Economy takes centre stage as Pheu Thai-led coalition set to take office

[webfact]

 

Three months of uncertainty and anxiety for Thailand’s economy and the business sector ended last week as Parliament finally elected the country’s 30th prime minister after the May 14 general election.

 

The election of Srettha Thavisin, coalition leader Pheu Thai Party’s prime minister candidate, on August 22 has come as a relief to business leaders, injecting optimism into the economy.

 

The election of the PM paves the way for government formation.

 

Sanan Angubolkul, chairman of the Thailand Chamber of Commerce, said many concerned parties wanted the new government to be formed quickly so it could start addressing economic issues. He said the government in the first 100 days in office should move fast to address the high cost of living, promote tourism, accelerate government spending and formulate an expenditure plan for fiscal 2024.

 

Full story: https://www.thaipbsworld.com/economy-takes-centre-stage-as-pheu-thai-led-coalition-set-to-take-office/

 

-- Thai PBS 2023-08-28

 

- 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.

 

Get our Daily Newsletter - Click HERE to subscribe

[John Drake]

Srettha making the investor class happy, along with Big Business, the mega project backers in government, and the military. The man has sold out totally.

[Eric Loh]

11 minutes ago, John Drake said:

Srettha making the investor class happy, along with Big Business, the mega project backers in government, and the military. The man has sold out totally.

The government will only begin work in mid-September and the new cabinet has not be appointed and policies not yet presented to Parliament after taking the oath of allegiance. 

[mikebell]

1 hour ago, webfact said:

so it could start addressing economic issues.

Like who gets what?

[John Drake]

And another campaign promise bites the dust.

 

 

[retarius]

27 minutes ago, John Drake said:

Srettha making the investor class happy, along with Big Business, the mega project backers in government, and the military. The man has sold out totally.

I don't much care if he "sold out", I was never a member of the MF fan club. But I do care that he gets the economy, which is in sink mode with Prayut's massive borrowing campaign. I'd like to see him do something for the poor people In Thailand.

 

I heard Srettha wants a 600 baht minimum daily wage. On strictly moral grounds I support it, but on economic grounds it will be a disaster and isn't going to bring any foreign investment which is currently fleeing Thailand and going to Vietnam where the wages are cheaper. Globalisation appeared to be dead and relying on exports is a strategy that will not bring good results. Exports are in a downwards spiral and tourism isn't delivering hampered as it is by taxi scams which ensure that quality tourists don't return for a second visit. A 600 baht wage will increase the price of hotels which will kill off a few more tourists including domestic ones. Overall the picture looks bleak. 

 

I'd give a thought to increasing the taxes on the mega rich and giving the money to poor people to spend on food, soap, TVs and furniture. and the necessities of life. 

[mfd101]

1 hour ago, retarius said:

I don't much care if he "sold out", I was never a member of the MF fan club. But I do care that he gets the economy, which is in sink mode with Prayut's massive borrowing campaign. I'd like to see him do something for the poor people In Thailand.

 

I heard Srettha wants a 600 baht minimum daily wage. On strictly moral grounds I support it, but on economic grounds it will be a disaster and isn't going to bring any foreign investment which is currently fleeing Thailand and going to Vietnam where the wages are cheaper. Globalisation appeared to be dead and relying on exports is a strategy that will not bring good results. Exports are in a downwards spiral and tourism isn't delivering hampered as it is by taxi scams which ensure that quality tourists don't return for a second visit. A 600 baht wage will increase the price of hotels which will kill off a few more tourists including domestic ones. Overall the picture looks bleak. 

 

I'd give a thought to increasing the taxes on the mega rich and giving the money to poor people to spend on food, soap, TVs and furniture. and the necessities of life. 

Yes, the mega-rich could certainly do with being taken down a peg or 3.

 

As to the minimum wage (as Australia is rediscovering under a Labor Government), increasing wages without first increasing productivity through technology & education simply produces runaway inflation.

 

Podactif wot dat?

