Is Thailand heading towards an economic crisis?

[Lancelot01]

On 11/30/2023 at 2:16 PM, 1FinickyOne said:

Is the entire world heading for a financial crisis?

We're doomed Captain Mainwaring!

[Mike Lister]

On 11/30/2023 at 3:06 PM, connda said:

The world economies most of which are fueled on debt are all on the cusp of "Economic Crisis."

When i first arrived here, the price of gold was 12K THB / baht-weight.  It will be 36K (if not more) by the end of 2024 (maybe the end of March 2024).  Current value of 23 karat Thai gold per baht-weight is 33.5K THB which is up 1000 THB over the last month.  Gold is up from 29.2K THB over the last year.
Does this mean that the value of gold has tripled?  Nope.  It means the value of Thailand fiat money has been discounted by 65+% relative to gold, and you CAN see this in the inflation of prices over the last 15 years.  The value of gold move inversely to the value of debased national fiat currencies.  Governments lie about the real value of their debased currencies and real inflation.  The value of gold relative to currencies does not lie.

The debt bubble will blow - not "If" but "When."  Highly leveraged and indebted nations will fall.  Read history.  The Depression, and its effect on the global economy.  And when the banks and the economy collapse?  Well, read up on one of the most recent collapses in Argentina 1998 to 2001.  Find some first hand accounts.  It's not pretty, especially when a nation and a people are forced down to the bottom of the Maslow's Hierarchy of Needs.

What's at the end of the line?  World War, imho, that will support Neo-Totalitarianism in most countries and the rise of Neo-Fascism in many of what are currently referred to as "liberal democracies." 

Once again your post doesn't make sense. The price of gold today is USD 2,041 per Troy ounce or THB 71,665 per Troy ounce. Gold in Thailand is sold by the Baht weight which equals 0.47 Troy ounces and today is Baht 34,000 per Baht weight, exactly the same as if the gold were bought anywhere, in any currency and in any amount. You say that reflects that the value of Thai flat money has been discounted by 65% which I say is utter nonsense and totally incorrect. The value of Thai Baht to USD and gold is exactly the same.

[Kalasin Jo]

On 11/30/2023 at 2:08 PM, The Cyclist said:

Do none of these clowns never consider that infinite growth is impossible on a planet with finite resources ?

The clowns are not just Thai politicians and economists. Worldwide, economic growth is still the mantra in every developed country. At what cost and for who's benefit are questionable. We know the so called trickle down domestic growth model is a failure or more correctly a con, the rich prefer to keep and grow their wealth not share some of it with the masses. It's human nature isn't it to do so if you can? Rich countries would rather sell arms to poor/ undeveloped countries than provide aid for their starving populations. Whilst most systems of state taxation favour the wealthy and punish the workers.. The UK being a prime example where the bosses pay a far lower % of their earnings in direct and indirect tax  than those who work for them. That is if they pay any tax at all...think offshoring and "non dom' status.

[Paris333]

I'm sorry to disappoint you, but economists have predicted that if the Asian crisis doesn't blow up again, the world economy will not recover. 

[Mike Lister]

3 hours ago, Paris333 said:

I'm sorry to disappoint you, but economists have predicted that if the Asian crisis doesn't blow up again, the world economy will not recover. 

What utter nonsense and rubbish!

[Mike Lister]

11 hours ago, off road pat said:

Excellent piece, thx for the information !

An excellent piece, it's just unfortunate there are no facts in it! The price of gold is the same, regardless of whether it is purchased in USD, THB or using conch shells.

[metisdead]

Inflammatory posts and replies contravening our Community Standards have been removed.

[Sydebolle]

The professor is in the wrong line of duty, he should have become a diplomat with his referral to being "open for interpretation" ..... truer words never spoken.

