailand"!!!

 

The only way that tourism will return to Thailand is if Thailand becomes an attractive place to visit again, with reasonable prices, and a cleaner and safer environment (and I'm not just talking Road Safety here). 

Yep, its time to get serious and introduce that free Pokemon scheme they're holding in reserve!!

[Justgrazing]

8 hours ago, webfact said:

 

"Having had a bad crash, the economy was hit on the back by the second

 

crash by someone playing on their phone at 70 mph and not seeing the first crash ..

[Mavideol]

3 hours ago, Daveyh said:

Someone must be financially supporting the economy here ....... it can not go on for much longer. Tourists will not return anytime soon that's a fact. My first suspicion is China as their economy seems buoyant, even though the pandemic was first diagnosed in Whuhan. I suspect  Thailand will be in indebted to them & is guaranteed to end all the smiles in future years ....... hopefully I've read it wrong completely & the Baht will weaken. 

the USD is weak thus major impact on other currencies.... unless the Federal Reserve starts to act up the USD will keep depreciating and the baht and other major Asian currencies will keep appreciating. The other way around would be for Thailand to follow Vietnam's actions and not worry about being called a currency manipulator

 

https://www.yahoo.com/news/exclusive-vietnam-intervened-currency-markets-131022628.html

 

Exclusive: Vietnam intervened in currency markets weeks after U.S. censure: sources

 

[shackleton]

Thailand is  no different from other countries

Who in this Corivirus crisis  are all running up huge debts which in the end will have to be paid for 

[Bobydog]

4 hours ago, amdy2206 said:

And the government continues to purchase weapons and items for the Army, Navy & Airforce, and sure to carry on getting all of their perks despite the rest of the country becoming more poverty stricken by the day.

Now you are getting closer, the slump allegedy due to Covid 19?  true,  because it exposed the actual costs of the slush funds on the economy , Thai Airways for one, no money in the till to pay the bills and the desperate attempt to generate funds from all of the daily  dreams to bring all the tourists back.  All that daily dream stream is only convincing potential visitors to stay away because the destination is not deemed safe. On top of which it is public knowledge that tourist flights are off the books from Australia for South East Asia for the un-seeable future. 

[Johnnyb2good]

Golly, can’t imagine how this could possibly be true.......

[Bobydog]

1 hour ago, hotchilli said:

Not just in Thailand but world wide, this is going to take years to overcome.

Thailand can forget boom time again in the second half of this year.

Definitely not this year or next year, maybe by 2025.

[Harry Fingerling]

Despite all its gold reserves and inward Chinese investments the idiots running the country and the artificially high baht...som na na.

[Bangkokazy]

Thailand economy shrinks most since 1997 on tourism collapse

 

https://www.thaipbsworld.com/thailand-economy-shrinks-most-since-1997-on-tourism-collapse/

[elliss]

5 hours ago, Mike Rodik said:

so they still expect millions of foreign tourists this year, looooooooooooooooooool

 

       Foooooooooools ..

[GeilGeilertzen]

The Thai bath is only as strong as the Thai gov can afford the stimulus packages.  Once that dries up the bath is back to where it was and should be. 63 billion dollar is a pretty good amount of savings just gone with the wind. 

Edited February 15, 2021 by GeilGeilertzen

[Dagfinnur Traustason]

Just dribble and mumbo jumbo with numbers. The fact is that it ain´t gonna be any economic growth this year, and it was none last year. That´s the reality if they take all the numbers into the calculation. Actually that would show a great minus and a huge loss instead. Free falling it´s called. Unfortunately they up until now somehow managed to sway the world opinion to belive the country has a strong economic foundation. We can just hope that illusion will be gone in a near future.

[elliss]

35 minutes ago, shackleton said:

Thailand is  no different from other countries

Who in this Corivirus crisis  are all running up huge debts which in the end will have to be paid for 

 

     Oh No.

   Please , do not increase the tax on my paupers pensions , again .

 

[EricTh]

The Baht is still strong even though the economy is suffering. Throw all those Economics books away , they are not realistic!

Edited February 15, 2021 by EricTh

[Susco]

17 minutes ago, EricTh said:

The Baht is still strong even though the economy is suffering.

 

The economy is suffering, only not as much as the western economies, where everything has been shut for months on end.

