Thai PM announces stimulus measures amidst economic crisis

[webfact]

Acknowledging Thailand’s struggling economy, Prime Minister Srettha Thavisin, who also serves as the Finance Minister, said today the government is set to introduce a series of stimulus measures to bolster growth. This revelation comes amidst criticism from Bank of Thailand‘s (BoT) Governor Sethaput Suthiwartnarueput, who argued that the government’s efforts will not rectify the underlying structural problems at the root of the country’s economic woes.

 

PM Srettha confirmed to reporters that the Thai economy is in a state of crisis while acknowledging the central bank’s divergence on the issue.

 

“Different viewpoints from the BoT are acceptable.”

 

The governor’s comments yesterday followed the government’s decision to revise growth projections for 2024 to 2.8% from an initial forecast of 3.2%. The adjustment was attributed to weaker-than-predicted exports and a significant downturn in foreign tourist arrivals, reported Bangkok Post.

 

by Alex Morgan Alex 

Picture courtesy of ThaiPost

 

Full story: The Thaiger 2024-01-24

 

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[keith101]

3 hours ago, webfact said:

The adjustment was attributed to weaker-than-predicted exports and a significant downturn in foreign tourist arrivals, reported Bangkok Post.

The Thai Baht is too high is most likely the main reason .

[zhounan]

Westerners tourists are becoming increasingly poor and tourism-based Thailand could be harmed seriously.

 

Thailand must develop its production power and gradually reduce dependence on turism.

[Gknrd]

Thailand bet on China and snubbed the Western countries. What can you say,, bye bye Thailand.

We will see if China will throw you a life jacket as you go under.

But don:t worry you won:t have long to wait for your brothers in China to keep you company.

[Gknrd]

7 hours ago, zhounan said:

Westerners tourists are becoming increasingly poor and tourism-based Thailand could be harmed seriously.

 

Thailand must develop its production power and gradually reduce dependence on turism.

 

Joke of the day.

S&P just hit record highs. 

The US is and has been on an upward trajectory for the last few months.

My US and Mexico stocks are ALL in the green by a wide margin. 

China has lost Trillions, IMO will never be a player again.

Thailand is right on Chinas coat tails.

 

Most US retirees and tourists are finally fed up with the nonsense in Thailand. You can take your TM30, 1 year visa extension, 800K and stick it where the sun don:t shine.

P.S. I forgot the 90 day reports.

 

Edited January 24 by Gknrd

[Dcheech]

12 hours ago, zhounan said:

 

Thailand must develop its production power and gradually reduce dependence on turism.

 

Thailand has been saying that for over two decades. Unfortunately it was all too easy to attach their cart to the powerful Celestial tourism engine. Only to have it bring wuhan flu & a worldwide lockdown, followed by severe internal economic shocks which will keep Chinese tourist numbers low again for a second year, post wuhan.

 

With luck some of the western companies which are leaving China, might re locate in Thailand. The key word; 'might'.  

[jacko45k]

13 hours ago, keith101 said:

The Thai Baht is too high is most likely the main reason .

It is a lot weaker than it was in say early 2021, since then it has lost value from under 30/USD to around 35. 

[peter zwart]

6 hours ago, Gknrd said:

 

Joke of the day.

S&P just hit record highs. 

The US is and has been on an upward trajectory for the last few months.

My US and Mexico stocks are ALL in the green by a wide margin. 

China has lost Trillions, IMO will never be a player again.

Thailand is right on Chinas coat tails.

 

Most US retirees and tourists are finally fed up with the nonsense in Thailand. You can take your TM30, 1 year visa extension, 800K and stick it where the sun don:t shine.

P.S. I forgot the 90 day reports.

 

For the last part i agree. The first part is based on hot air. Cheap money and with that growing debt that will blow up in the end.

Edited January 24 by peter zwart

[hotchilli]

18 hours ago, webfact said:

Acknowledging Thailand’s struggling economy, Prime Minister Srettha Thavisin, who also serves as the Finance Minister, said today the government is set to introduce a series of stimulus measures to bolster growth. This revelation comes amidst criticism from Bank of Thailand‘s (BoT) Governor Sethaput Suthiwartnarueput, who argued that the government’s efforts will not rectify the underlying structural problems at the root of the country’s economic woes.