Should the boys go ahead with their THB 560'000'000'000 cash avalanche, then the government (not having a single cent of their own) will have to borrow that from third parties. 
No commercial bank in their right mind will borrow them anything so that leaves the "government" banks left behind on the ice rink. Should, repeat, SHOULD, that mad idea go ahead, then a government bank will distribute that loan and subsequently go bankrupt - remember 1998, when all the banks parked their dodgy deals into finance companies they owned? Next step was to let those finance companies go down the abyss; of 57 some 56 went belly up. 

Whichever way, the tax payer will foot the bill one or the other way, so in essence the Bangkokian tax payer will pay for a populistic election promise-cum-post-vote-buying to the benefit of the 75% upcountry voters who have not the slightest idea, what all this is all about.

But in true Thai fashion "happy happy happy" with lots of supply of "Baht" manna from heaven, to be invested in lottery tickets, local firewater and other essentials of Khon Thai to the utter frustration of those Thais, who have arrived in the 21st century! 

In closing, no surprises here as the voter, tax payer and backbone of this country has not been asked about the imminent survival need of Chinese built submarines - albeit without engines - to stir the shallow waters of the Golf of Thailand - and reminds of earlier hat tricks by another complete idiot who "preferred" an aircraft carrier built in Spain and ever since gets grown to the port bay of Sattahip thanks to all those barnacles who seem, apart from the admirals and the children on "National Children's Day" in January each year, "happy too much" ;-) 

[The Cyclist]

11 hours ago, Kalasin Jo said:

The clowns are not just Thai politicians and economists. Worldwide,

 

 I agree. There are 1000's of the clowns currently in Dubai, having mostly flown in by Private Jet for COP 28.

 

The irony of their actions totally escapes them.

[Hawaiian]

On 11/29/2023 at 11:03 PM, spidermike007 said:

Thailand has still not made anywhere near a full recovery, there are so many problems around the world, the economy in China is terrible, many other countries are near recession, and airfares are way up. This high season will not be anything special. Last year I went to Samui during absolute peak season, on a last minute whim. I looked up hotel bookings and was surprised to find a lot of hotels were available and the prices were relatively low. That's never happened before in peak season, where Samui used to enjoy occupancy rates well over 90%. I don't expect it to be that much better this year, than last.

 

Thailand is no longer attracting very many Western tourists for a dozen very good reasons. Right now it is predominantly Malaysian, Indian, Arab, Chinese, and Russian. One could argue that these are relatively low quality tourists, in terms of the amounts of money that they spend. Sure you have a few wealthy Russians and some wealthy Chinese, but most are lower to middle income and don't spend alot. This process will not be reversed until the authorities wake up and make some sacrifices such as lowering luxury taxes, lowering wine taxes, cleaning up the air, making the highways safer, allowing more private air travel, helicopter travel, high-speed trains and alternatives to the totally choked and extremely hazardous highways.

 

Prices are up, inflation continues its march, and income for many Thais who are not successful entrepreneurs, or government workers, is down. Tourism will not recover anytime soon. The quality of tourists continues to drop, the average spend is down, and occupancy rates are low. In addition, exports are down, and we have not even seen a real recession hit yet overseas. Nor has the market correction come yet. So, there is still alot of headwind that Thailand faces.

 

For now, its future has been stolen once again by the army thieves and goons. The army is no doubt the enemy of the people, and so is the new stooge PM. The recent election shows that the people are both sick of being led by highly ignorant dinosaurs, with no interest in progress, and are interested in smart, young folks, who are serious, accomplished, capable of change, and interested in insuring that Thailand has a good future. Pita is exactly what this nation needs, at this point in time. However, he was too progressive, and the goons had to stop him, in the name of regression.

Have to agree with you about occupancy rates.  Last month we stayed at a 20 acre resort in Petchaburi. We were guests of a local resident who insisted on paying for our 2 day stay.  Checking the rates online, they were advertising a 33% discount, including breakfast.

At breakfast in the huge luxurious dining room there were only three tables occupied.  According to our guest, the place was always packed with Thais before Covid.  Now, almost deserted.  The owner is a wealthy ceramic tile and roofing manufacturer.  It remains to be seen how long they will can afford to stay open.

