PM Srettha scrambles to address economic woes

[webfact]

Thailand Prime Minister Srettha Thavisin has called an urgent meeting with his economic ministers next Monday in a bid to tackle Thailand’s sluggish economic growth.

 

This move comes after a dismal first-quarter GDP report, which has sent shockwaves through the government and the public alike.

 

In a Twitter post last night, the 62 year old Thai prime minister announced that he will chair an unofficial meeting of economic ministers next Monday upon his return to Bangkok. This emergency session was prompted by the National Economic and Development Council’s (NESDC) report that the economy grew by only 1.5% year-on-year in the first quarter.

 

The NESDC has also revised the annual growth forecast down to 2.5% from the previously projected 2.7%, citing escalating trade tensions between the United States and China as significant factors. This sluggish growth places Thailand behind six other ASEAN members. The Philippines and Vietnam are leading with impressive growth rates of 5.7%, followed by Indonesia at 5.1%, Malaysia at 4.2%, and Singapore at 2.7%.

 

The Bangkok-born Srettha is currently in Italy, wrapping up a three-country tour that included visits to France and Japan, reported Bangkok Post.

 

He is expected to arrive in Japan tomorrow, where he will stay until Friday before heading back to Bangkok.

 

In related news, the Thai PM met with Intesa Sanpaolo, a leading international financial institution in Milan to discuss funding for Thailand’s Land Bridge project. The bank is aware of the Thai government’s plans to expand Suvarnabhumi, Phuket, and Chiang Mai airports and showed keen interest, hinting at future detailed discussions.

 

The prime minister also revealed that Intesa Sanpaolo is enthusiastic about green bonds, aligning with Thailand’s policy to issue bonds worth US$1 billion (approximately 36 billion baht) in July.

 

In other news, Srettha remains resolute amid an ethics complaint that could see him suspended. While on an official visit to Italy on Sunday, PM Srettha addressed the brewing controversy. A group of acting senators filed a complaint with the Constitutional Court, accusing him of violating the code of ethics in his recent appointment of PM’s Office Minister Pichit Chuenban.

 

by Mitch Connor 

Photo courtesy of Bangkok Post

 

Full story: The Thaiger 2024-05-22

 

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[brianthainess]

Did he just wake up, he has been wanting to spend, spend, spend, money that is simply not there, doing a begging tour of the world, and achieved nothing, will he overtake Prayuth as being the worst Thai PM ever ? 

[2baht]

How about a F1 GP, just what you need! 

[Geoffggi]

No wonder the PM is trying to belittle the Banks into lowering their interest rates to help fund the 10,000 Bht give away together with overspending on projects he cannot control.

[GrungthepGringo]

18 minutes ago, brianthainess said:

will he overtake Prayuth as being the worst Thai PM ever ? 

Looks like that was already in the bag since day 1. But, really, isn't everything he's doing aimed at increasing the wealth gap and financial inequality; making the rich richer and the poor even poorer? All perfectly normal for a political leader, isn't it?

[NanLaew]

2 hours ago, 2baht said:

How about a F1 GP, just what you need! 

 

In Buriram, just where you need it.

[NanLaew]

2 hours ago, Geoffggi said:

No wonder the PM is trying to belittle the Banks into lowering their interest rates to help fund the 10,000 Bht give away together with overspending on projects he cannot control.

 

In other news, the Chinese submarine deal has been resuscitated.

[newbee2022]

3 hours ago, webfact said:

Thailand Prime Minister Srettha Thavisin has called an urgent meeting with his economic ministers next Monday in a bid to tackle Thailand’s sluggish economic growth.

 

This move comes after a dismal first-quarter GDP report, which has sent shockwaves through the government and the public alike.

 

In a Twitter post last night, the 62 year old Thai prime minister announced that he will chair an unofficial meeting of economic ministers next Monday upon his return to Bangkok. This emergency session was prompted by the National Economic and Development Council’s (NESDC) report that the economy grew by only 1.5% year-on-year in the first quarter.

 

The NESDC has also revised the annual growth forecast down to 2.5% from the previously projected 2.7%, citing escalating trade tensions between the United States and China as significant factors. This sluggish growth places Thailand behind six other ASEAN members. The Philippines and Vietnam are leading with impressive growth rates of 5.7%, followed by Indonesia at 5.1%, Malaysia at 4.2%, and Singapore at 2.7%.

 

 

The Bangkok-born Srettha is currently in Italy, wrapping up a three-country tour that included visits to France and Japan, reported Bangkok Post.

 

He is expected to arrive in Japan tomorrow, where he will stay until Friday before heading back to Bangkok.

 

In related news, the Thai PM met with Intesa Sanpaolo, a leading international financial institution in Milan to discuss funding for Thailand’s Land Bridge project. The bank is aware of the Thai government’s plans to expand Suvarnabhumi, Phuket, and Chiang Mai airports and showed keen interest, hinting at future detailed discussions.

 

The prime minister also revealed that Intesa Sanpaolo is enthusiastic about green bonds, aligning with Thailand’s policy to issue bonds worth US$1 billion (approximately 36 billion baht) in July.

 

In other news, Srettha remains resolute amid an ethics complaint that could see him suspended. While on an official visit to Italy on Sunday, PM Srettha addressed the brewing controversy. A group of acting senators filed a complaint with the Constitutional Court, accusing him of violating the code of ethics in his recent appointment of PM’s Office Minister Pichit Chuenban.

 

by Mitch Connor 

Photo courtesy of Bangkok Post

 

Full story: The Thaiger 2024-05-22

 

Get our Daily Newsletter - Click HERE to subscribe

Wait until 2035 when the 120 millions of excited visitors will arrive. The GDP will be seen exploding. A growth of 10-20% will be possible. Or not?🙏

[hotchilli]

4 hours ago, webfact said:

Thailand Prime Minister Srettha Thavisin has called an urgent meeting with his economic ministers next Monday in a bid to tackle Thailand’s sluggish economic growth.

I guess the world tour begging any country to come bail out Thailand, build it's infrastructure and buy all that it produces  isn't working out too well.

[hotchilli]

1 hour ago, NanLaew said:

 

In other news, the Chinese submarine deal has been resuscitated.

With a Chinese engine.... spineless Thailand.

[pacovl46]

Right, so let's illegalize marihuana again and cut out the tax income from that because our economy is so magnificently booming and we don't need the income from that. 

[StayinThailand2much]

Why? Finally, Thailand is #1! 😊 

 

From the bottom that is, but still... 😙 

[Irish star]

On 5/22/2024 at 9:05 AM, brianthainess said:

Did he just wake up, he has been wanting to spend, spend, spend, money that is simply not there, doing a begging tour of the world, and achieved nothing, will he overtake Prayuth as being the worst Thai PM ever ? 

He’s on a Sock Tour , Worthless PM

[Irish star]

21 hours ago, hotchilli said:

With a Chinese engine.... spineless Thailand.

Well at least you can hear the thing from miles away 

[Irish star]

23 hours ago, NanLaew said:

 

In Buriram, just where you need it.

They said U Tapoe Airport area 

[brianthainess]

On 5/22/2024 at 9:27 AM, GrungthepGringo said:

Looks like that was already in the bag since day 1. But, really, isn't everything he's doing aimed at increasing the wealth gap and financial inequality; making the rich richer and the poor even poorer? All perfectly normal for a political leader, isn't it?

I think I've noticed his nose growing longer too, mainly when he said Thailand is Neutral on the war in Burma.