Crisis what crisis... I'l believe that when I see Red Cross aircraft flying over Bangkok tossing packs of Phad Thai out of the rear door.

[hotchilli]

14 hours ago, zhounan said:

Westerners tourists are becoming increasingly poor and tourism-based Thailand could be harmed seriously.

 

Thailand must develop its production power and gradually reduce dependence on turism.

Without tourism half the population would be out of work... and millions of sex workers out of a job.

Thailand has little to offer as employment to it's own people, they are largely left to fend for themselves.

If it wasn't for the likes of CP, a handful of other large family enterprises and the auto trade Thailand would be dead.

[bamnutsak]

Thai PM announces stimulus measures amidst economic crisis

 

Prime Minister Srettha Thavisin, who also serves as the Finance Minister, said today the government is set to introduce a series of stimulus measures to bolster growth. 

 

 

 

Read the linked article several times, and did not see any "measures" presented. 

 

 

The PM cum Finance Minister appears to be in way over his head.

 

 

PM Srettha, a former property mogul before assuming political office, repeatedly urged the central bank to reduce the interest rates that, according to him, are harming businesses.

 

Hmm. Higher interest rates harm businesses, like his (real estate).

 

 

 

Edited January 25 by bamnutsak

[spidermike007]

1. The tourist numbers are rising, but the average spend for tourists is low, regardless of what these nitwits say, so income is way down from tourism. 

 

2. The continuing effects from the economic destruction caused by the Prayuth Decimation will be felt for years to come, they closed down the economy for way too long, they shut down way too many businesses, they destroyed  tens of thousands of business, and put millions of people out of work. And for what?

 

 

[digger70]

2 hours ago, jacko45k said:

It is a lot weaker than it was in say early 2021, since then it has lost value from under 30/USD to around 35. 

Maybe for the $US.  But in Feb one 2021 for the $ AUS  the THB was exactly the same as Today THB 23.5 for the AUS Dollar . This is what I am looking at I get paid from AUS that wat counts for me .

[mfd101]

3 hours ago, Dcheech said:

With luck some of the western companies which are leaving China, might re locate in Thailand. The key word; 'might'.  

The question is: Why would they?

 

Apart from strategic issues (power struggle) with China, it's not obvious that Thailand offers any advantages on just about anything you can think of: Productivity? what dat?

[Andycoops]

1 hour ago, bamnutsak said:

Thai PM announces stimulus measures amidst economic crisis

 

Prime Minister Srettha Thavisin, who also serves as the Finance Minister, said today the government is set to introduce a series of stimulus measures to bolster growth. 

 

 

 

Read the linked article several times, and did not see any "measures" presented. 

 

 

The PM cum Finance Minister appears to be in way over his head.

 

 

PM Srettha, a former property mogul before assuming political office, repeatedly urged the central bank to reduce the interest rates that, according to him, are harming businesses.

 

Hmm. Higher interest rates harm businesses, like his (real estate).

 

 

 

He's a billionaire Muppet what else do you expect in cahoots with the unelected corrupt senate, the Army have left a devastating legacy but as they don't care a jot and the will of the people is continuosly ignored what else is there is expect other than rambling incompetence.

[Enzian]

Has the BoT Governor anywhere laid out a list of the "underlying structural problems" he's referring to? That's what would be really interesting, as well as why Srettha presumably doesn't want to talk about those problems or discuss ways to address them. Reform doesn't seem to be his strong point; the status quo is.

And honestly I don't see the country in economic crisis. It's not doing well, but it's not falling apart. All too often populist politicians claim "crisis" as a motive for action, when what they want are actions that result in them having more control, not in improving the lives of everyone involved. 

[Srikcir]

5 hours ago, digger70 said:

Maybe for the $US.  But in Feb one 2021 for the $ AUS  the THB was exactly the same as Today THB 23.5 for the AUS Dollar . This is what I am looking at I get paid from AUS that wat counts for me .