Breakfast

[connda]

On 11/30/2023 at 4:03 PM, spidermike007 said:

Thailand has still not made anywhere near a full recovery, there are so many problems around the world, the economy in China is terrible, many other countries are near recession, and airfares are way up. This high season will not be anything special. Last year I went to Samui during absolute peak season, on a last minute whim. I looked up hotel bookings and was surprised to find a lot of hotels were available and the prices were relatively low. That's never happened before in peak season, where Samui used to enjoy occupancy rates well over 90%. I don't expect it to be that much better this year, than last.

 

Thailand is no longer attracting very many Western tourists for a dozen very good reasons. Right now it is predominantly Malaysian, Indian, Arab, Chinese, and Russian. One could argue that these are relatively low quality tourists, in terms of the amounts of money that they spend. Sure you have a few wealthy Russians and some wealthy Chinese, but most are lower to middle income and don't spend alot. This process will not be reversed until the authorities wake up and make some sacrifices such as lowering luxury taxes, lowering wine taxes, cleaning up the air, making the highways safer, allowing more private air travel, helicopter travel, high-speed trains and alternatives to the totally choked and extremely hazardous highways.

 

Prices are up, inflation continues its march, and income for many Thais who are not successful entrepreneurs, or government workers, is down. Tourism will not recover anytime soon. The quality of tourists continues to drop, the average spend is down, and occupancy rates are low. In addition, exports are down, and we have not even seen a real recession hit yet overseas. Nor has the market correction come yet. So, there is still alot of headwind that Thailand faces.

 

For now, its future has been stolen once again by the army thieves and goons. The army is no doubt the enemy of the people, and so is the new stooge PM. The recent election shows that the people are both sick of being led by highly ignorant dinosaurs, with no interest in progress, and are interested in smart, young folks, who are serious, accomplished, capable of change, and interested in insuring that Thailand has a good future. Pita is exactly what this nation needs, at this point in time. However, he was too progressive, and the goons had to stop him, in the name of regression.

I agree with a lot of what you say.  I might counter you on the issue of "quality of tourists."  From an economic stand-point, revenues can be derived from a wide mix of tourist from varying economic strata.  Everyone fills a niche from the Cheapest Charlie swilling beer in front of a 7/11 to the George Soros types living, dining, and working well out of sight of the commoners and 'little people.'  Exploiting economic niches requires understanding your customer-base and modifying prices to maximize revenues.  Economics 101.  So Thailand can cater to the "Well-Heeled Wealthy Foreigners Of Means" but that approach isn't going to stimulate the entire economy.  In fact it will only stimulate a relatively small section of the economy which is already rich and wealthy to obscene levels. 
A truly effective strategy to maximize revenues generated by tourism will be to identify and cater to each economic niche and do so by manipulating the cost of goods and services to match means of all tourists visiting Thailand.

What Thailand needs are individuals who are actually well-versed in marketing (and propaganda for that matter) and then appeal to each of those groups using different strategies.  The problem for Thailand though is that it doesn't seem to have anyone who understands marketing and economics, and who is in a position to implement those strategies nationwide.  The problem being, Thai like that don't exist.

Thailand needs to seriously become less nationalistic, open up the country by easing visa requirements, and really welcome foreign businesses as well as those expats injecting a million or so into the Thai economy every year - like many expat retirees and guys like myself who have been married to a Thai national for the upside of two decades.
This country should welcome guys like me who could open a small business and hire Thais if the bar for entrance into creating a small business wasn't set so high.  Hell, a Thai with a green card in the US can open any business they wish.  They can hire an all Thai staff if they wish.  The same should apply here.  What Thailand needs to allow economic growth that is created by foreigners seeking to leverage economic niches within Thailand that in turn focus on foreign tourists in a manner that nationalistic Thais with poor English-skills as well as marginal business skills. 

