Former BoT governor warns govt to be more proactive or see structural damages to economy

[webfact]

 

By Thai Enquirer

 

Former Bank of Thailand Governor Veerathai Santiprabhob said in a late-night social media workshop that the current government must be more proactive in its policies to repair the damage to the economy because the impact of Covid-19 could have long-lasting ramifications for the economy.

 

Veerathai, who was the central bank chief until his term ended in 2020, said that the country could see permanent damage to its all-important tourism sector.

 

“If there is anyone who thinks that Thailand would be able to see 40 million tourists in the near future then they should rethink, it is unlikely they will return in such high numbers,” Veerathai said in a late-night Clubhouse talk under the topic – Thailand After Covi-19 ‘Thai Economy would not be the same’.

 

Discover Cigna’s range of health insurance solutions created for expats and local nationals living in Thailand - click to view

 

Full story: https://www.thaienquirer.com/31588/former-bot-governor-warns-govt-to-be-more-proactive-or-see-structural-damages-to-economy/

 

-- © Copyright Thai Enquirer 2021-08-23

 

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

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[RichardColeman]

3 minutes ago, webfact said:

 

“If there is anyone who thinks that Thailand would be able to see 40 million tourists in the near future then they should rethink, it is unlikely they will return in such high numbers,” Veerathai said in a late-night Clubhouse talk under the topic – Thailand After Covi-19 ‘Thai Economy would not be the same’.

Oh for heavens, stop with the silly COE, PCR's, Quarantines and people will come back now. Flash your card and get on with it. 

[Isaan sailor]

Just stating the obvious…

[hotchilli]

3 hours ago, webfact said:

Veerathai, who was the central bank chief until his term ended in 2020, said that the country could see permanent damage to its all-important tourism sector.

It was already happening before convenient Covid came along, but now it's virtually destroyed.

Many countries are going to be luring tourists back with special deals... Thailand specialises in bureaucracy and red tape.

It won't end well.

[Khun Yogi]

1 hour ago, hotchilli said:

It was already happening before convenient Covid came along, but now it's virtually destroyed.

Many countries are going to be luring tourists back with special deals... Thailand specialises in bureaucracy and red tape.

It won't end well.

Tourism was already on a downwards spiral 2018/2019, long before Covid.!!!!

[Bangkok Barry]

The government of Prayut has already borrowed 1.5 trillion baht (1 trillion in 2020 and 500 billion baht in 2021) to try to revive the economy but so far, the impact has been minimal and many businesses are yet to see any of the money.

 

Hmm. Where is it? It must be here somewhere. Or maybe it's been exported to Switzerland for 'safe keeping'.

[Tropicalevo]

36 minutes ago, Khun Yogi said:

Tourism was already on a downwards spiral 2018/2019, long before Covid.!!!!

Yet the strange thing is, that 2019 and the first three months of 2020, were the busiest that we had been in 20 years.

Yes - we are in the tourist industry.

The demographic had changed, but tourism was NOT in a downward spiral.

However, Covid has changed all of that and tourism will be very different from now.

We just need to learn to live with the changes.

[rudi49jr]

Thai government and being proactive: there’s a huge contradiction in terms. The only times they are being proactive is when there’s (lots of) money to be made.

[fondue zoo]

Many countries will want tourist dollars spent domestically for as long as possible, and will push for that to happen.

Economies everywhere have taken a big hit.

[DaveE13]

3 hours ago, Bangkok Barry said:

The government of Prayut has already borrowed 1.5 trillion baht (1 trillion in 2020 and 500 billion baht in 2021) to try to revive the economy but so far, the impact has been minimal and many businesses are yet to see any of the money.

 

Hmm. Where is it? It must be here somewhere. Or maybe it's been exported to Switzerland for 'safe keeping'.

His brothers just looking after it in his private bank account 

[Dart12]

Tourism WILL be down as the middle class that took such vacations and trips to places like Thailand is being destroyed and wiped out financially.

 

[Almer]

6 hours ago, hotchilli said:

It was already happening before convenient Covid came along, but now it's virtually destroyed.

Many countries are going to be luring tourists back with special deals... Thailand specialises in bureaucracy and red tape.

It won't end well.

Same as Thai Airways it was defunk years ago but along came Covid  so good time to let  it go.

Edited August 23, 2021 by Almer
Spell

[Almer]

4 hours ago, Tropicalevo said:

Yet the strange thing is, that 2019 and the first three months of 2020, were the busiest that we had been in 20 years.

Yes - we are in the tourist industry.

The demographic had changed, but tourism was NOT in a downward spiral.

However, Covid has changed all of that and tourism will be very different from now.

We just need to learn to live with the changes.

As somebody reliant on tourism, does that mean to learn to live with no food to eat and no money to pay the rent  on a closed restaurant? 

[realfunster]

5 hours ago, Khun Yogi said:

Tourism was already on a downwards spiral 2018/2019, long before Covid.!!!!

Please clarify on this 'downward spiral' pre-COVID for us, the annual visitor numbers for 2015 onwards below to help get your creative juices flowing.

 

 

[trainman34014]

6 hours ago, Bangkok Barry said:

The government of Prayut has already borrowed 1.5 trillion baht (1 trillion in 2020 and 500 billion baht in 2021) to try to revive the economy but so far, the impact has been minimal and many businesses are yet to see any of the money.

 

Hmm. Where is it? It must be here somewhere. Or maybe it's been exported to Switzerland for 'safe keeping'.

Apparently there are several Thai account holders in The British Virgin Islands !