Somkid: scrap submarines budget and spend less on flagship projects to boost grassroots economy

[webfact]

Former Deputy Prime Minister and Minister of Finance Somkid Jatusripitak

 

by Joseph O' Connor

On Monday, the Prime Minister’s Office welcomed last week’s report from the International Monetary Fund on the Thai economy which confirmed projected growth of 2.8% for this year and 4% for next year.

 

This contrasted sharply with the fears expressed by former Economic Czar Somkid Jatusripitak who called on the government to cut back on key flagship infrastructure projects and to prepare a fund of ฿200 to ฿300 billion to assist the less well-off through the banking system in 2023 when an economic storm is expected.

Former Government Economic Czar and Deputy Prime Minister, Somkid Jatusripitak, has called for the scrapping of plans to buy submarines from China and less emphasis on flagship infrastructure project spending going into 2023 in an effort to target badly needed financial support to the less well-off at a time of heightened inflation and rising interest rates.

 

The former key adviser to Prime Minister Prayut Chan ocha and Minister of Finance in the government of Thaksin Shinawatra is warning that the kingdom is facing an economic crisis in 2023 and that the government must have a fund of ฿200 to ฿300 billion available to help those in debt and the less well off survive the coming storm to preserve the kingdom’s economy and prevent further damage or even collapse. It comes as the Prime Minister’s Office, on Monday, in contrast, welcomed an International Monetary Fund projection that Thailand’s economy will grow by 2.8% in 2022 and 4% in 2023.

 

Full story: https://www.thaiexaminer.com/thai-news-foreigners/2022/10/17/somkid-scrap-submarine-budget-for-economy/

 

-- © Copyright Thai Examiner 2022-10-18

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

[pegman]

Would those be the engineless subs everyone was upset about? 

[2baht]

1 hour ago, webfact said:

prepare a fund of ฿200 to ฿300 billion to assist the less well-off

Healthy earner under (rumored) the two for you, one for me system! ????

[RichardColeman]

12 hours ago, webfact said:

hai economy which confirmed projected growth of 2.8% for this year and 4% for next year.

Think 2% this year and 2% next year would be more accurate - If the world's economies collapse (again) later this year or next -

Edited October 18, 2022 by onthedarkside
off topic trolling comment removed

[Aussieroaming]

Green submarines....use no fuel, create no carbon footprint when in use. The world should be lauding Thailand for its innovation as the user of the world's first engine less submarine, living up to the term "running silent".

[NemoH]

Economies are all linked.. it is just a projection and all economies will face deep undercurrents, including the Thai economy. But Thailand has food.. government should protect the food industries and agriculture.

[Robert Tyrrell]

Hello ,

 

Well good news on scraping Chinese Submarine purchases , Gotta be fools Thailand to by submarine’s from China ???????? Anyways !! 

[Muhendis]

12 minutes ago, Aussieroaming said:

Green submarines....use no fuel, create no carbon footprint when in use. The world should be lauding Thailand for its innovation as the user of the world's first engine less submarine, living up to the term "running silent".

That's a good idea.

Fit solar panels on them.

[Caldera]

It's not often that he says something sensible, but this is just common sense. 

[nobodysfriend]

4 hours ago, webfact said:

the Thai economy which confirmed projected growth of 2.8% for this year and 4% for next year.

That looks healthy in times of global recession fears .

 

4 hours ago, webfact said:

Somkid Jatusripitak, has called for the scrapping of plans to buy submarines from China and less emphasis on flagship infrastructure project spending going into 2023 in an effort to target badly needed financial support to the less well-off at a time of heightened inflation and rising interest rates.

Bravo !

[Tropicalevo]

After the recent UN vote by Thailand, the F-35 purchase is less likely to go ahead.

[Chongalulu]

The IMF headed by the ' criminal' Christine Lagarde has a less than stellar record on accurate forecasting leading to the acronym being described as "The institute for Moronic forecasting ". 
The current global volatility suggests this gentleman is correct. Economic forecasting bodies rarely price in the potential for black swan events and simply change the figures only when they occur 

[mikebell]

1 hour ago, Muhendis said:

That's a good idea.

Fit solar panels on them.

Giant elastic bands - we have loads of spare rubber.

[Xonax]

To late. A number of brown envelopes have already changed hands.
 

[Taxi]

35 minutes ago, nchuckle said:

The IMF headed by the ' criminal' Christine Lagarde has a less than stellar record on accurate forecasting leading to the acronym being described as "The institute for Moronic forecasting ". 
The current global volatility suggests this gentleman is correct. Economic forecasting bodies rarely price in the potential for black swan events and simply change the figures only when they occur 

The IMF is headed by Bulgarian economist Kristalina Georgieva, the criminal Lagarde is now running the ECB, since about 2019.

 

Agree with your view, in fact I think your being a bit kind. The rosie forecasts are all a confidence game, if the world is going to <deleted> they won't tell you until they've bailed everyone out using our money.  