But?  It ain't going to change.  And tourism will continue it's downhill spiral.  Look at COP28 in the UAE.  A bevy of billionaire and their government apparatchiks flying their CO2 spewing private jets in order to get together and pave the way for laws to keep the rest of the planet's population from flying or driving.  Neo-Feudalism in the name of "Boiling Oceans" and other BS tropes.  Now, there's a boon for the future of tourism don't ya think? 

[JensenZ]

On 11/30/2023 at 2:16 PM, 1FinickyOne said:

Is the entire world heading for a financial crisis?

The whole world has to pay the cost of Covid and the massive devaluation of most currencies due to QE. Payback started last year with massive inflation the world over and still has a long way to go. I suggest the real estate market is next to fall. Everyone has to pay back all the free money people were paid not to work.

[JensenZ]

5 hours ago, Hawaiian said:

Have to agree with you about occupancy rates.  Last month we stayed at a 20 acre resort in Petchaburi. We were guests of a local resident who insisted on paying for our 2 day stay.  Checking the rates online, they were advertising a 33% discount, including breakfast.

At breakfast in the huge luxurious dining room there were only three tables occupied.  According to our guest, the place was always packed with Thais before Covid.  Now, almost deserted.  The owner is a wealthy ceramic tile and roofing manufacturer.  It remains to be seen how long they will can afford to stay open.

Breakfast

It's not all doom and gloom. I stayed at the 5-star Gems Mining Pool Villa in Pattaya 2 weeks ago, for 2 nights. They were doing very well, even with room rates over 7,000 baht per night for their cheapest rooms. Our room was over 10,000 per night. The breakfast room was quite busy.

[JensenZ]

On 12/1/2023 at 6:17 PM, Mike Lister said:

Once again your post doesn't make sense. The price of gold today is USD 2,041 per Troy ounce or THB 71,665 per Troy ounce. Gold in Thailand is sold by the Baht weight which equals 0.47 Troy ounces and today is Baht 34,000 per Baht weight, exactly the same as if the gold were bought anywhere, in any currency and in any amount. You say that reflects that the value of Thai flat money has been discounted by 65% which I say is utter nonsense and totally incorrect. The value of Thai Baht to USD and gold is exactly the same.

Yes, I got quite a laugh reading about how the price of gold is different in Thailand than anywhere else. They certainly don't understand the gold market.

 

You can buy 99.99% pure gold in Thailand.

 

Current Gold Price

 

96.5% (baht measurement) hit 34,000 before closing on Friday. Spot Gold hit a record high of $2075 about 3 hours before close, closing at $2072.

 

What makes Thailand special for gold trading is you can buy and sell it anonymously, and you pay a low commission. It's just about as easy to buy and sell as getting milk at the local 7-Eleven if you live in places like Pattaya. Most people waste money buying jewelry, but you can get bars at any gold shop, with lower commissions and no manufacturing markup.

[lapamita]

ON brink of a worldwide standstill begann end of the 90s , with the "starter" 2008

end of the 90s alan greensp introduced  " the  hedonic CPI"  ,in real it means reducing official inflationrates and therefore accelarte growth on the paper

mid 2000  "the new financial area" with excessive moneysupply and low intrests

the reducing of  " informal economy"*** lead to less purchasingpower in the "normal" population 

the shift of blackmoney from the "normal " to the richs , where money is not turning back into the economys , its turning to stupid investment and specualation or hording in "dead" acounts , this exesses you see worldwide in front of your windows

Concentration of money in multinational mega companys and banks, what lead to massive failures of small buissenes ,and less incomming for the " normal"

2008 the  "card blanche" issued to banks and gamblers by the Fed and Ezb, and the "liars" promisses of ezb and fed  to reduce or spinn off banks into corperate banks and investemnrt banks, today they bigger than ever " to big to save"

since 2008 a massive amount of companys ,i call them "zombicompanys" who only "depend on credit " now-and in the  future

