One In Five Thais Facing Economic Problems

[george]

One in five Thais facing economic problems

BANGKOK: -- Almost one-fifth of all Thais are facing economic hardship as they do not have enough money for daily expenses, according to the latest survey conducted by Assumption University's ABAC Poll.

Conducted with 1,461 people aged over 18 in Bangkok and the surrounding areas between August 25 and September 8, the survey found that slightly over half of all Thai families and individuals – 50.4 per cent - had enough money to spend, but could barely manage to save anything.

Meanwhile 31.4 per cent said they could save a little and 18.2 per cent said they were living in debt, said ABAC Poll director Noppadol Kannikar.

Respondents said up to 88.8 per cent of politicians and well-known socialites followed the sufficiency economy philosophy initiated by His Majesty the King, but only 11.2 per cent of them adhered to the philosophy rather strictly.

Thailand is now facing economic sluggishness, according to 36.4 per cent of the respondents, because people do not save money while 20.3 per cent blame rising inflation and 17.7 per cent say it is resulted from corruption in the country.

--TNA 2007-09-10

[cdnvic]

That's scary how few believe it's corruption. Was incompetence not a choice?

[sriracha john]

The Thaksin mantra of "borrow, borrow, easy credit, spend, spend, buy" comes home to roost...

[Carmine6]

That's scary how few believe it's corruption. Was incompetence not a choice?

Why would they think it's corruption? Corrupt Thaksin was booted and the economy is now slowing. Corruption would have had to been perceived as getting worse for it to get the blame.

I do think that the government would have been the top choice if it were on the survey. Either for actions or inactions. But would that have been an allowable selection under the junta's laws on politics?

Edited September 10, 2007 by Carmine6

[TokyoT]

The Thaksin mantra of "borrow, borrow, easy credit, spend, spend, buy" comes home to roost...

Yea, and while the guys running the show now aren’t exactly doing a bang up job, they don’t deserve the blame for the take a loan and spend Taxman plan that is now catching up to many of the rural poor.

[cdnvic]

Doesn't matter who's in power for corruption to exist. The only thing that changes over time is who gets blamed for it.

[Martin]

That is an absolutely ridiculously misleading headline, when the survey was only carried out in Bangkok and the surrounding areas.

The figure could be far higher, or maybe lower, for all Thais in The Kingdom.

Did nobody at all blame their own incompetence at managing their money?

That has always been at the root of the problem when I have been skint.

[sriracha john]

Not just Bangkok, but nation-wide, individual household debt is at an all-time high.... again, due to encouraged buying on "easy credit"...

Extending credit to those unfamiliar with its pitfalls is Thaksin's legacy.

[pattyboy]

I've got agree that Tasksin seems to be one of the worst culprits when he made credit easy to get for people who weren't really qualified for it. Problems with loan defaults were bound to catch up eventually. Sure he looked like a hero to the poor for a while, but now everybody in the country is going to pay for his vote buying methods.

[Prakanong]

"Respondents said up to 88.8 per cent of politicians and well-known socialites followed the sufficiency economy philosophy"

Aye right - what planet are these respondents on?

[wpcoe]

"Respondents said up to 88.8 per cent of politicians and well-known socialites followed the sufficiency economy philosophy"

Aye right - what planet are these respondents on?

What do they mean by "up to 88.8 per cent"? That could mean any figure below 88.8%, but no more than 88.8%.

So, if 2.639% of politicians and hi-so's followed the sufficiency economay philosophy, then that statement is correct, no?

[Prakanong]

"Respondents said up to 88.8 per cent of politicians and well-known socialites followed the sufficiency economy philosophy"

Aye right - what planet are these respondents on?

What do they mean by "up to 88.8 per cent"? That could mean any figure below 88.8%, but no more than 88.8%.

So, if 2.639% of politicians and hi-so's followed the sufficiency economay philosophy, then that statement is correct, no?

Yes, you are correct it is meaningless - but so are so many survey's carried out by ABAC

[A_Traveller]

The Nation's translation of criteria is different, I note. e.g.

17.7 per cent blamed the lack of social, political and economic stability.

93.9 per cent of respondents had heard about the sufficiency economy. At the mention of this philosophy, they thought about savings, modesty, debt-free lives, livelihood and life security.

The header has a different focus too

Most people support the government's use of the sufficiency philosophy in guiding the economy, but feel politicians and society's elite members have hardly embraced the philosophy at all in their personal life, according to a recent survey.

Link

Regards

[Ricardo]

I've got agree that Tasksin seems to be one of the worst culprits when he made credit easy to get for people who weren't really qualified for it. Problems with loan defaults were bound to catch up eventually. Sure he looked like a hero to the poor for a while, but now everybody in the country is going to pay for his vote buying methods.

But at least they had the money, to all go and buy a mobile-phone from Shin Corp, and bump-up the apparent value of this excellent company, before its proprietor sold it off !

I wonder whether the present level of financial-pain is up or down on the previous figures ?

[Carmine6]

The Nation's translation of criteria is different, I note. e.g.

17.7 per cent blamed the lack of social, political and economic stability.

93.9 per cent of respondents had heard about the sufficiency economy. At the mention of this philosophy, they thought about savings, modesty, debt-free lives, livelihood and life security.

The header has a different focus too

Most people support the government's use of the sufficiency philosophy in guiding the economy, but feel politicians and society's elite members have hardly embraced the philosophy at all in their personal life, according to a recent survey.

Link

Regards

"As many as 36.4 per cent of the respondents believed reckless spending threw Thais into financial crisis. However, 20.3 per cent felt the problem lay with the increasing cost of living, including higher petrol and consumer-product prices, while their income remained the same. About 11 per cent blamed political and social divisions, while 17.7 per cent blamed the lack of social, political and economic stability."

