Thai economy faces scrutiny amid recession fears and slow pandemic recovery

[snoop1130]

 

The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic.

 

Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy statement on economic recovery plans.

 

The government’s stimulus projects like the 10,000-baht digital wallet scheme, which requires an estimated 560 billion baht budget, have raised questions about the sourcing of funds. Despite this, independent political and economic analyst, Somjai Phagaphasvivat, argued that there are no signs of a recession in the Thai economy.

 

“The chance of a recession is very low unless there is an economic crisis, such as a rapid surge in energy prices.”

 

Somjai also highlighted the government’s economic stimulus measures, including the digital currency handout scheme, which is projected to add 1% to GDP growth next year. The National Economic and Social Development Council previously reduced its economic growth forecast for 2023 to 2.5-3% due to the global economic slowdown.

 

By Alex Morgan

Caption: Photo taken from the Bangkok Post

 

Full story: The Thaiger 2023-09-18

 

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[hotchilli]

Thailand would never admit to being in recession even if it was in the depths of one..

[Lucky Bones]

I don't think anything matters in Thailand or anywhere else.

Bangkok people still go to the office. Farmers will farm.

Same as every country.????????

[RichardColeman]

But, but, a billion chinese are coming.......

[Cake Monster]

3 hours ago, hotchilli said:

Thailand would never admit to being in recession even if it was in the depths of one..

I am not so sure that the Country is very near Recession already

The Gov,t are going to great pains to try and paint over the massive amount of Household Debt, with Debt Moratoria and other measures for some 7 Million Farmers Etc

There is now talk of trying to aid the Car Borrowers that are in Debt, which comes as no surprise to me, as over 30 % of Vehicle Loans are either in NPL territory or under some Debt management Scheme or another

This huge amount of Debt ( 15 Trillion Baht - 80 % of it unsecured ) has to put pressure on the Gov,t borrowing and means to Finance its giveaway Policies 

 

[retarius]

Buy a few more amulets, that will restart the growth back to the levels seen in the Good Ole Thaksin and Yingluck days.

[shackleton]

It's not called Teflon Thailand for nothing ????

[Adumbration]

Bankrupt.  Same as the Junta in Myamar.  And now employing the same cash grab tactics by taxing incoming payments from abroad.

[SiSePuede419]

Recession?  Why I made 10,000B from the Longan harvest this year.  How will I be able to spend so much money ????