PM Srettha Respects MPC Decision on Interest Rates

[snoop1130]

 

BANGKOK (NNT) - Prime Minister Srettha Thavisin has accepted the decision of the Monetary Policy Committee (MPC), which voted 5 to 2 to maintain the policy interest rate at 2.50% per annum. He clarified that it is the duty and prerogative of the MPC to make such decisions.

 

He mentioned that he disagreed with the decision but acknowledged that the government does not have the right to interfere. The premier expressed the hope for future interest rate reductions based on upcoming economic data and figures, without setting a predetermined direction for monetary policy. However, he said the government will continuously assess the situation to make appropriate economic policy decisions.

 

Furthermore, Prime Minister Srettha spoke about the importance of managing fiscal and monetary policies in the same direction and addressing the issue of experiencing deflation for four months.

 

He acknowledged the differences in opinion between the administrative and the implemental branches, which could be an obstacle to policy management. 

 

Yet, he affirmed that all societal issues, whether drug abuse, security, or air pollution, must be addressed and resolved together, emphasizing the duty of the people's representatives to tackle these problems.

 

By Naark Rojanasuvan

 

Full story: NNT 2024-02-08

 

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[jippytum]

However he ignores the advice of over one hundred financial experts to cancel the 10,000 baht bribe to voters the country can ill afford. 

[mfd101]

2.5% is not exactly high, at least by current Western standards. But of course it's a pre-C21st economy ...

[tomazbodner]

46 minutes ago, jippytum said:

However he ignores the advice of over one hundred financial experts to cancel the 10,000 baht bribe to voters the country can ill afford. 

Possibly because there may be someone in the shadow (or rather in hospital) pulling his strings...

Edited February 9 by tomazbodner

[BKKBike09]

Maybe the PM should ask the Finance Minister what he thinks.

 

Oh. wait. The PM is also the FM ...

[Srikcir]

Mea Culpa accepted. 

The present and previous governments have spent enough energy and resources using tourism as an instant cure to GDP growth. Tourism is but a relatively small fragment of the Services and Products sector that represents a major part of GDP growth.

Time to move towards the more high value aspects of S&P and Industrial Manufacturing sectors. The government has recognized the value of more Free Trade Agreements. But unfortunately, the nation needs better and more abundant Services, Products and Manufacturing for which to trade. To do that, economic politicalization needs to put aside.

Edited February 9 by Srikcir
msp

[lordgrinz]

15 minutes ago, Srikcir said:

Mea Culpa accepted. 

The present and previous governments have spent enough energy and resources using tourism as an instant cure to GDP growth. Tourism is but a relatively small fragment of the Services and Products sector that represents a major part of GDP growth.

Time to move towards the more high value aspects of S&P and Industrial Manufacturing sectors. The government has recognized the value of more Free Trade Agreements. But unfortunately, the nation needs better and more abundant Services, Products and Manufacturing for which to trade. To do that, economic politicalization needs to put aside.

 

Without a truly democratic government, any expectation of growth from trade or international business ventures is just a pipedream, unless they want to hitch their wagon to only one horse (China).

[Pouatchee]

4 hours ago, Srikcir said:

The present and previous governments have spent enough energy and resources using tourism as an instant cure to GDP growth. Tourism is but a relatively small fragment of the Services and Products sector that represents a major part of GDP growth.

 

Thailand's tourism industry, which accounts for around 18% of GDP, began recovering in the second half of 2022, when Bangkok lifted all entry restrictions, and the recovery picked up strongly in the last quarter.Aug 21, 2023

 

https://asia.nikkei.com/Economy/Thailand-Q2-GDP-growth-slows-to-1.8-despite-tourism-recovery#:~:text=Thailand's tourism industry%2C which accounts,strongly in the last quarter.

 

i dont think 18% is negligible. during covid i remember reading numbers as high as 25%