Thaksin Warns: Thailand's Economic Woes Worse Than 1997 Crisis

[snoop1130]

File photo for reference only

 

In a striking speech at the Pheu Thai party's annual meeting, former Prime Minister Thaksin Shinawatra painted a bleak picture of Thailand's current political and economic climate, declaring it more challenging than during his tenure. Drawing comparisons with the 1997 "Tom Yam Kung" financial crisis, Thaksin likened past issues to a damaged roof—an easy fix—whereas today's problems resemble a collapsing foundation, severely complicating repairs.

 

Thaksin urged Pheu Thai MPs and local representatives to effectively communicate both the gravity of the situation and their efforts to address it. Emphasising transparency, he advised ignoring detractors focused on distorting facts and criticism aimed at the party.

 

 

 

The meeting concluded with traditional Songkran celebrations, where Pheu Thai members, spearheaded by his daughter and Prime Minister Paetongtarn Shinawatra, participated in a blessing ceremony led by Thaksin himself. This blending of ceremony with political resolve highlighted the party's concerted focus on unifying efforts in addressing Thailand’s dire economic challenges, reported Thai PBS World.

 

-- 2025-04-09

 

 

[redwood1]

Some slot machines and black Jack tables should cure this.

[Gknrd]

Sounds like the next scam is hatching, pins and needles.

[Pouatchee]

tax foreigners' already taxed incomes... doesn't that sound like a tariff?

all this gvt has been talking about is taxes here taxes there ...

I just hope thailand gets a taste of its own medicine and that their inflated bht comes tumbling down

[blaze master]

2 hours ago, snoop1130 said:

resemble a collapsing foundation, severely complicating repairs.

 

Of which you are very complicit  what a sad place.

[Xonax]

And the filthy rich vultures are as usual waiting to grab the assets for next to nothing, when it all collapses.

[ikke1959]

Repairs?? how.. The Uyghurs affaire have blacklisted several people for the US, now a man working in an university is in custody because he wrote or said something that the army did not like and now suddenly section 112 is used... Just a few examples that will have an impact on the stage that Thailand wants to be on...

[ronnie50]

I think the country is in worse troubles than 1997. Household debt is at (possibly) an all time high.

 

Forget Thaksin - yesterday's man anyway - and he's only stating the obvious. The country has been dragged down by two decades of old-money families who work only for the enrichment of their small circles. It's pretty clear that only a handful of oligarchs own all the retail, property development, alcohol and agrifood businesses. Anyone who's lived here even just a couple of years can easily see that the prices in supermarkets, convenience stores, etc., are always the same - regardless of where they shop. But the lack of industrial or economic development is the real killer for the country and has left most people poor. Building more condos or hotels is not 'economic development'. Earning under 10,000 baht a month, as so many do - if they're lucky enough to have a 'regular economy' job - means they'll always be poor and likely in debt. The Poo-Yai, Poo-Noi system and the pathetic state education system are the root problems - at least they need to start there - they need to start somewhere. The Future Forward party is the movement Thai voters chose, only to have the old money types disenfranchise the majority once again. 

  

[proton]

Acting Prime Minister, not just former

[FlorC]

10 hours ago, ronnie50 said:

I think the country is in worse troubles than 1997. Household debt is at (possibly) an all time high.

 

Forget Thaksin - yesterday's man anyway - and he's only stating the obvious. The country has been dragged down by two decades of old-money families who work only for the enrichment of their small circles. It's pretty clear that only a handful of oligarchs own all the retail, property development, alcohol and agrifood businesses. Anyone who's lived here even just a couple of years can easily see that the prices in supermarkets, convenience stores, etc., are always the same - regardless of where they shop. But the lack of industrial or economic development is the real killer for the country and has left most people poor. Building more condos or hotels is not 'economic development'. Earning under 10,000 baht a month, as so many do - if they're lucky enough to have a 'regular economy' job - means they'll always be poor and likely in debt. The Poo-Yai, Poo-Noi system and the pathetic state education system are the root problems - at least they need to start there - they need to start somewhere. The Future Forward party is the movement Thai voters chose, only to have the old money types disenfranchise the majority once again. 

  

Forget Thaksin ?

 

How can we ? We have to hear from him every day !

Let's hope the THB tanks like in 1997.

 

[soalbundy]

10 hours ago, ronnie50 said:

I think the country is in worse troubles than 1997. Household debt is at (possibly) an all time high.

 

Forget Thaksin - yesterday's man anyway - and he's only stating the obvious. The country has been dragged down by two decades of old-money families who work only for the enrichment of their small circles. It's pretty clear that only a handful of oligarchs own all the retail, property development, alcohol and agrifood businesses. Anyone who's lived here even just a couple of years can easily see that the prices in supermarkets, convenience stores, etc., are always the same - regardless of where they shop. But the lack of industrial or economic development is the real killer for the country and has left most people poor. Building more condos or hotels is not 'economic development'. Earning under 10,000 baht a month, as so many do - if they're lucky enough to have a 'regular economy' job - means they'll always be poor and likely in debt. The Poo-Yai, Poo-Noi system and the pathetic state education system are the root problems - at least they need to start there - they need to start somewhere. The Future Forward party is the movement Thai voters chose, only to have the old money types disenfranchise the majority once again. 

  

Not so much different from the West then.

[crazykopite]

I find it hard to believe after everything that has happened since the last coupe that they allowed this man through the back door to once again be in charge of the country let’s not kid ourselves what he says goes his daughter is just the puppet being controlled by the puppet master !

