Thai economy stimulus: Government plans 1.9 trillion baht boost during government transition

[webfact]

 

Thailand’s National Economic and Social Development Council (NESDC) unveiled plans to inject 1.9 trillion baht into the Thai economy to bridge the gap before the new government can budget for the year 2024, emphasising fiscal reforms and monitoring household debt.

 

Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports, which is affecting the whole region including Vietnam, Malaysia, and Indonesia. With an expected increase in foreign tourists and strong private consumption, the Thai economy is expected to remain healthy.

 

During the transitional phase awaiting the new government, the NESDC will focus on approving the annual budget bill for the year 2024, which should be completed by the first quarter of 2023 at the latest.

 

Consultations with the Bureau of Budget and state enterprises have outlined around 1.05 trillion baht for public sector investment entering the system in the fourth quarter of 2022, with another 50 billion baht in the first quarter of 2023. Together, these investments would provide approximately 1.8-1.9 trillion baht to support the Thai economy.

 

by Nattapong Westwood

Photo Courtesy of KhaoSod

 

Full story: https://thethaiger.com/news/national/thailand-plans-1-9-trillion-baht-boost-to-support-economy-amid-new-government-transition

 

-- © Copyright Thaiger 2023-06-22

 

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[Lucky Bones]

Now just remind me.

Who is the current govt?????????

[smedly]

52 minutes ago, webfact said:

Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports

you had 10 years in office to make a difference, you should not be allowed to do this, it is for the new government to approve budgets this massive

[RichardColeman]

3 hours ago, webfact said:

With an expected increase in foreign tourists and strong private consumption, the Thai economy is expected to remain healthy.

These people seem to pay no attention whatsoever to outside of Thailand financial news 

[stoner]

9 minutes ago, RichardColeman said:

These people seem to pay no attention whatsoever to outside of Thailand financial news 

there is a world outside of thailand ?

[sammieuk1]

With scam after scam being revealed on a daily basis I think the country's injecting itself already ????

[hotchilli]

23 minutes ago, RichardColeman said:

These people seem to pay no attention whatsoever to outside of Thailand financial news 

There's a world outside of Thailand?

 

[zzaa09]

Who really benefits from these financial boosters?

 

[RichardColeman]

23 minutes ago, stoner said:

there is a world outside of thailand ?

There wasn't when I used the go-go's

[dinsdale]

Fairly sure this is not the job of a caretaker govt.

[zzaa09]

14 minutes ago, RichardColeman said:

There wasn't when I used the go-go's

Ahhh, yes - the good old days. 

????

[Walker88]

Okay, beancounters, that 'stimulus' represents about 11% of Thailand's GDP. It seems a rather aggressive action for a caretaker government, as if it's a going away present for people drinking at the public trough. Call me a cynic, but I see lots of Lamborghini Aventadors in the ex-government's future.

 

Also, some of this statement:

 

"With an expected increase in foreign tourists and strong private consumption, the Thai economy is expected to remain healthy."

 

.....seems at odds with yesterday's announcement about record household debt.

 

Perhaps getting the new government settled before inflicting this massive new debt on it, letting them decide what is needed and where, would be wiser and fairer to them.

 

On the tourism side, provided the world doesn't slip into Recession, the combination of falling exports and this new debt should put downward pressure on the baht and theoretically make Thailand a more attractive destination.

[Muhendis]

1 hour ago, zzaa09 said:

Who really benefits from these financial boosters?

 

Government workers probably.

[edwinchester]

This is another reason to get rid of the ridiculously long handover period between the outgoing Govt and the new.

[h90]

5 hours ago, smedly said:

you had 10 years in office to make a difference, you should not be allowed to do this, it is for the new government to approve budgets this massive

he is less than 3 years in office....

[Guderian]

6 hours ago, webfact said:

unveiled plans to inject 1.9 trillion baht into their own pockets the Thai economy

The last chance for the outgoing bunch... too good to miss.

