Russia-Ukraine war continues to impact Thai economy, Ministry of Finance says

[webfact]

 

By Erich Parpart

 

The Ministry of Finance’s Fiscal Policy Office (FPO) slashed its economic growth projection for 2022 down to 3.5 per cent on Wednesday, citing consequences of Russia’s invasion of Ukraine.  

 

“The conflict between Russia and Ukraine has affected consumer confidence and prices of products in the country,” said Pornchai Thiraveja, FPO’s director-general.

 

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The FPO said the invasion is leading to inflation in Thailand, caused by higher global energy prices. The war is also leading to a slowdown in economies of major trading partner countries, especially in Europe and the United States.

 

Full story: https://www.thaienquirer.com/39737/russia-ukraine-war-continues-to-impact-thai-economy-ministry-of-finance-says/

 

-- © Copyright Thai Enquirer 2022-04-28

 

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[vandeventer]

Putin's war on Ukraine may be going on for some time. Any problem's we might have are so small compared to the problems Ukraine people are having. We have to suck it up and help the Ukraine's any way we can.

[RichardColeman]

Considering the £ has gone from 44.2 a week ago to just above 43.01 yesterday, their economy disasters tend not to effect the teflon baht - as usual 

[jacko45k]

Just now, RichardColeman said:

Considering the £ has gone from 44.2 a week ago to just above 43.01 yesterday, their economy disasters tend not to effect the teflon baht - as usual 

It is diving against the USD which is the benchmark..... can't blame Thailand for the actions of the UK government, they are spending money they have not got like drunken sailors. 

[sanuk711]

20 minutes ago, vandeventer said:

We have to suck it up and help the Ukraine's any way we can.

To that end what are you doing to help Ukraine ???..... & what would you suggest we all do.

 

I have cancelled my monthly order of Stolichnaya----yes, its true--no sacrifice is to great..........

[RichardColeman]

10 minutes ago, jacko45k said:

It is diving against the USD which is the benchmark..... can't blame Thailand for the actions of the UK government, they are spending money they have not got like drunken sailors. 

It's nothing compared to sleepy Joes trillion spending ! Be interesting to see where the $ goes later in the year when Easter Bunny led Joe loses control of the houses and becomes a lame duck president

[RandiRona]

2 minutes ago, RichardColeman said:

It's nothing compared to sleepy Joes trillion spending ! Be interesting to see where the $ goes later in the year when Easter Bunny led Joe loses control of the houses and becomes a lame duck president

He is lame duck president today shacking hands with air and blabbering gibberish!

[spidermike007]

They will continue to blame everything and anyone but themselves. Nothing to do with the sabotage of tourism. Nothing to do with a drop in foreign investments. Nothing to do with a shrinking economy, or exploding unemployment. 

 

Change is needed, and the regressive movement of the nation needs to be stopped. 

[hotchilli]

4 hours ago, webfact said:

The FPO said the invasion is leading to inflation in Thailand,

Nice try....

[jacko45k]

14 minutes ago, sanuk711 said:

To that end what are you doing to help Ukraine ???..... & what would you suggest we all do.

 

I have cancelled my monthly order of Stolichnaya----yes, its true--no sacrifice is to great..........

I like to think a lot is going on behind the scenes to help the Ukraine, the suffering of the people, particularly the aged in places like Mariupol is gut wrenching. Meanwhile Putin threatens the rest of the world with his 'my missile is bigger than yours' tactics, and nuclear threats that appear to have the rest of the world in fear. Germany finances Russia's genocide and murder with gas payments and Eastern Europe looks on in fear.....

[hotchilli]

2 minutes ago, spidermike007 said:

They will continue to blame everything and anyone but themselves. Nothing to do with the sabotage of tourism. Nothing to do with a drop in foreign investments. Nothing to do with a shrinking economy, or exploding unemployment. 

 

Change is needed, and the regressive movement of the nation needs to be stopped. 

Thailand doing what it does best... nothing for the people on the street.

They sit back and hope like hell the tourists come back, foreign countries invest in companies in Thailand.

If the auto industry in Thailand ever shifted they'd have nothing.  

[vandeventer]

27 minutes ago, sanuk711 said:

To that end what are you doing to help Ukraine ???..... & what would you suggest we all do.

 

I have cancelled my monthly order of Stolichnaya----yes, its true--no sacrifice is to great..........

https://donate.savethechildren.org/en/donate/emergency-in-ukraine?gclid=Cj0KCQjw06OTBhC_ARIsAAU1yOWUR2dexRW0o8XbU1mJ8x_xSd202VFaXqdz1TpXk5yTtp2dArx-348aAjVZEALw_wcB&gclsrc=aw.ds

[vandeventer]

18 minutes ago, jacko45k said:

I like to think a lot is going on behind the scenes to help the Ukraine, the suffering of the people, particularly the aged in places like Mariupol is gut wrenching. Meanwhile Putin threatens the rest of the world with his 'my missile is bigger than yours' tactics, and nuclear threats that appear to have the rest of the world in fear. Germany finances Russia's genocide and murder with gas payments and Eastern Europe looks on in fear.....