Result : less purchasingpower for the "normal" this is a worldwide phenomen , excessive depts , and money within the superrichs ( talking about 50 mb usd and up), that national economies debrived off 

 

reversing is not an option of the goverments , so the end is clear ( reversing in my opinion is even to late since 2008)

 

*** i am a backer of an economic theory of " that a state without informal buissenes is not healthy" reason if big amounts of black money within the normal propulation ,lead to more purchasingpower and returning into the cycle , producing taxes like vat and excise dutys , what further strenght the local economy, by taxing them it reduce 50% of the power. where on the other hand the " superrichs pay only most less than 5% of taxes if at all , its a absolute "fatal" to a healty economy, and  to an " economy with informal buissenes",what i support , with heavy consequences to the population and state

[Hawaiian]

14 hours ago, JensenZ said:

It's not all doom and gloom. I stayed at the 5-star Gems Mining Pool Villa in Pattaya 2 weeks ago, for 2 nights. They were doing very well, even with room rates over 7,000 baht per night for their cheapest rooms. Our room was over 10,000 per night. The breakfast room was quite busy.

If we wanted to pay over 10,000 baht a night we would be visiting Japan, a country where I speak the language and have been all over from Hokkaido to Kyushu.  Japan, today, has become a bit pricey even with the yen at 150 to the dollar.

As far as Thailand goes we prefer the countryside and bungalow style accommodations.  We visit Thailand once or twice a year, staying a month at time.  Can't see paying so much for a room that we would spend so little time in because we are out and about with friends.  The place we stayed at in Petchaburi is located on a 60 rai property, in the middle of nowhere.  We are quite content to look after ourselves and don't need a lot of fancy amenities.  Advertised rates were around 1,800 baht with a 33% discount.   The peace and quiet was very enjoyable.

As one poster mentioned, people with money always have the funds to travel and their spending habits are not greatly affected by a bad economy.  The bulk of travelers. fall somewhere in the middle.

[Hawaiian]

17 hours ago, connda said:

I agree with a lot of what you say.  I might counter you on the issue of "quality of tourists."  From an economic stand-point, revenues can be derived from a wide mix of tourist from varying economic strata.  Everyone fills a niche from the Cheapest Charlie swilling beer in front of a 7/11 to the George Soros types living, dining, and working well out of sight of the commoners and 'little people.'  Exploiting economic niches requires understanding your customer-base and modifying prices to maximize revenues.  Economics 101.  So Thailand can cater to the "Well-Heeled Wealthy Foreigners Of Means" but that approach isn't going to stimulate the entire economy.  In fact it will only stimulate a relatively small section of the economy which is already rich and wealthy to obscene levels. 
A truly effective strategy to maximize revenues generated by tourism will be to identify and cater to each economic niche and do so by manipulating the cost of goods and services to match means of all tourists visiting Thailand.

What Thailand needs are individuals who are actually well-versed in marketing (and propaganda for that matter) and then appeal to each of those groups using different strategies.  The problem for Thailand though is that it doesn't seem to have anyone who understands marketing and economics, and who is in a position to implement those strategies nationwide.  The problem being, Thai like that don't exist.

Thailand needs to seriously become less nationalistic, open up the country by easing visa requirements, and really welcome foreign businesses as well as those expats injecting a million or so into the Thai economy every year - like many expat retirees and guys like myself who have been married to a Thai national for the upside of two decades.
This country should welcome guys like me who could open a small business and hire Thais if the bar for entrance into creating a small business wasn't set so high.  Hell, a Thai with a green card in the US can open any business they wish.  They can hire an all Thai staff if they wish.  The same should apply here.  What Thailand needs to allow economic growth that is created by foreigners seeking to leverage economic niches within Thailand that in turn focus on foreign tourists in a manner that nationalistic Thais with poor English-skills as well as marginal business skills. 

