79% of Thais want digital wallet money to spend – NIDA Poll

[jacko45k]

On 10/23/2023 at 10:18 AM, Mike Lister said:

Only in the dreams of you and the political statistics makers is inflation in Thailand 1%. Over 53% of the Thai economy is grey hence nobody truly knows what the inflation level is but it certainly isn't 1%.

One can only go by the data out there. 

https://tradingeconomics.com/thailand/inflation-cpi

[Mike Lister]

4 minutes ago, jacko45k said:

One can only go by the data out there. 

https://tradingeconomics.com/thailand/inflation-cpi

There are two problems, the first being that the data is incomplete, because of the grey economy and the second, the term inflation needs qualification before it can be expressed. A blanket statement that inflation here is 1% is really quite meaningless for either reason. 

[jacko45k]

8 minutes ago, Mike Lister said:

There are two problems, the first being that the data is incomplete, because of the grey economy and the second, the term inflation needs qualification before it can be expressed. A blanket statement that inflation here is 1% is really quite meaningless for either reason. 

And where is the data coming from that gives you the information to dispute the numbers?

[Mike Lister]

7 minutes ago, jacko45k said:

And where is the data coming from that gives you the information to dispute the numbers?

Government. The Thai Revenue Dept admits that the tax net includes only 11% of the population, that's 11% of the workforce which is 39 million people, that calculation along with independent estimates, suggest that over 53% of the economy comprises under table earnings, that's the grey economy.

 

"An informal economy (informal sector or shadow economy) is the part of any economy that is neither taxed nor monitored by any form of government. The size of Thailand's informal economy is estimated to be 46.2% which represents approximately $848 billion at GDP PPP levels".

 

So, if you can't monitor those earnings you can't measure the rate at which inflation is prevalent. But if you then try to measure it using anecdotal evidence such as the things we see and know when we go shopping, we absolutely agree it is far higher than 1%.

 

 https://www.worldeconomics.com/National-Statistics/Informal-Economy/Thailand.aspx#:~:text=An informal economy (informal sector,billion at GDP PPP levels.

Edited October 28, 2023 by Mike Lister

[Mike Lister]

53 minutes ago, jacko45k said:

And where is the data coming from that gives you the information to dispute the numbers?

My wife is self employed, she runs a bakery business from home that is in its fifth year and turns over in excess of 1 mill. every year. Her business is reliant on about 15 suppliers, all of whom have raised their prices, on average, by 10% per year, for the past three years, this years looks like it will be more of the same thing. That means she has to raise her prices by 10% just to remain at the same profit level. My wife is registered for tax but not many of her suppliers are, many of whom are via shoppee or lazada or small local businesses that get paid cash!

[KannikaP]

On 10/16/2023 at 8:54 AM, Jenkins9039 said:

In theory it shouldn't drive up inflation, as expats will be paying for it 

Please explain, thanks.

[Thingamabob]

This is a despicable act of vote buying. It will be a financial disaster. Sad that so many Thais appear to fall for a scam such as this.

[jacko45k]

22 hours ago, Mike Lister said:

My wife is self employed, she runs a bakery business from home that is in its fifth year and turns over in excess of 1 mill. every year. Her business is reliant on about 15 suppliers, all of whom have raised their prices, on average, by 10% per year, for the past three years, this years looks like it will be more of the same thing. That means she has to raise her prices by 10% just to remain at the same profit level. My wife is registered for tax but not many of her suppliers are, many of whom are via shoppee or lazada or small local businesses that get paid cash!

Coincidentally visited a restaurant  last night that appeared to have put up their prices around 10% since last visit too!

[Mike Lister]

2 minutes ago, jacko45k said:

Coincidentally visited a restaurant  last night that appeared to have put up their prices around 10% since last visit too!

More anecdotal data is my own personal spending levels.

 

For many years we've existed comfortable on the same level of spend every month and that has driven the amount much of my financial planning. For at least the past year, I have exceeded the previous level almost every month by up to 10%. We're not living any differently, we've not had any unusual out of budget expenses, it's simply costing more to live.

[soi3eddie]

On 10/15/2023 at 8:58 PM, webfact said:

PRIME MINISTER SRETTHA Thavisin said today (Oct.14) a sum of 10,000 baht in digital wallet will be delivered to each of the eligible people on February 1, 2024.

Surely that date is wrong. Didn't he mean to say "1st April" ?

 

[soi3eddie]

On 10/16/2023 at 3:18 AM, Karma80 said:

Then they will just go back to using cash and prompt pay. Businesses will still enjoy instant transfers. Prompt pay will continue to drive instant settlements across ASEAN.

Yes. Until cash and prompt pay are banned as illegal. The 10,000 Baht free money won't seem so sweet then!

 

[Lucky Bones]

On 10/23/2023 at 10:11 AM, sscc said:

 

The current inflation rate in Thailand is around 1%,  and you are concerned about inflation rate in Thailand  ?  

 

May as well be known that  you DO NOT like the Thai live happily in both short and long run. 

 

 

I have never seen the basic street foods inflate by 1%. Noodles, chicken rice etc always inflate by at least 5 baht. Anyone who occassionally eats from a street vendor or restaurant has seen 10%, to 25% increases.

Generally even the smallest increase at Big C, Lotus's or 7/11 equate to 10%.

There are official inflation numbers and then there is reality.🙃🙃

[Mike Lister]

2 minutes ago, Lucky Bones said:

I have never seen the basic street foods inflate by 1%. Noodles, chicken rice etc always inflate by at least 5 baht. Anyone who occassionally eats from a street vendor or restaurant has seen 10%, to 25% increases.

Generally even the smallest increase at Big C, Lotus's or 7/11 equate to 10%.

There are official inflation numbers and then there is reality.🙃🙃

Exactly, has anyone ever in the history of mankind, walked into a food court in Thailand and seen any dish with a price ending in any number apart from zero or five!