[bangon04]

2 hours ago, Aussieroaming said:

Green submarines....use no fuel, create no carbon footprint when in use. The world should be lauding Thailand for its innovation as the user of the world's first engine less submarine, living up to the term "running silent".

and if you tie them up alongside the aircraft carrier, the revenue from (thai tourist) visitors will pay for the submarines in less than 1000 years...... Win-Win

[Bangkok Barry]

5 hours ago, webfact said:

prepare a fund of ฿200 to ฿300 billion to assist the less well-off through the banking system in 2023 when an economic storm is expected

 

5 hours ago, webfact said:

target badly needed financial support to the less well-off at a time of heightened inflation and rising interest rates.

There's the problem. Does anyone think that the government actually cares about the less well-off?

[Gknrd]

They need to do everything they can to off set their dependence on China. Biden just doubled down on the Chip act. If working for a Chinese company or caught helping, you loose your citizenship in the US.  People are quitting there jobs by the thousands.  Thailand is bound to get caught up in this sooner than later. 

Thailand has already pi$$ed off the western expats and tourists beyond repair. If they get cross ways with the US government then they will need to have some deep pockets to restructure their economy.

Interesting to see what happens in the next couple of years. 

Edited October 18, 2022 by Gknrd

[maddermax]

What do they need submarines for? As long as they continue to fence-sit they won't need to defend themselves from anybody. Also, who would want to buy Chinese <deleted> and fund their commercial war against the Western world?

[bamnutsak]

Another passenger in the Prayuth Clown Car...he never met a coup he didn't like.

 

Where was he when the sub order was placed five years ago? Oh, right, Deputy Prime Minister.

 

#Useless

 

 

 

 

 

 

Edited October 18, 2022 by bamnutsak

[Gknrd]

This is going to be interesting to watch.  The elite and the government favor China. How they step threw the mine field of China US relations and who they align with will be the question. My bet is they will align with China!  

[lujanit]

1 hour ago, maddermax said:

What do they need submarines for?

Very large kickbacks for those generals, admirals etc.

[d4dang]

2 hours ago, bangon04 said:

and if you tie them up alongside the aircraft carrier, the revenue from (thai tourist) visitors will pay for the submarines in less than 1000 years...... Win-Win

Tristan Jones' sub would help attract more tourists.

[jaideedave]

4 hours ago, Robert Tyrrell said:

Hello ,

 

Well good news on scraping Chinese Submarine purchases , Gotta be fools Thailand to by submarine’s from China ???????? Anyways !! 

The Gulf of Thailand has an average depth of 190 ft. Those boats if stood end on would protrude some ft above the sea surface.How would they find deep enough water to submerge?

[edwardflory]

2 hours ago, Gknrd said:

"If working for a Chinese company or caught helping, you loose your citizenship in the US."

If a ...NATURAL... born citizen, you can NOT lawfully loose ( can NOT be taken away ) your citizenship EVEN if convicted of TREASON. You can be jailed ( normally ) or exucuited in extreme cases.

 

A person "GRANTED" US citizenship CAN loose / citizenship can be revoked, in several lawful ways in a court of law

US History 101

Edited October 18, 2022 by edwardflory
spelling - big fingers, small KB

[Cake Monster]

This is probably the best advice and statement that I have heard from a Government Minister in a long, long while.

Thailand, like many other Nations is going to suffer a sharp downturn in their Economy in 2023 due to a number of factors.

The main one being the cost of living, and high Inflation in Countries all over the Globe.

People living in Countries such as those in Europe have huge Energy Bills to pay now , and ever increasing Food prices Etc.

Gone will be the Expensive Holiday , the new Fridge, and the new Wide Screen TV... all things that Thailand rely upon people buying to fuel their Economy.

Thailands domestic spending will also plummet due to a massive amount of Household Debt that has to be reigned in.

The Country will also suffer badly from Foreign competition for Exported Goods due to high Manufacturing costs.

There will also be several other head winds for the Economy going forward, and Thailand Government need to listen to the wise advice of those that are qualified 

 

 

[bangon04]

48 minutes ago, jaideedave said:

The Gulf of Thailand has an average depth of 190 ft. Those boats if stood end on would protrude some ft above the sea surface.How would they find deep enough water to submerge?

well the major flooding we have seen so far - suggests that the subs will soon (maybe next year) be used in Ubon

[bangon04]

8 minutes ago, Cake Monster said:

There will also be several other head winds for the Economy going forward, and Thailand Government need to listen to the wise advice of those that are qualified 

as long as the qualified people are not Farang ......

[hotchilli]

8 hours ago, webfact said:

This contrasted sharply with the fears expressed by former Economic Czar Somkid Jatusripitak who called on the government to cut back on key flagship infrastructure projects and to prepare a fund of ฿200 to ฿300 billion to assist the less well-off through the banking system in 2023 when an economic storm is expected.

A sound strategy, but when did Prayut listen to common sense?

[hotchilli]

8 hours ago, webfact said:

The former key adviser to Prime Minister Prayut Chan ocha and Minister of Finance in the government of Thaksin Shinawatra is warning that the kingdom is facing an economic crisis in 2023 and that the government must have a fund of ฿200 to ฿300 billion available to help those in debt and the less well off survive the coming storm to preserve the kingdom’s economy and prevent further damage or even collapse.

Very astute person... he can see the perfect storm coming and says measures need to be put in place, while others prefer the tried and tested stick your head in the sand move and pretend everythings okay.