But?  It ain't going to change.  And tourism will continue it's downhill spiral.  Look at COP28 in the UAE.  A bevy of billionaire and their government apparatchiks flying their CO2 spewing private jets in order to get together and pave the way for laws to keep the rest of the planet's population from flying or driving.  Neo-Feudalism in the name of "Boiling Oceans" and other BS tropes.  Now, there's a boon for the future of tourism don't ya think? 

Believe it or not, there are some individuals here that would meet your qualifications for good marketing skills and economics.  Some have studied and worked overseas in executive positions in the visitor industry.  They are smart enough not to get in involved in the dirty dealings of Thai politics, because they would get laughed at and humiliated.

[spidermike007]

19 hours ago, connda said:

I agree with a lot of what you say.  I might counter you on the issue of "quality of tourists."  From an economic stand-point, revenues can be derived from a wide mix of tourist from varying economic strata.  Everyone fills a niche from the Cheapest Charlie swilling beer in front of a 7/11 to the George Soros types living, dining, and working well out of sight of the commoners and 'little people.'  Exploiting economic niches requires understanding your customer-base and modifying prices to maximize revenues.  Economics 101.  So Thailand can cater to the "Well-Heeled Wealthy Foreigners Of Means" but that approach isn't going to stimulate the entire economy.  In fact it will only stimulate a relatively small section of the economy which is already rich and wealthy to obscene levels. 
A truly effective strategy to maximize revenues generated by tourism will be to identify and cater to each economic niche and do so by manipulating the cost of goods and services to match means of all tourists visiting Thailand.

What Thailand needs are individuals who are actually well-versed in marketing (and propaganda for that matter) and then appeal to each of those groups using different strategies.  The problem for Thailand though is that it doesn't seem to have anyone who understands marketing and economics, and who is in a position to implement those strategies nationwide.  The problem being, Thai like that don't exist.

Thailand needs to seriously become less nationalistic, open up the country by easing visa requirements, and really welcome foreign businesses as well as those expats injecting a million or so into the Thai economy every year - like many expat retirees and guys like myself who have been married to a Thai national for the upside of two decades.
This country should welcome guys like me who could open a small business and hire Thais if the bar for entrance into creating a small business wasn't set so high.  Hell, a Thai with a green card in the US can open any business they wish.  They can hire an all Thai staff if they wish.  The same should apply here.  What Thailand needs to allow economic growth that is created by foreigners seeking to leverage economic niches within Thailand that in turn focus on foreign tourists in a manner that nationalistic Thais with poor English-skills as well as marginal business skills. 

But?  It ain't going to change.  And tourism will continue it's downhill spiral.  Look at COP28 in the UAE.  A bevy of billionaire and their government apparatchiks flying their CO2 spewing private jets in order to get together and pave the way for laws to keep the rest of the planet's population from flying or driving.  Neo-Feudalism in the name of "Boiling Oceans" and other BS tropes.  Now, there's a boon for the future of tourism don't ya think? 

 

In regard to ex-pats I totally agree. Perhaps ex-pats should be given a bit more credit, in this formula? We do bring in alot of stable income.  Even the rural folks benefit. Alot of the nicer houses in the poorer farming areas were built with money from expats. Alot of trucks, cars and income is from expats. Countless business employing many. To say it is insignificant, is a blatant misunderstanding of Thai economics. Thousands of hotels, restaurants, countless airlines and many tour companies, also benefit. By comparison, an average ex-pat spends how much per month? I would say alot of us spend 50,000 to upwards of 100,000 baht a month. I know I do. No value in that? I know some live on less. However, since the average income is around $600 or so, that means about 21,000 baht a month?

I think xenophobia is utterly rampant, in all segments of the government here, from the feds right on down to the local amphur. However, I do not think most Thai people are that way. I think most either like us, or are indifferent to us. Which I can handle. 

To the contrary, I think ex-pats should be treated with the kind of respect and acknowledgement we deserve.

We have decided to change our policies, and we now realize how much you guys bring to the table.

