Thailand needs $30 billion more to help virus-hit economy - central bank chief

[snoop1130]

FILE PHOTO: Thai baht notes are seen at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand needs a further 1 trillion baht ($29.9 billion) to help support jobs and income losses, its central bank's governor said on Monday, as the country struggles with its biggest COVID-19 outbreak to date.

 

The projected amount equivalent to 7% of GDP "is reasonable" given the problems the economy is facing, Bank of Thailand Governor Sethaput Suthiwartnarueput told a news conference.

 

-- © Copyright Reuters 2021-08-16

 

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[ThailandRyan]

Where will it come from. Tourists, loans, selling of unused State assets to the rich, or will it even make it to where its needed when they have it in their hands.

[zzaa09]

IMF?

World Bank? 

WHO?

 

Can never have enough outstanding "loans".

[Gottfrid]

Just take the loan. It will make other currencies stronger. Just maybe Thailand will get back to paradise status. ????

[NanaSomchai]

Time to let foreigners invest in real estate? Maybe? I know I'm daydreaming...

[khunpa]

 

Slowly but surely the reality of Thailand’s economy is starting to reveal itself.

 

E.g. Those damn foreign tourists might just have been more important to the overall economy, than many imagined. 
 

It will soon come to the point were not even TAT can make up revenue-figures, that can save it all.
 

 

 

Edited August 16, 2021 by khunpa

[Albert Zweistein]

6 hours ago, zzaa09 said:

IMF?

World Bank? 

WHO?

 

Can never have enough outstanding "loans".

Pawnshop ?

[nkg]

7 hours ago, ThailandRyan said:

Where will it come from. Tourists, loans, selling of unused State assets to the rich, or will it even make it to where its needed when they have it in their hands.

 

The Bank of Thailand are generally highly competent, perhaps more so than some other Thai institutions ???? They have done a solid job with the economy and the Thai Baht since the 1997 financial crisis. They don't come out with statements very often, but their advice is usually worth listening to.

 

Thanks to the BOT's financial sobriety, Thailand can borrow the same way the US and other major economies do - large scale issuing of government bonds. Many economists support this position:

 

https://thediplomat.com/2020/12/thailands-debt-dilemma/

[Soikhaonoiken]

Ahhh,, can see the begging bowl coming out soon,, maybe a go fund me page... 

A big difference 2 years ago when they were bragging about the revenue from the 39.5 million tourists, and the amount of Foreign reserves they were holding, where has all that gone... 

[sammieuk1]

Where is the fabled foreign currency reserve or has it been blown on tear gas and razor wire ????  

[it is what it is]

8 hours ago, ThailandRyan said:

Where will it come from. Tourists, loans, selling of unused State assets to the rich, or will it even make it to where its needed when they have it in their hands.

 

it will probably sell government bonds (or gilts) as many other countries do.

[RichardColeman]

 

1 hour ago, Albert Zweistein said:

Pawnshop ?

Never get a tank in the pawnshop, let alone a submarine

[Albert Zweistein]

29 minutes ago, RichardColeman said:

 

Never get a tank in the pawnshop, let alone a submarine

I had Anutin in mind.

[A1Str8]

Just call the sinawatra siblings. It's their specialty. They will come up with a scam in no time and have that money by winter.

[malathione]

So just print more Baht. Paper's cheap and the Baht soon to be cheaper.

[DaveSamutP]

There are institutions with incredible wealth here. I have been waiting for some announcement of help as I thought that is what the money was for, the country. 

 

Edited August 17, 2021 by DaveSamutP

[ThailandRyan]

13 minutes ago, DaveSamutP said:

There are institutions with incredible wealth here. I have been waiting for some announcement of help as I thought that is what the money was for, the country. 

 

Once in their pockets it never returns to those of lesser status, sad really. You have a country where the people are thought of as lesser than and can be easily disposed of. They forget who makes them the money however, and that's not good. 