One must ask the question, why is Putin still in power? A lot of Russians don't want this war but many more do. Is this because they are brainwashed? Or do they just hate the Ukraine people because they have so much Freedom?

[jacko45k]

42 minutes ago, RichardColeman said:

It's nothing compared to sleepy Joes trillion spending ! Be interesting to see where the $ goes later in the year when Easter Bunny led Joe loses control of the houses and becomes a lame duck president

I am unsure of why the USD is strengthening, the usual flight to safety in troubled times, or a rate hike coming. But my point really was it is Sterling weakness at fault. I am surprised Thailand has not moved to strengthen the baht (v USD) as they usually keep it in the 33.5 area.

[jacko45k]

18 minutes ago, vandeventer said:

One must ask the question, why is Putin still in power? A lot of Russians don't want this war but many more do. Is this because they are brainwashed? Or do they just hate the Ukraine people because they have so much Freedom?

I feel it is a combination of xenophobia, nationalism and being brainwashed. One often hears about 'fooling all of the people,' being unlikely, but from a Western perspective, many countries seem to do it, North Korea, Russia, China etc etc. 

[LivingNThailand]

31 minutes ago, vandeventer said:

One must ask the question, why is Putin still in power? A lot of Russians don't want this war but many more do. Is this because they are brainwashed? Or do they just hate the Ukraine people because they have so much Freedom?

Brainwashed.  A lot of older Russians don't have the internet and rely on government TV for information.   That is according to my Russian Friends (not from personal knowledge)  who have relatives that don't believe what they are telling them.  The younger people are more educated, especially in the cities.

[joecoolfrog]

1 hour ago, vandeventer said:

One must ask the question, why is Putin still in power? A lot of Russians don't want this war but many more do. Is this because they are brainwashed? Or do they just hate the Ukraine people because they have so much Freedom?

You might as well ask , why is Prayut still in power ?

The guys with the tanks have a decent edge !

[spidermike007]

1 hour ago, hotchilli said:

Thailand doing what it does best... nothing for the people on the street.

They sit back and hope like hell the tourists come back, foreign countries invest in companies in Thailand.

If the auto industry in Thailand ever shifted they'd have nothing.  

I have heard Toyota is involved in a major lawsuit with the government over promised tariff reductions. This kind of nonsense could lead to many Japanese companies looking for more dependable governments, who are willing to follow up on promises. Many Japanese companies are exiting, and many are looking for alternatives. How does the future look for Thailand? I believe they could revert to #89 in the world, if things do not change and progress. 

[MasterBaker]

does Thailand import gas from Russia? not sure why prices are up, beside of PTT making profits but sharing all this propaganda

[hotchilli]

34 minutes ago, spidermike007 said:

I have heard Toyota is involved in a major lawsuit with the government over promised tariff reductions. This kind of nonsense could lead to many Japanese companies looking for more dependable governments, who are willing to follow up on promises. Many Japanese companies are exiting, and many are looking for alternatives. How does the future look for Thailand? I believe they could revert to #89 in the world, if things do not change and progress. 

Can you imagine the fall-out and loss of employment if Japan opted to move it's auto business to Cambodia, Vietnam or other nation.

Inclusive of the OEM supply chain.

 

[mrmicbkktxl]

2 hours ago, jacko45k said:

I like to think a lot is going on behind the scenes to help the Ukraine, the suffering of the people, particularly the aged in places like Mariupol is gut wrenching. Meanwhile Putin threatens the rest of the world with his 'my missile is bigger than yours' tactics, and nuclear threats that appear to have the rest of the world in fear. Germany finances Russia's genocide and murder with gas payments and Eastern Europe looks on in fear.....

If you have no idea what you are talking about why not just keep your thoughts for yourself!!!55% of power supply in Germany comes from Russia.If you cut that the lights go dark in Germany and economy will dive further,if the German economy is diving the rest of EU will drown.You are probably not from an EU country so of course you give a f... about the EU.,but believe me if the EU is drowning then others get problems too.

[spidermike007]

18 minutes ago, hotchilli said:

Can you imagine the fall-out and loss of employment if Japan opted to move it's auto business to Cambodia, Vietnam or other nation.

Inclusive of the OEM supply chain.

 

They likely will, to some extent. It is already happening, to a minor degree. It is just a matter of time. Why? Because those nations are moving forward, not backward. 

 

https://www.policyforum.net/off-cliff-collapse-japanese-investment-thailand/

 

Panasonic will reorganize its white goods production sites in Southeast Asia, and transfer the production of washing machines and refrigerators in Thailand to Vietnam,” the company said in an statement emailed to Reuters.

 

https://www.reuters.com/article/us-panasonic-thailand/japans-panasonic-to-cut-800-jobs-in-thailand-move-some-production-to-vietnam-next-year-idUSKBN22X0R5

 

[mrmicbkktxl]

3 hours ago, vandeventer said:

Putin's war on Ukraine may be going on for some time. Any problem's we might have are so small compared to the problems Ukraine people are having. We have to suck it up and help the Ukraine's any way we can.