An immigration officer will now come to your home to renew your visa, to show our appreciation, of your continued support.

You will only be required to sign one form, and we will give you a five year, multiple entry visa. Free of charge.

And we will include a 10,000 baht voucher, good for any hotel in the country, for one year. 
 Princely treatment. Thank you so much for helping to rescue our economy and our people.

We appreciate it, and aim to show it for a change! We are past the era of thugs like the big joke.

And we apologize for all of his abuse.

We realize we have been moving the country backwards. 

And Covid has given us all some time to reflect.

We are going to start changing things, and attempt to move the nation forward, instead of backwards.

[Mike Lister]

6 minutes ago, spidermike007 said:

 

In regard to ex-pats I totally agree. Perhaps ex-pats should be given a bit more credit, in this formula? We do bring in alot of stable income.  Even the rural folks benefit. Alot of the nicer houses in the poorer farming areas were built with money from expats. Alot of trucks, cars and income is from expats. Countless business employing many. To say it is insignificant, is a blatant misunderstanding of Thai economics. Thousands of hotels, restaurants, countless airlines and many tour companies, also benefit. By comparison, an average ex-pat spends how much per month? I would say alot of us spend 50,000 to upwards of 100,000 baht a month. I know I do. No value in that? I know some live on less. However, since the average income is around $600 or so, that means about 21,000 baht a month?

I think xenophobia is utterly rampant, in all segments of the government here, from the feds right on down to the local amphur. However, I do not think most Thai people are that way. I think most either like us, or are indifferent to us. Which I can handle. 

To the contrary, I think ex-pats should be treated with the kind of respect and acknowledgement we deserve.

We have decided to change our policies, and we now realize how much you guys bring to the table.

An immigration officer will now come to your home to renew your visa, to show our appreciation, of your continued support.

You will only be required to sign one form, and we will give you a five year, multiple entry visa. Free of charge.

And we will include a 10,000 baht voucher, good for any hotel in the country, for one year. 
 Princely treatment. Thank you so much for helping to rescue our economy and our people.

We appreciate it, and aim to show it for a change! We are past the era of thugs like the big joke.

And we apologize for all of his abuse.

We realize we have been moving the country backwards. 

And Covid has given us all some time to reflect.

We are going to start changing things, and attempt to move the nation forward, instead of backwards.

Meanwhile, back in the real Thailand!

[Hawaiian]

29 minutes ago, Mike Lister said:

Meanwhile, back in the real Thailand!

Yup, some people never appreciate something until they lose it.  In the real Hawaii we have those bashing tourism and blaming the visitor industry for everything from the lack of affordable housing to the trash and litter along the highways which is mostly generated by locals.

There are comments every day about diversifying the economy with no real feasible suggestions as to how to accomplish it.  Besides the visitor industry and the military, there are really no viable solutions.  Sugar and pineapple are gone, macadamia nuts are losing out to foreign competition like Kenya.  Coffee production is okay, but constantly being attacked by invasive diseases and pests.  Many of our prime agricultural lands are being sold to solar farm developers.  In recent years NIMBYs have stopped a plywood veneer mill from being built.  It would have processed hundreds of acres of mature tropical hardwood trees planted for that purpose.

A water bottling plant was shot down because it was claimed it would deplete an underground spring pumping millions of gallons of fresh water every day into the ocean.  This is after respected hydrologists said proposed well would have a minimal effect.  And the list goes on and on.  So Thailand needs to wake up and stop trying to kill the golden geese.

 

[Mike Lister]

7 minutes ago, Hawaiian said:

Yup, some people never appreciate something until they lose it.  In the real Hawaii we have those bashing tourism and blaming the visitor industry for everything from the lack of affordable housing to the trash and litter along the highways which is mostly generated by locals.