 

By the way, have you noticed that the British pound has increased against the Baht by about 3% since the start of this year?

 

I guess Boris is manipulating the currency, not?

 

17 minutes ago, EricTh said:

Throw all those Economics books away , they are not realistic!

 

Most members on this forum have never owned or read such a book.

 

 

Edited February 15, 2021 by Susco

[kingstonkid]

2 hours ago, bluesea said:

Common sense to any economy is the currency is to high which makes exports more unattractive to Foreign Countries..

Simple answer to get the Ecomomy cracking is open the country for  Immigration & Devaluing the Baht.

Lol I love people that think opening the borders there will be this mass influx of people wanting to come here

 

Tourism all over the world I dead.  People

A. Have no money

B. Still have covid in their countries

C. Do not want to travel away from their house let alive country.

 

No offense just using US as examplewould you feel safe with plane loads of people flying in from a there or theUK

 

[Golden Triangle]

 

 

2 hours ago, hotchilli said:

Not just in Thailand but world wide, this is going to take years to overcome.

Thailand can forget boom time again in the second half of this year.

 

33 minutes ago, elliss said:

 

       Foooooooooools ..

 

59 minutes ago, Bobydog said:

Definitely not this year or next year, maybe by 2025.

 

Would someone, anyone, please pass this onto member poet who firmly believes that 10 million tourists will grace these shores by years end ????????????

[eastendanto]

6 hours ago, mr_lob said:

Apart from China....

Funny that....

China same boat but would never tell anyone outside the special circle.....they just print money like the rest and give the illusion of hunky dory...

 

[bwpage3]

6 hours ago, natway09 said:

I think a lot of people bagging the Thai ecomomy should have a look at many other countries devastation & the trilions of $ being spent by them just to enable them to stay solvent..

This country has a unique blend of exports (which are still happening. albiet slower) which will enable a balance of payments to still stay in the black, more than most.

Surely you are joking?

[Harveyboy]

5 hours ago, Chiang Mai Bill said:

I remember in 2009 when I first came to Thailand reading that the Tourism Minister stated that Tourism only amounted to 11% of Thai GDP and the financial benefit to Thailand was almost irrelevant!

 

Over recent years that 11% did increase slightly -- however, now it seems that this small financial benefit to the Thai economy is much more important!

 

This country needs politicians and economists that are truthful and well educated -- perhaps I just mean ''intelligent''!

politicians that are truthful... this is Thailand.. the word truthful and politicians 2 different worlds..Whoops also intelligent and Thai doesn't mix   ha   

[NoComment]

In my uneducated opinion the Chinese are ready to take over Thailand with their money.

Los will become Loc (land of China)

The Chinese are already purchasing bars, restaurants and property.

It's a shame for the good people of The Kingdom.

The good news (at the moment) for The Kingdom is the strength of the Baht

[RT555]

I'll spend some time in Thailand when the Baht starts to get to B38.00 to the USD and then maybe consider it.

[lovethai123]

18 minutes ago, RT555 said:

I'll spend some time in Thailand when the Baht starts to get to B38.00 to the USD and then maybe consider it.

Those days aren't gonna come

[HiSoLowSoNoSo]

The happy times are over or Thailand, Cambodia and for Myanmar. Vietnam, Singapore and Malaysia will be safer countries to invest in.

[Soikhaonoiken]

10 hours ago, Chiang Mai Bill said:

I remember in 2009 when I first came to Thailand reading that the Tourism Minister stated that Tourism only amounted to 11% of Thai GDP and the financial benefit to Thailand was almost irrelevant!

 

Over recent years that 11% did increase slightly -- however, now it seems that this small financial benefit to the Thai economy is much more important!

 

This country needs politicians and economists that are truthful and well educated -- perhaps I just mean ''intelligent''!

100% agree, When I first came to Thailand  in 2004 they said that Tourisum accounted for only 7%  of GDP,... Haha, I came to the conclusion that they didn't want to admit that Tourists play a big part in Thailands economy... 

[SiSePuede419]

I first went to Thailand 3 years after the 98 crash and they bounced back just fine by then.  They're bounce back quickly after vaccines are available worldwide to everyone.

 

The Thai people are very resilient. ????

[daveAustin]

It's worse than that. Best to take touted figure and double or treble. Not an issue for the army, fits their agenda. It's ordinary Thai's I feel for.