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

[hotchilli]

19 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.

The poor are poorer, the rich are richer, the wealth divide is greater than ever... while thousands are out of work and struggling to keep the family together the rich are buying weekend palaces in Phuket.... time for a change of government policies.

[bimmerbob]

14 hours ago, Cake Monster said:

I personally find this figure hard to swallow.

Tourism is down by 14% or so due to the lack of Foreign Tourists. Exports are down 10 % Yon Y,. Rice prices are down 17% and a load of other Agro Product is also down

Add to this a reported 10 % reduction in Car Exports.

How has a figure of only 6.1 % of GDP been derived.

Does not Compute .

 

is it possible that prices for Agro products are down, but volumes are up?

[bimmerbob]

14 hours ago, skorp13 said:

Worst economic decline in decades yet the baht continues to strengthen all in an effort to hopefully allure international tourism later this year LOL

 

....the decline, perhaps excepting China, is all over the world. The strength in the baht is probably real......

 

[metisdead]

A post with a video from an unapproved social media source has been removed as well as a reply. 

[soalbundy]

20 hours ago, ThailandRyan said:

It is still a decline and one that shows the economy is stalled unfortunately.

Which means the Baht will climb in strength again

[dcnx]

17 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.

Works well for Myanmar.

 

Thailand is heading more in that direction every day.

[bojo]

1 hour ago, bimmerbob said:

 

....the decline, perhaps excepting China, is all over the world. The strength in the baht is probably real......

 

On point.............UK GDP down just under 10% year on

[Bkktodd]

Yet the baht is at 29.75 to the dollar.  Explain that to me please

[NoshowJones]

16 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''!

 

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

Well Thailand is stuck with the unelected "PM" with his Military Academy education, the country certainly needs politicians, but I cannot see it happen for a long time yet.

If it wasn't for the Chinese virus interrupting the student protests, then who knows, I think these protests are the only chance Thailand has of getting an elected government. The present unintelligent, unelected "PM" may eventually get ousted or retire, but he will probably be replaced by another unintelligent, unelected soldier.

[NoshowJones]

17 hours ago, Jimbo2014 said:

I dont see anything different to any other year.  We start the year with hugely optimistic expectations of growth and amazing economic performance.  Come February we start the inevitable reductions which go on for most of the year.  By around November we try to forget what a horrible year its been and start with the next years hugely optimistic plans of economic Nevada.   Junta's just arnt that great at growing economies.  They buy submarines when they should be investing in infrastructure.  They buy helicopters when they should be buying tractors to remove crop stubble so it doesnt get burnt.  They buy guns when they should be investing in the quality of education. ????

You forgot the moon rockets.

[Stoker58]

19 hours ago, Taxi said:

Subtract the 1.9 trillion the government put into stimulus and you see the real impact to GDP. Presumably it's all debt as well.

  This is the main point, and it applies to all the western countries too. Subtract the borrowed or created money and you would see the real state of GDP.

[NoshowJones]

12 hours ago, Harveyboy said:

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

I cannot speak for other countries, but I find it hard to believe that politicians in the main parties in any country are truthful. Certainly

not in the UK.

[NoshowJones]

17 hours ago, johnarth said:

many people are queuing up at a bank here in Trat, what the people are saying is the bank is broke, I think the bank has internet problems and people have to go to the bank to get money

Big queues at a bank in my town/village upcountry for the second day running.

[Peterw42]

1 minute ago, possum1931 said:

Big queues at a bank in my town/village upcountry for the second day running.

I think you may find that's a queue for the latest 50/50 stimulus package, all the people without mobile phones need to sign up manually at the bank.

[Peterw42]

1 hour ago, Bkktodd said:

Yet the baht is at 29.75 to the dollar.  Explain that to me please

That's probably more to do with the US printing money. 

[NoshowJones]

4 hours ago, hotchilli said:

The poor are poorer, the rich are richer, the wealth divide is greater than ever... while thousands are out of work and struggling to keep the family together the rich are buying weekend palaces in Phuket.... time for a change of government policies.