There are comments every day about diversifying the economy with no real feasible suggestions as to how to accomplish it.  Besides the visitor industry and the military, there are really no viable solutions.  Sugar and pineapple are gone, macadamia nuts are losing out to foreign competition like Kenya.  Coffee production is okay, but constantly being attacked by invasive diseases and pests.  Many of our prime agricultural lands are being sold to solar farm developers.  In recent years NIMBYs have stopped a plywood veneer mill from being built.  It would have processed hundreds of acres of mature tropical hardwood trees planted for that purpose.

A water bottling plant was shot down because it was claimed it would deplete an underground spring pumping millions of gallons of fresh water every day into the ocean.  This is after respected hydrologists said proposed well would have a minimal effect.  And the list goes on and on.  So Thailand needs to wake up and stop trying to kill the golden geese.

 

I disagree, customs exports or the export of goods represent over 55 per cent of Thai GDP, that's the first string to their economic bow, international tourism at 12 per cent is a distant second.

[Hawaiian]

5 minutes ago, Mike Lister said:

I disagree, customs exports or the export of goods represent over 55 per cent of Thai GDP, that's the first string to their economic bow, international tourism at 12 per cent is a distant second.

Disagree all you want.  Twelve percent is twelve percent.  Ask any reputable economist and they will tell you that in situation the world is in, every penny, in Thailand's case, every baht counts.

The Chinese would say, even in "normal" times this applies.

[Mike Lister]

40 minutes ago, Hawaiian said:

Disagree all you want.  Twelve percent is twelve percent.  Ask any reputable economist and they will tell you that in situation the world is in, every penny, in Thailand's case, every baht counts.

The Chinese would say, even in "normal" times this applies.

I misunderstood your post, my apologies, in my haste I thought you were referring to Thailand's economy whereas now that I have re-read it, you were referring to Hawaii's.

[Photoguy21]

Why does the word Lemmings spring to mind?

[Hawaiian]

25 minutes ago, Mike Lister said:

I misunderstood your post, my apologies, in my haste I thought you were referring to Thailand's economy whereas now that I have re-read it, you were referring to Hawaii's.

Not trying  to start an argument.  I was disagreeing with you about the importance tourism is to Thailand's economy.  Any sector or sub-sector contributing 10% to a nation's GDP should be taken seriously.

My reference to Hawaii is that the people in this state are making a big mistake by bashing the visitor industry.  I believe Thailand would be also making a big mistake by dismissing tourism as a valuable business sector.  Again, 10% (you mention 12%) is nothing to sneeze at when it comes to GDP.

You may be interested in the info this link provides.  I learned a lot from it.   

https://www.investopedia.com/terms/s/sector.asp

 

[Gknrd]

The US economy at record highs, the Chinese economy, which Thailand is joined at the hip with is at record lows!

No other way to put it but a very poor business decision. Which is not going to go away in my lifetime.

Basically from a US expats point of view, Thailand is dead.

[Mike Lister]

22 minutes ago, Gknrd said:

The US economy at record highs, the Chinese economy, which Thailand is joined at the hip with is at record lows!

No other way to put it but a very poor business decision. Which is not going to go away in my lifetime.

Basically from a US expats point of view, Thailand is dead.

How is the Thai economy joined the hip with Thailand, where and in what ways?

 

The current phase for international tourism favors the Chinese market but that changes every few years as different countries come in and go out of favour.

 

China is the second largest export destination for Thailand and right now it's a long long way behind the USA.

[Ricardo99]

On 11/30/2023 at 7:45 PM, Celsius said:

10,000 baht handout is not going to happen.

 

I am sure of that.

What...!! No new iPhones!

[jacko45k]

Just now, Ricardo99 said:

What...!! No new iPhones!

Not for 10,000 baht, no. Maybe a few low end Samsungs. 

[ExpatOilWorker]

Kitiphong Thaichareon

BANGKOK (Reuters) -Thailand's economy unexpectedly contracted in the fourth quarter of 2023 and policymakers downgraded the outlook for this year...

 

https://www.aol.com/news/thai-economy-shrinks-adds-rate-030448206.html