And why is that?The NATO,USA and Ukraine got enough warnings from Russia,Ukraine also got a lot of money from Russia not to join the NATO and stay neutral,besides that NATO promissed not to expand further eastward.All Zelinsky had to do is staying neutral,this of course is not in the interest of the USA and NATO,thanks to that we all have to worry about 3. worldwar.I'm not a Putin fan boy but you don't play games like that with maniac like Putin.Instead of sending more weapons USA should try to negiotiate.

[sammieuk1]

The ministry must be sending sticky rice and noddle's then ????

[Cake Monster]

8 hours ago, webfact said:

The FPO said the invasion is leading to inflation in Thailand, caused by higher global energy prices. The war is also leading to a slowdown in economies of major trading partner countries, especially in Europe and the United States.

The FPO are right in this instance.

The Inflationary rises are not just down to the rise in Global Oil and Gas prices. In fact it is just a small part of the equation.

Prices of many Commodities that are sourced in either Ukraine or Russia have spiraled.

Wheat has risen by over 60 %, Nickel by similar amounts along with massive rises in of all things ... Sunflower Oil

Ukraine is the Worlds biggest supplier of Sunflower Oil which is used around the World for Cooking, it supplies a whopping 70 % of the stuff.

As there are no shipments of Sunflower Oil from Ukraine now, the buyers have looked elsewhere for alternative Oils, which has driven up the price of all Oil used for Cooking, and Indonesia, who are the largest supplier of Palm Oil in the World has stopped all Exports.

All Food prices around the Globe are rising to all time record highs, and this in turn affects then amount of spare Money any Household has for such Luxuries as a Holiday, and this will hit Thailands Tourism Sector really hard.

Also the prices on Fertilisers is rising due to the effect of the War on such things as Potash and Nitrates, this will feed through to higher priced Home grown produce, and other Commodities such as Palladium and Platinum are used in the Catalytic Converters on Vehicles, which is going to affect the Auto Industry.

Thailand is nowhere near feeling the effect of the Russia Invasion on Ukraine to the full yet, and there is a World of hurt coming to those who can least help themselves ... the poor.

 

 

[jacko45k]

1 hour ago, mrmicbkktxl said:

If you have no idea what you are talking about why not just keep your thoughts for yourself!!!55% of power supply in Germany comes from Russia.If you cut that the lights go dark in Germany and economy will dive further,if the German economy is diving the rest of EU will drown.You are probably not from an EU country so of course you give a f... about the EU.,but believe me if the EU is drowning then others get problems too.

Why should I, because a German tells me to?

Of course I know of what you say, but don't blame me that the Germans were so stupid as to dig themselves into that hole! 

Will Germany divert some gas to Poland and Romania?

Will the economy not tank if a 3rd world, possibly nuclear, war unfolds.

Own up to it! A billion Euros a day, supporting Putin!

 

[Harveyboy]

5 hours ago, spidermike007 said:

They will continue to blame everything and anyone but themselves. Nothing to do with the sabotage of tourism. Nothing to do with a drop in foreign investments. Nothing to do with a shrinking economy, or exploding unemployment. 

 

Change is needed, and the regressive movement of the nation needs to be stopped. 

yep blame the war

not the entry restrictions into the country that has kept tourism away not the closing of bars and clubs 

not the teflon Baht 

its the war Madam its the War 

 

 

 

 

[sawadee1947]

6 hours ago, vandeventer said:

help the Ukraine's any way we can.

That's a good idea.

I would support it.

Please give me some examples how you personally help Ukraine.

Maybe I can do same.

Can't wait to read your reply.????

[mrmicbkktxl]

1 hour ago, jacko45k said:

Why should I, because a German tells me to?

Of course I know of what you say, but don't blame me that the Germans were so stupid as to dig themselves into that hole! 

Will Germany divert some gas to Poland and Romania?

Will the economy not tank if a 3rd world, possibly nuclear, war unfolds.

Own up to it! A billion Euros a day, supporting Putin!

 

If you are a German hater is fine for me you will have your reasons,but seems to me your hate is damaging the part of your brain what is responsible for reasonable logical thinking.Germany is in this situation because they turned/turning off nuclear/coal power plants to turn Germany into a carbon neutral economy

Stupid?Maybe not.Smart?Maybe not,it was a mistake, but at least they do something for the environment.By the way it's 220 Million $ per day.And you don't cut the supply from Russia overnight it needs time,stop ignorant before you blow your biased information into the world

[spidermike007]

1 hour ago, Harveyboy said:

yep blame the war

not the entry restrictions into the country that has kept tourism away not the closing of bars and clubs 

not the teflon Baht 

its the war Madam its the War 

 

 

 

 

Adults tend to own their mistakes and their failures. Children who look alot like adults, live lives full of denial, and refuse to take responsibility for their actions.