[hotchilli]

3 hours ago, webfact said:

The election of Srettha Thavisin, coalition leader Pheu Thai Party’s prime minister candidate, on August 22 has come as a relief to business leaders, injecting optimism into the economy.

A relief?

With every man and his dog [except MFP] in the coalition I'm not sure if they'll ever agree on anything.

 

[hotchilli]

2 hours ago, John Drake said:

Srettha making the investor class happy, along with Big Business, the mega project backers in government, and the military. The man has sold out totally.

Sold out or bought in?

[sscc]

16 minutes ago, hotchilli said:

Sold out or bought in?

Neither. 

 

This new Prime Minister Srettha has very little political experience. 

But he has own idea.  ( At least smart enough to play and keep his cards close to chest so far ) 

 

And much unlike the young lady with no political experience either and keeps calling up her father about everything.    So they replaced her and not gave her the PM job.  

 

"Sold out",   "bought in" were just agenda-hidden,  badmouthing by the expat communities.  

 

 

 

[hotchilli]

7 minutes ago, sscc said:

This new Prime Minister Srettha has very little political experience. 

But he has own idea.

Maybe he has his own ideas but the master players behind him will tell him what he can and can't do.

This is not the same as his company where he was the boss, this is politics.

[Srikcir]

3 hours ago, Eric Loh said:

The government will only begin work in mid-September and the new cabinet has not be appointed and policies not yet presented to Parliament after taking the oath of allegiance. 

FY 2024 begins Sept. 1, 2023 with no new funding, means budget may default to FY 2023 until the government and Parliament pass a new budget. In the interim that may mean government debt defaults, lower imports with a higher baht exchange rate, higher cost of government operations impacted by inflation.

 

PS: the government continues to delay implementation of the Act of Prevention and Suppression of Torture and Enforced Disappearance. In February 2023 the government approved a decree (?) to postpone until October 1, 2023 when it should have all the equipment purchased and training completed. But with no new budget? Seems convenient if protests become "ambitious" against the new government. 

[Eric Loh]

22 minutes ago, Srikcir said:

FY 2024 begins Sept. 1, 2023 with no new funding, means budget may default to FY 2023 until the government and Parliament pass a new budget. In the interim that may mean government debt defaults, lower imports with a higher baht exchange rate, higher cost of government operations impacted by inflation.

 

PS: the government continues to delay implementation of the Act of Prevention and Suppression of Torture and Enforced Disappearance. In February 2023 the government approved a decree (?) to postpone until October 1, 2023 when it should have all the equipment purchased and training completed. But with no new budget? Seems convenient if protests become "ambitious" against the new government. 

There will be considerable delay for the budget bill to get final endorsement. The FY2024 budget framework has been approved at 3.35 trillion Baht in January. When the new government is formed, I am sure they will want to review the framework as they want to fix into their policy pledges. Then it is down to debate and voting in the House of Representatives and to the senates to finish their deliberation before final endorsement. The new government would have to work hard and fast to finalized the budget details. 

[zzaa09]

5 hours ago, John Drake said:

Srettha making the investor class happy, along with Big Business, the mega project backers in government, and the military. The man has sold out totally.

To be expected, yes?

Isn't that what they all do. 

[SoilSpoil]

5 hours ago, retarius said:

I don't much care if he "sold out", I was never a member of the MF fan club. But I do care that he gets the economy, which is in sink mode with Prayut's massive borrowing campaign. I'd like to see him do something for the poor people In Thailand.

By giving them a 10,000 handout paid either through tax collection (also poor people pay tax!) or bonds. This handout then needs to be spent in affiliated businesses. Genius. A handout to the people, paid by the people.

[mfd101]

3 hours ago, hotchilli said:

Maybe he has his own ideas but the master players behind him will tell him what he can and can't do.

This is not the same as his company where he was the boss, this is politics.

At least in the shortish term - say, to May next year - he's in a position to stare down his internal opposition and get his own way. The dinosaurs are still licking their wounds.

 

Propaganda-wise he looks good in all the photos & vids. Towering over everyone else, a useful symbolism when you're in politics.