[hotchilli]

17 hours ago, snoop1130 said:

In a striking speech at the Pheu Thai party's annual meeting, former Prime Minister Thaksin Shinawatra painted a bleak picture of Thailand's current political and economic climate, declaring it more challenging than during his tenure. Drawing comparisons with the 1997 "Tom Yam Kung" financial crisis, Thaksin likened past issues to a damaged roof—an easy fix—whereas today's problems resemble a collapsing foundation, severely complicating repairs.

While he sits on his billions and charmed life

[Caldera]

17 hours ago, snoop1130 said:

declaring it more challenging than during his tenure

 

Isn't it his tenure yet again all over though?

[hotchilli]

16 hours ago, redwood1 said:

Some slot machines and black Jack tables should cure this.

Seems the regular slot machines cannot bolster the GDP,

[Ben Zioner]

Situation is probably bad enough, but don't believe a word this AH speaks.

[BangkokReady]

17 hours ago, snoop1130 said:

Thaksin urged Pheu Thai MPs and local representatives to effectively communicate both the gravity of the situation and their efforts to address it. Emphasising transparency, he advised ignoring detractors focused on distorting facts and criticism aimed at the party.

 

"Don't focus on what we're doing, look at this scary thing instead and let us get on with it."

[Guderian]

Well the Fx markets don't seem to agree with him. Back in 1997, the Baht collapsed and at one stage you could get over 100 THB/GBP. Today you're lucky to get 44.

[JJ-Thailand]

I remember very well Taxin's period on the top here in Thailand before he went on an extended holiday to Dubai.

[watchcat]

2 hours ago, proton said:

Acting Prime Minister, not just former

 

The man i sharge should step in??

[Jim Blue]

1 hour ago, Presnock said:

 -Trump actually says that Joe Citizen will get rich from these tarifs.....

'

Seems the plants may come back to the US but the real winners will be the robot makers  .Perhaps one in particular!

[ElwoodP]

Topic is about Thailand.

Posts about the USA removed.

[Sydebolle]

Decades of political misuse by all those crooks and gangsters will pay off sooner or later. I think that we've reached the suburbs of that disaster and much more is yet to come. 

Partly it is the world' economy, trade wars, political stand-offs, the Israel-rest-of-the-Arab-world-mess and total imbalance of power; the rest is Carabao "Made in Thailand" where the few selected eliterian oligarchs get richer and more powerful while the growing huge majority of the remaining Siamese are facing bleaker outlooks with every new sunrise. 

Their call but, for once, I agree with Dr T; his outlook unfortunately might be spot on ....... 

[mran66]

2 hours ago, crazykopite said:

I find it hard to believe after everything that has happened since the last coupe that they allowed this man through the back door to once again be in charge of the country let’s not kid ourselves what he says goes his daughter is just the puppet being controlled by the puppet master !

 

Well, it was very easy way to solve their problem in clean manner, just by letting one man in to join. Alternative would have been quite a bit dirtyer.

[thongplay]

13 hours ago, ronnie50 said:

I think the country is in worse troubles than 1997. Household debt is at (possibly) an all time high.

 

Forget Thaksin - yesterday's man anyway - and he's only stating the obvious. The country has been dragged down by two decades of old-money families who work only for the enrichment of their small circles. It's pretty clear that only a handful of oligarchs own all the retail, property development, alcohol and agrifood businesses. Anyone who's lived here even just a couple of years can easily see that the prices in supermarkets, convenience stores, etc., are always the same - regardless of where they shop. But the lack of industrial or economic development is the real killer for the country and has left most people poor. Building more condos or hotels is not 'economic development'. Earning under 10,000 baht a month, as so many do - if they're lucky enough to have a 'regular economy' job - means they'll always be poor and likely in debt. The Poo-Yai, Poo-Noi system and the pathetic state education system are the root problems - at least they need to start there - they need to start somewhere. The Future Forward party is the movement Thai voters chose, only to have the old money types disenfranchise the majority once again. 

  

Agreed. Uninhibited protectionism is killing Thailand. From import restrictions, monopolies and tariffs to local job creation. Stifling entrepreneurship and job creation. Wicked.

[mran66]

Thailand indeed has serious structural issues and the business model they have run has reached its peak. 

 

Whether thaksins ideas to solve the situation are correct is completely another matter - and if they were, would those in power allow implementation of the changes. 

[Purdey]

So, he says the country is in the mud and sinking. Not one idea for how to help get the country out of the hole or mitigate the effects of the crisis. Create a skilled populace. Diversify manufacturing. Make things that other countries want. Investigate mining potential.

Not a single idea.

[JJ-Thailand]

Politicians filling their pockets with ill-gotten capital and avoiding taxes is always a problem.

[spidermike007]

Though I do expect the baht to dip, trade tensions are just a small part of the equation. The economy here is in tatters, and it is still suffering from 10 years of the Prayuth Decimation. The debt is higher than it's ever been, the banks are being very stingy with loans at this point because the default rates are so high, the new car market has stalled, property sales are very slow, and exports are dropping, so the problems are numerous. 

 

As if those problems weren't enough, though the tourist arrival numbers are high, the quality of tourists continues to drop, and the amount that the average tourist is spending continues to drop, so the total revenue being brought in from tourism is significantly less than it was pre-covid. 

 

I could go on. A message to the young PM. You might as well stop with the lies because nobody believes you anymore. 

 

 

 

[billd766]

2 hours ago, Guderian said:

Well the Fx markets don't seem to agree with him. Back in 1997, the Baht collapsed and at one stage you could get over 100 THB/GBP. Today you're lucky to get 44.

And back in 1993, long before Thaksin came to power you were lucky to get 38 THB/GBP.

 

You can't even blame blame Thaksin for the Tom Yam Gung crisis, as he wasn't in power then either.

 

He won the election and the downside of winning was sorting out that mess. PTP and Thaksin inherited this crisis as well.