In 2022 Australia ranked 12th as one of the world's largest economies and 20th in the list of the world's richest countries. As per www.world data.info

As of 2023 Australia was ranked 14th by nominal GDP, 19th by PPP-adjusted GDP, 21st largest goods exporter, 24th largest goods importer.

In 2024 Australian unemployment remains low, output above potential, housing prices picking up. www.imf.org

Certainly not on par with the US but an economy in control. 

[Srikcir]

On 1/24/2024 at 1:21 PM, webfact said:

This revelation comes amidst criticism from Bank of Thailand‘s (BoT) Governor Sethaput Suthiwartnarueput, who argued that the government’s efforts will not rectify the underlying structural problems at the root of the country’s economic woes.

Hasn't since 2014 that demonstrates failure in the underlying structural system. 

On 1/24/2024 at 1:21 PM, webfact said:

“Different viewpoints from the BoT are acceptable.”

As in freedom of speech - yes. But in terms of actually structuring a sustaining progressive economic revival, only BoT cites the true issues. Government Hopes and Encouragement (aka "cheerleading") is not a viable strategic plan.

I would again ask the government to put its economic experts to the forefront to engage with BoT to develop specific structural, achievable economic changes for a better future. Not politicians.

[Pouatchee]

5 X i read this article. even read on thaiger. i am still wondering what the stimulus measures will be. seems the only thing he is really planning is the digital wallet. i predict this will come right back and bite him. however, he will be collecting our taxes eventually... i really hope this helps with the canadian $. it used to be 30bht to the dollar and for 8 years now it has sucked

[Gknrd]

14 hours ago, peter zwart said:

For the last part i agree. The first part is based on hot air. Cheap money and with that growing debt that will blow up in the end.

I agree about the deficit. What a mess in the US. Right now everyone is pumping their extra cash into the US so it's not a problem. But, if there is ever a hiccup it will throw us in a serious recession IMO. China? way to late. Their deficit is taking them down as we speak. Housing, western decoupling. China has no tax base, they rely on trade. Basically with China in 10 years it will no longer be much of a power. Hopefully the US will reign its debt. If not there is trouble ahead if there is a major problem of some kind. My opinion anyway. So, for now the US is fine. Future who knows. US politicians spend like there is no tomorrow. It will eventually cause a huge problem for the US people.

Edited January 25 by Gknrd

[Danderman123]

I have left Thailand for a 6 month stay outside the country - 100% due to the new tax changes for tax residents.

 

So, now there is an economic crisis in Thailand. Who could possibly have foreseen that?

[Danderman123]

28 minutes ago, Gknrd said:

I agree about the deficit. What a mess in the US. Right now everyone is pumping their extra cash into the US so it's not a problem. But, if there is ever a hiccup it will throw us in a serious recession IMO. China? way to late. Their deficit is taking them down as we speak. Housing, western decoupling. China has no tax base, they rely on trade. Basically with China in 10 years it will no longer be much of a power. Hopefully the US will reign its debt. If not there is trouble ahead if there is a major problem of some kind. My opinion anyway. So, for now the US is fine. Future who knows. US politicians spend like there is no tomorrow. It will eventually cause a huge problem for the US people.

Raise the cap on Social Security taxes, up beyond $250,000.

 

Raise the tax rate on billionaires.

 

Fully fund the IRS, to recover unpaid taxes from billionaires.

 

That's a start.

[jacko45k]

21 hours ago, digger70 said:

Maybe for the $US.  But in Feb one 2021 for the $ AUS  the THB was exactly the same as Today THB 23.5 for the AUS Dollar . This is what I am looking at I get paid from AUS that wat counts for me .

Well USD is the usual reference....recently AUD is quite flat against baht. But don't forget it was at 18.8 in March 2020, and currently at 23.3, so I don't see what you are complaining about really. 

[digger70]

5 hours ago, jacko45k said:

Well USD is the usual reference....recently AUD is quite flat against baht. But don't forget it was at 18.8 in March 2020, and currently at 23.3, so I don't see what you are complaining about really. 

I wasn't, I was just saying that our AUS $ is now same as in 2021. That AUS $ is Our reference.