[h90]

2 hours ago, Walker88 said:

Okay, beancounters, that 'stimulus' represents about 11% of Thailand's GDP. It seems a rather aggressive action for a caretaker government, as if it's a going away present for people drinking at the public trough. Call me a cynic, but I see lots of Lamborghini Aventadors in the ex-government's future.

 

Also, some of this statement:

 

"With an expected increase in foreign tourists and strong private consumption, the Thai economy is expected to remain healthy."

 

.....seems at odds with yesterday's announcement about record household debt.

 

Perhaps getting the new government settled before inflicting this massive new debt on it, letting them decide what is needed and where, would be wiser and fairer to them.

 

On the tourism side, provided the world doesn't slip into Recession, the combination of falling exports and this new debt should put downward pressure on the baht and theoretically make Thailand a more attractive destination.

It is complete madness and sign of not understanding economics....Instead of spending that money, they should make Thailand more attractive for business....spend the money to install more power generation to have cheaper electric, lower taxes and duties, reduce buerocracy.

Not hand out money that boast the economic for an year and than the next 10 years we pay back the debts with ever increasing taxes.

[smedly]

7 minutes ago, h90 said:

he is less than 3 years in office....

it is the same administration no matter whos name is on the door all under the control of Prayuth, the have no right to spend 1.9 trillion baht as a caretaker government, that is quite shocking and should be blocked immediately, looks to me like they are trying to destroy the finances before the new government takes office, it might even be an attempt to fill their pockets one last time - where there's a budget they can fudget

[expat_4_life]

In the midst of a surge in inflation, increasing the money supply seems ill-advised.

[bamnutsak]

I think that this is a "proposal", and that the NESDC does not have control of the Kingdom's purse-strings. They're more of a planning and analysis organization.

 

The fiscal year runs 1 Oct - 30 Sep, so unless the NESDC knows something we don't the next Parliament should be able to pass a 2024 budget.

 

 

 

 

[mikebell]

2 hours ago, Muhendis said:

Government workers probably.

Politicians don't work they merely suck blood.

[h90]

50 minutes ago, smedly said:

it is the same administration no matter whos name is on the door all under the control of Prayuth, the have no right to spend 1.9 trillion baht as a caretaker government, that is quite shocking and should be blocked immediately, looks to me like they are trying to destroy the finances before the new government takes office, it might even be an attempt to fill their pockets one last time - where there's a budget they can fudget

Yes....if it is not Prayut he should stop it....1.9 trillion is over the top crazy....

[h90]

25 minutes ago, mikebell said:

Politicians don't work they merely suck blood.

Yes the worst are the active one.....the lazy are the least harmful.

And when you look at politician in any country. Most had never any normal productive job. That why they are so disconnected with reality.

[billd766]

6 hours ago, dinsdale said:

Fairly sure this is not the job of a caretaker govt.

AFAIR, the caretaker government is not allowed to commit ANY incoming government to any spending or new projects.

[Dah fahrang]

A scorched earth policy is a last-ditch attempt to deter a hostile takeover by making the target company unattractive to the potential acquirer. Tactics include selling off prized assets, racking up mountains of debt, and promising management substantial payouts in the event that they are one day dismissed.

 

Well used throughout history. Nothing new here. 

[Gknrd]

10 hours ago, zzaa09 said:

Who really benefits from these financial boosters?

 

The boosters mostly going on past performance.

[h90]

After thinking about it, I think it is a nothingburger.

You can't spend 19 trillion very fast and before the new government is in power and there must be some approval process as well.

So I think it is just propaganda...he says everyone get free money and 3 times per year will be christmas and than the new government must say no to the nonsense and is the bad guy....

[Joseph98765]

don't you dare touch more money! leave the new government decide that... you are done long time ago!

Can someone show him the exit... pleaseeee??

[sherwood]

Here comes the Submarines, and a couple of required tug boats.

This country is a mad house.

What was that about someone fiddling whilst the country burned.

Hang the lot of em.

Start at the very top, the dirty counts.

[Mavideol]

10 hours ago, zzaa09 said:

Who really benefits from these financial boosters?

 

maybe the current care taker government, there is some space left in their pockets that needs to be filled up