Covid-19 situation "out of control" says Kasikorn - point to vax rollout mess, less household income

[webfact]

Picture: Daily News

 

Daily News reported on the latest report from the respected Kasikorn Bank research center and it made dire reading.

 

The report stated that in June with Thailand suffering the third wave of Covid-19 infection the situation was "out of control".

 

This flies in the face of the Thai government who have tried desperately to present an image of being in calm control and have even opened the country up to foreign tourism in Phuket on July 1st. 

 

Kasikorn were also highly critical of the government's vaccine rollout that was supposed to kick off on June 7th bringing jabs for all.

 

This stop-start mess had created "great uncertainty", they said. 

 

Nearly all indices related to livelihood, earnings and employment were taking a battering.

 

And it is to be noted that this report was in June - the situation in July so far has just got much worse in terms of numbers of infections, deaths and further restrictions, notes ASEAN Now.

 

Kasikorn also said that last month 51.2% of households in a survey reported having less income. 

 

And 37.85 million people were doing less work though this was a slight improvement over the fourth quarter of last year. 

 

Daily News went with a headline that said Covid was out of control creating stress in households and  salaries and employment were down putting pressure on livelihoods. 

 

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[J Town]

2 minutes ago, webfact said:

Kasikorn also said that last month 51.2% of households in a survey reported having less income. 

I'd bet my bottom baht this is GROSSLY understated.

[petermik]

Only repeating what most of us already know....but will our great leaders take any notice...

[Deli]

And the guilty culprits are still in charge and will be in the future.

How long will the people watch ?

[RotBenz8888]

A few months ahead, they might announce opening the county.... in 120d.

[retsdon]

It would be interesting to see the stats on the number of underwater loans that the banks are now carrying. Thailand's personal debt was already heading into the stratosphere before Covid.

 

Can't see a happy outcome here...

[Griffo63]

The way the £/baht rate is growing the financial markets are expecting much worse to come yet with the Thai economy 

 

[J Town]

19 minutes ago, Griffo63 said:

The way the £/baht rate is growing the financial markets are expecting much worse to come yet with the Thai economy 

 

Same with the dollar.

[Cake Monster]

29 minutes ago, Griffo63 said:

The way the £/baht rate is growing the financial markets are expecting much worse to come yet with the Thai economy 

 

With this highly regarded Research Company making statements such as " Out of Control ", and being critical of the Governments Policies, we can expect to see the Baht going out to 46 / UKP in short order.

Financial Markets hate uncertainty, and this report is something that Prayut will be livid with.

The Credit Agencies such as Moodys may also down grade Thailands credit rating

 

[ourdon]

2023 .... If the government proceeds with intelligence, empathy and speed.  We know what the odds of that are.

 

Default the payments for the submarine and the new airplane.  Let them sue.  Use the 1.7 billion baht freed up to buy effective vaccine.  Don't siphon off the top twenty two percent as "tea money".  Stop exporting your rice and use it to feed your people.  Do this as a start and you might not come back as a "cucaracha" in the next life.

 

Stop killing your people 

 

Just a thought

[Neeranam]

1 hour ago, retsdon said:

It would be interesting to see the stats on the number of underwater loans that the banks are now carrying. Thailand's personal debt was already heading into the stratosphere before Covid.

 

Can't see a happy outcome here...

I can, as I want to buy a house at a reduced price. 

[Surelynot]

Doesn't you know who own this bank?.......heavyweight criticism if so!!!

[BusyB]

4 hours ago, J Town said:

I'd bet my bottom baht this is GROSSLY understated.

Less income? I bet millions have NO income right now ...

[John Drake]

4 hours ago, webfact said:

Kasikorn were also highly critical of the government's vaccine rollout that was supposed to kick off on June 7th bringing jabs for all.

Is it my imagination or have most of the people at the top of the food chain suddenly gone to ground? A lot of official silence, it seems.

[jacko45k]

Just now, John Drake said:

Is it my imagination or have most of the people at the top of the food chain suddenly gone to ground? A lot of official silence, it seems.

Many conveniently in self isolation after Covid contacts.....

