Thai economy slows in July but stability still good - finance ministry

[snoop1130]

FILE PHOTO: A view of Bangkok's port along Chao Phraya River is photographed during sunset in Bangkok, Thailand, June 2, 2021. REUTERS/Athit Perawongmetha

 

BANGKOK (Reuters) - Thailand's economy in July slowed from the previous month as a result of strict coronavirus containment measures, the finance ministry said on Monday, as the Southeast Asian country tries to combat its biggest wave of infections.

 

The country's economic stability remains good and its strong external position can handle global volatility, the ministry said in a statement.

 

-- © Copyright Reuters 2021-08-30

 

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[bkk6060]

1 hour ago, snoop1130 said:

The country's economic stability remains good

40 million tourists not here spending money seriously.  Just drive around any city it looks like a depression not good whatsoever.

[Isaan sailor]

Golly gee, do you think the economy will pick up when the August numbers come in?  The Teflon Baht has added over 100 Satang in just two weeks vs USD, Euro, Pound, and even rose vs Chinese Yuan.  What excuse will Bank of Thailand come up with now?  Do international currency traders suddenly think Thailand has a robustly growing economy?  Have they finally got Covid under control?  Amazing Thailand.

[hotchilli]

14 hours ago, snoop1130 said:

The country's economic stability remains good and its strong external position can handle global volatility, the ministry said in a statement.

Shoemakers.... [I cleaned that up]

[Al BB]

3 hours ago, Isaan sailor said:

Golly gee, do you think the economy will pick up when the August numbers come in?  The Teflon Baht has added over 100 Satang in just two weeks vs USD, Euro, Pound, and even rose vs Chinese Yuan.  What excuse will Bank of Thailand come up with now?  Do international currency traders suddenly think Thailand has a robustly growing economy?  Have they finally got Covid under control?  Amazing Thailand.

In just over 3 weeks it has gained early 2 Baht against the GBP.

Using XE Money  as an example; 7th Aug 46.35 and today 44.58.

[Cake Monster]

I can kind of see the Economy falling even further in August.

My thoughts are that much, if not all, of the goods for delivery into the Western World for Christmas and New Year, have been Manufactured and are now in transit.

With a Transit time of approx 5 weeks the goods will arrive in most Countries about Mid October, which after Warehousing and Distribution will be on the Shelves about Early / Mid November.

This next Quarter or Two will be a fairly quiet time for Exports me thinks.

[Rookiescot]

43 minutes ago, Al BB said:

In just over 3 weeks it has gained early 2 Baht against the GBP.

Using XE Money  as an example; 7th Aug 46.35 and today 44.58.

That may have something to do with the state of the UK's economy.

[spidermike007]

Who on earth is making this stuff up? The country's economic stability remains good and its strong external position can handle global volatility, the ministry said in a statement. Huh? $110 billion from tourism has been entirely erased. Exports are down. Factory production is down. Just look around. The local economy is in tatters. Such fake news. Such hogwash. None of the officials seem prepared to embrace truth, and they seem to be loving Rudy talk. Truth is not truth.

 

 

[Will B Good]

26 minutes ago, Rookiescot said:

That may have something to do with the state of the UK's economy.

Now come on!

 

You know perfectly well that the Brexit bonus is currently paying big dividends.

[RocketDog]

A dead horse is pretty stable too.

[AnotherFarang8]

The economy is good if you are on a government salary. Less work too , “managing”.

[Eric Loh]

The long term credit rating for Thailand remain at BBB+. Stable outlook affirmed. 

 

[connda]

Considering it's Somchai Average who is taking the brunt of the economic beating, I'm sure the Ministry of Money will say "All is well, just a little bump in the road.  Ignore the street people."

[jacko45k]

On 8/31/2021 at 11:41 AM, Will B Good said:

Now come on!

 

You know perfectly well that the Brexit bonus is currently paying big dividends.

Yep, Neil Kinnock is out of a job.....( and a few others)!

[khunpa]

Reminds me of 2008 before the crash, when everyone said the economy was better than ever. And then one day we woke up to face the truth.

 

Seems there is now new Covid variants which are resistant to vaccines. Something that indicates that Covid is likely to damage the economy (especially travel and tourism) far into the future. Many countries will properly close their borders tight to try to limit these new mutations from entering and spreading.

 

Thailand will at some point have to face the facts. The tourists are not coming back for a long time. There will be no grand reopening soon and even if they open, most countries will make traveling here hard or even impossible.

[spidermike007]

On 8/31/2021 at 4:53 PM, Eric Loh said:

The long term credit rating for Thailand remain at BBB+. Stable outlook affirmed. 

 

Yeah, those credit rating agencies sure got it right in 2008, didn't they?

[JimGant]

On 8/31/2021 at 11:27 AM, spidermike007 said:

Exports are down.

Not really:

Quote

Exports from Thailand increased by 20.27 percent year-on-year in July 2021 billion to USD 22.65 billion, above market expectations of 19.7 percent growth and after a 43.82 percent jump a month earlier, amid strong foreign demand as more countries reopened further their economies. Sales mainly grew for vehicles, auto parts, and computers and components.

https://tradingeconomics.com/thailand/exports

And tourism, even pre covid, made up less than 20% of Thai GDP -- while exports make up over 60% of Thai GDP (and growing). Yeah, we'd all love a full glass -- but this glass is certainly not even half empty.

[spidermike007]

5 minutes ago, JimGant said:

 

  Quote

Exports from Thailand increased by 20.27 percent year-on-year in July 2021 billion to USD 22.65 billion, above market expectations of 19.7 percent growth and after a 43.82 percent jump a month earlier, amid strong foreign demand as more countries reopened further their economies. Sales mainly grew for vehicles, auto parts, and computers and components.

https://tradingeconomics.com/thailand/exports

 

Not really:

And tourism, even pre covid, made up less than 20% of Thai GDP -- while exports make up over 60% of Thai GDP (and growing). Yeah, we'd all love a full glass -- but this glass is certainly not even half empty.

It is total nonsense, when you compare year on year, during Covid. Means next to nothing. I would like to see the same comparison between 2019 and 2021. Plus, those figures are likely doctored. Nothing related to this government is based on facts. All lies. 

[JimGant]

26 minutes ago, spidermike007 said:

I would like to see the same comparison between 2019 and 2021.

Why? If the numbers were favorable, you wouldn't believe them anyway.

[Percy P]

On 8/31/2021 at 6:49 AM, Isaan sailor said:

Golly gee, do you think the economy will pick up when the August numbers come in?  The Teflon Baht has added over 100 Satang in just two weeks vs USD, Euro, Pound, and even rose vs Chinese Yuan.  What excuse will Bank of Thailand come up with now?  Do international currency traders suddenly think Thailand has a robustly growing economy?  Have they finally got Covid under control?  Amazing Thailand.

Yes really amazing. Reason for Foreign currency increase is that their economy has increased .