[hotchilli]

14 hours ago, snoop1130 said:

The projected amount equivalent to 7% of GDP "is reasonable" given the problems the economy is facing, Bank of Thailand Governor Sethaput Suthiwartnarueput told a news conference

On top of what's been borrowed to date of course.

[Boedog]

Just get the PM, and all the Generals to give back all the brown envelopes they have collected they would still have left overs

[Eric Loh]

BOT advise must be taken in earnest by the government. Failure to inject fiscal corrective action will deeply scared Thailand economy for a decade as warned by World Bank. World Bank cautioned that the pandemic can lead to lasting scars of stunted education, destruction of jobs, high level of debts and widening inequality. Thailand is in a fortunate position in terms of financial ability to borrow and implement the right policies and putting a floor under those hit hardest by the health crisis. The borrowing however should come from internal to avoid the currency risk and spending policies carefully crafted and implemented by a competent elected government. The latter is a concern.  

[MrJ2U]

That then multiply by 10 if they ever want to get the economy rolling.

 

Everyone is to little to late.

 

Its as if there in some cloud looking down.

 

Hopefully these protests can rid these ego driven bandits from this country.

[Darkside Gray]

50 minutes ago, Eric Loh said:

BOT advise must be taken in earnest by the government. Failure to inject fiscal corrective action will deeply scared Thailand economy for a decade as warned by World Bank. World Bank cautioned that the pandemic can lead to lasting scars of stunted education, destruction of jobs, high level of debts and widening inequality. Thailand is in a fortunate position in terms of financial ability to borrow and implement the right policies and putting a floor under those hit hardest by the health crisis. The borrowing however should come from internal to avoid the currency risk and spending policies carefully crafted and implemented by a competent elected government. The latter is a concern.  

But the Thai's will get some submarines to play with and park!

[metisdead]

Off topic posts and replies about Xi, China, corruption in China have been removed. 

[StayinThailand2much]

Things can't be that bad in Thailand. Reportedly, the unemployment rate is only 1.96 percent. (Most countries only dream of such a low rate.) Plus there seems to be plenty of cash for submarines and other things.

[ThailandRyan]

1 minute ago, StayinThailand2much said:

Things can't be that bad in Thailand. Reportedly, the unemployment rate is only 1.96 percent. (Most countries only dream of such a low rate.) Plus there seems to be plenty of cash for submarines and other things.

Smoke and mirrors the top 1% are flush but the rest, well let's say hold on, sit down and brace.

[Percy P]

18 hours ago, ThailandRyan said:

Where will it come from. Tourists, loans, selling of unused State assets to the rich, or will it even make it to where its needed when they have it in their hands.

To the rich. People in general haven't go the money to spare on assets.

[poskat]

11 hours ago, khunpa said:

 

E.g. Those damn foreign tourists might just have been more important to the overall economy, than many imagined.

I think the real impact of foreign tourism on the GDP was well known by those in the government/TAT.

they just didnt want to admit publicly how dependent the economy was on dirty foreigner-derived  cash.

 

Easy to say its just a meaningless percentage as long as the cash flowed.

 

however, when the spigot was abruptly turned off, they were able to quickly say  that it was 20+% of GDP, which means they knew all along

 

they just never imagined that they would have to admit it.

[poskat]

9 minutes ago, StayinThailand2much said:

Things can't be that bad in Thailand. Reportedly, the unemployment rate is only 1.96 percent. (Most countries only dream of such a low rate.)

everyone who lost their job and went back to the village was reclassified as an employed farmer

and viola, the unemployment rate stays low...

[rudi49jr]

I’m sure that if the generals and some hi-so’s chip in they could easily raise 30 billion between them. 

[daveAustin]

9 hours ago, A1Str8 said:

Just call the sinawatra siblings. It's their specialty. They will come up with a scam in no time and have that money by winter.

…he says as the country was taken by force, election stolen! They wouldn’t need to scam. Anything they’d come up with would put Thailand in an infinitely better position than it’s currently in.