[Benmart]

I am grateful for all I have and try to help those less fortunate. Not being Thai, I can only look in amazement at the greed, corruption and incompetence of those who could make great changes in this country, but are seemingly only interested in staying in power and enriching themselves.

[LazySlipper]

5 hours ago, petermik said:

Only repeating what most of us already know....but will our great leaders take any notice...

 

Sorry... not my leaders... you can have e'm... I just live here and suffer the <deleted> they throw my way silently...

[unblocktheplanet]

4 hours ago, Surelynot said:

Doesn't you know who own this bank?.......heavyweight criticism if so!!!

I think you are mistaking this bank for another. Kasikorn is a public company.

[unblocktheplanet]

1 hour ago, Benmart said:

I am grateful for all I have and try to help those less fortunate. Not being Thai, I can only look in amazement at the greed, corruption and incompetence of those who could make great changes in this country, but are seemingly only interested in staying in power and enriching themselves.

Frankly, isn't it true of all the Bills. No matter their gestures of largesse, they always seem to get more & more.

[hotchilli]

6 hours ago, webfact said:

The report stated that in June with Thailand suffering the third wave of Covid-19 infection the situation was "out of control".

 

This flies in the face of the Thai government who have tried desperately to present an image of being in calm control and have even opened the country up to foreign tourism in Phuket on July 1st. 

Prayut & Co are out of touch, out of ideas and should be out of office... there is no spin to put this mess right.... do the right thing and resign.

[hotchilli]

6 hours ago, petermik said:

Only repeating what most of us already know....but will our great leaders take any notice...

We have great leaders?

[hotchilli]

1 hour ago, jacko45k said:

Many conveniently in self isolation after Covid contacts.....

I hope a couple of them are silently packing their bags to abscond in the dark of night... 

[ukrules]

10 minutes ago, unblocktheplanet said:

I think you are mistaking this bank for another. Kasikorn is a public company.

Ye, he is, although SCB is also a public company as well and as with any public company a simple google search will show you a list of the major shareholders. There are no secrets around this.

 

[spidermike007]

The people need to take action and rid themselves of the goons. ASAP. Whatever it takes. 

 

The economy is in the toilet. No hope in sight. And no plan of action from the retrograde brigade. They are in so far over their heads. If only they would man up and admit it. 

 

Kasikornbank is correct. These goons have succeeded in sabotaging the nation on a dozen levels. They have turned the roaring tiger of SE Asia into a whiny, anemic, weak, broke, frail, infirm, paranoid, timid, fragile, rabid, sickly, alley cat type creature.

 

Thailand is now totally unappealing to the world of tourism. A once important and vital industry reduced to ashes. 

 

Some job Prayuth. You and Anutin could not have wreaked more destruction if you were deliberately attempting to terrorize your nation. 

[Isaan sailor]

5 hours ago, J Town said:

Same with the dollar.

Depends on your time of reference.  Yesterday, USD/Baht 32.69.  Right now, USD/Baht 32.50.  Kinda looks like the Baht is rising again.

[TallGuyJohninBKK]

Bringing happiness to the people... Such joy, I'm beside myself....

 

[mfd101]

2 hours ago, John Drake said:

Is it my imagination or have most of the people at the top of the food chain suddenly gone to ground? A lot of official silence, it seems.

Preparing their emergency exit plans and o/s bank accounts, just in case.

[Muhendis]

6 hours ago, Cake Monster said:

we can expect to see the Baht going out to 46 / UKP in short order.

Before next Tuesday would be nice please.

[spidermike007]

1 hour ago, Isaan sailor said:

Depends on your time of reference.  Yesterday, USD/Baht 32.69.  Right now, USD/Baht 32.50.  Kinda looks like the Baht is rising again.

It varies from day to day. From what I have been reading, a massive number of international investors consider Thailand a very unsafe and unwise place to have their money invested right now, and are pulling out in droves. Plus exports are way down. 

 

Can't blame them. The sluggard leadership does not inspire much confidence. 

Edited July 10, 2021 by spidermike007

[Caldera]

That's a surprisingly honest assessment.