The soldiers "government" like it's unelected "PM" is a government in name only, any policies they do change stands a good chance of being unchanged within a very short time.

[Bangkok Barry]

20 hours ago, Guderian said:

Meanwhile, at the TT exchange booths.....

 

 

.....it seems that everywhere else has had a worse fall in its economy than Thailand, at least to judge by their currencies relative to the Baht.

 

At one stage sterling was down to 39 and it might have been lower, and now it's 41+. I've noticed that this year it has climbed from below 1.30 to the US$ to brushing 1.40. I'm not sure you can equate economic performance to currency rates. It's far more complicated than that.

[Jimbo2014]

1 hour ago, possum1931 said:

You forgot the moon rockets.

 

Indeed - who can forget the space force asperations!

[spidermike007]

19 hours ago, Isaan sailor said:

• All nations have COVID-19 pandemic.

• Most nations economies have taken a real hit  (including Thailand).

• Some nations have instituted stimulus 

programs to help their economies (including Thailand)

Very few nations have seen their currency rise from COVID-19 (including Thailand)

I think their problem is obvious.

 

The stimulus programs done here are and were highly inadequate, and grossly unfair. They could have done so much more to help the people. Small business assistance here is nearly non existent. The monthly stipends were stunningly stingy, and barely made a dent, plus they were ridiculously difficult to qualify for. 

[Mavideol]

17 hours ago, Bangkokazy said:

Thailand economy shrinks most since 1997 on tourism collapse

 

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

no worries, as soon as they open the country visa prices will double/triple to compensate for their losses

[Sirpachat]

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.

[Sirpachat]

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.

...  What do you know about this information?

Can you tell us more?

Governement makes 4 kohnlakrung for poorest people:very fair for them.

I dont see any contry in the world doing that kind of program.

[Sirpachat]

"The stimulus programs done here are and were highly inadequate, and grossly unfair. They could have done so much more to help the people. Small business assistance here is nearly non existent."...................

If you live in Thailand, you cannot ignore khonlakrung:government pays half for what poor poeple buy till 300bath/day .

So many little shops have the board,you dont see?

Not fair? Not good for theese little business?...

What about your country?

[elliss]

23 hours ago, Golden Triangle said:

 

 

 

 

 

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

 

     Links , would be much appreciated . 555

 

[Golden Triangle]

3 minutes ago, elliss said:

 

     Links , would be much appreciated . 555

 

Just search his name, it shouldn't take long, he's been awfully quiet recently but so have many of the Pattaya is pulsating brigade, ????

[elliss]

9 hours ago, Bangkok Barry said:

 

At one stage sterling was down to 39 and it might have been lower, and now it's 41+. I've noticed that this year it has climbed from below 1.30 to the US$ to brushing 1.40. I'm not sure you can equate economic performance to currency rates. It's far more complicated than that.

 

    Good point .

     Economic performances /  currency rates .

        I fear there are other forces , at work ..

 

[elliss]

6 hours ago, Sirpachat 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.

...  What do you know about this information?

Can you tell us more?

Governement makes 4 kohnlakrung for poorest people:very fair for them.

I dont see any contry in the world doing that kind of program.

 

     May i humbly suggest , you survey UK , benefits payments agency .

    All are welcome benefits , given free. 

    Ideal , for the lame and lazy , and not forgetting immigrants ..

[ivor bigun]

42 minutes ago, elliss said:

 

     May i humbly suggest , you survey UK , benefits payments agency .

    All are welcome benefits , given free. 

    Ideal , for the lame and lazy , and not forgetting immigrants ..

i know someone on benifits who usually comes here twice a  year , gets far more than my pension .

[Truth Will Set You Free]

On 2/15/2021 at 2:54 PM, natway09 said:

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.

What exports are you referring too that would have such gains to keep the baht strong? 

[elgenon]

I would prefer to believe the TAT delusions. Makes me feel all warm and happy.