That's a night and day translation difference. One translation says these responses dealt with what caused the slowing economy, and this says it dealt with what got people into financial problems. Corruption and stability are not even close to the same thing.

The Nation's translation seems to make a lot more sense. They should really tell the actual questions and response choices rather than trying to paraphrase.

[Ned]

Smiles are getting a bit hard to find up here in Chiang Mai. The economy's truly stuffed and one can feel violence on the wind.

[somtaamgaiyang]

One in five Thais facing economic problems

BANGKOK: -- Almost one-fifth of all Thais are facing economic hardship as they do not have enough money for daily expenses, according to the latest survey conducted by Assumption University's ABAC Poll.

Conducted with 1,461 people aged over 18 in Bangkok and the surrounding areas between August 25 and September 8, the survey found that slightly over half of all Thai families and individuals – 50.4 per cent - had enough money to spend, but could barely manage to save anything.

Meanwhile 31.4 per cent said they could save a little and 18.2 per cent said they were living in debt, said ABAC Poll director Noppadol Kannikar.

Respondents said up to 88.8 per cent of politicians and well-known socialites followed the sufficiency economy philosophy initiated by His Majesty the King, but only 11.2 per cent of them adhered to the philosophy rather strictly.

Thailand is now facing economic sluggishness, according to 36.4 per cent of the respondents, because people do not save money while 20.3 per cent blame rising inflation and 17.7 per cent say it is resulted from corruption in the country.

--TNA 2007-09-10

I am not sure if they had taken exactly the same survey 5 years ago, the answers would have been much different.

Thankfully 89.8% percent see sufficiency economy to be a rather fatuous idea. At least it isn't being blamed on farangs, but even more gullibly of course celebrities and politicians will raise a glass of single malt to the idea that most of them are actively practising a sufficiently comfortable life.

[pointofview]

"Respondents said up to 88.8 per cent of politicians and well-known socialites followed the sufficiency economy philosophy"

Aye right - what planet are these respondents on?

How can they follow a policy that can not be defined

[pointofview]

Smiles are getting a bit hard to find up here in Chiang Mai. The economy's truly stuffed and one can feel violence on the wind.

If i want to have a better understanding of how thais are feeling then i ask my thai wife. People can instinctivley feel that all is not well. Thais are worried, anxious, even afraid of the future - living for the day and wearing a smile is not easy to practice in todays thailand.

The average thai is still paying for the 1997 crash and Thaksins looting of the country - they cant really afford to take on anymore burden i.e. ruining of the economy for the face and pockets of the elite.

as the Bhudda said : 'if the bow is to tight it will break '

Edited September 10, 2007 by pointofview

[Firefan]

My own (un-scientific!) study (read; asking friends and people I meet) have given me the impression of a lot of economic problems for individuals.

Many are "middle-class" and have spend themselves, through easy credit, into a corner where they spend half their salary or more on payments to car, condo, easy-loans, consumer goods, phones Etc.

CHeers!

[Martin]

In hindsight (which is the only 20/20 vision) the time to have dumped Thaksin was at the end of his first Goverment. But the mood was euphoric, and he got another landslide. Euphoria is a dangerous fashion.

What is needed now is some sensible reining back, not a complete reversal to fear. It won't do any good, and will do a lot of harm, if economic recession breeds economic and personal depression.

[JimmyCA]

Paying people 5 - 6000 baht a month is greed not corruption

[pointofview]

Paying people 5 - 6000 baht a month is greed not corruption

No, thats the market price - supply and demand economics.

[JimmyCA]

Paying people 5 - 6000 baht a month is greed not corruption

No, thats the market price - supply and demand economics.

your pointofview is too simple minded

the market price, as you say, is set by a greedy corrupt trash who never worked a day in their life.

maybe it is corruption

[Maigo6]

The Thaksin mantra of "borrow, borrow, easy credit, spend, spend, buy" comes home to roost...

And westerners have no debts!

If only Thai people could be more like the sensible westerner, the world would be a better place...............lol.

Total UK personal debt

Total UK personal debt at the end of July 2007 stood at £1,355bn. The growth rate increased to 10.1% for the previous 12 months which equates to an increase of £117bn.

Total secured lending on homes at the end of July 2007 stood at £1,140bn. This has increased 11.0% in the last 12 months.

Total consumer credit lending to individuals in July 2007 was £214bn. This has increased 5.3% in the last 12 months.

Total lending in July 2007 grew by £10.3bn. Secured lending grew by £9.2bn in the month. Consumer credit lending grew by £1.1bn.

Average household debt in the UK is £8,856 (excluding mortgages). This figure increases to £20,600 if the average is based on the number of households who actually have some form of unsecured loan.

Average household debt in the UK is £56,000 (including mortgages).

Average owed by every UK adult is £28,550 (including mortgages). This grew by £210 last month.

Average outstanding mortgage for the 11.8m households who currently have mortgages is £96,560

Average interest paid by each household on their total debt is approximately £3,700 each year (this equates to 9% of take home pay).

Average consumer borrowing via credit cards, motor and retail finance deals, overdrafts and unsecured personal loans has risen to £4,515 per average UK adult at the end of July 2007.

Britain's personal debt is increasing by £1 million every 4 minutes.

Yep, these Thais could sure do with being like westerners!

Edited September 10, 2007 by Maigo6

[trader1]

In the 25 years I have been visting thailand I would say things now are not worse than at any other time. In fact around 98, 99 it was probably more dire.

[geriatrickid]

I don't get it. If I look at the change in Thai consumer debt between Q2- 2006 and Q1-2007, I observe that debt has actually decreased, albeit very slightly. Conversely, debt in Malaysia increased slightly. Meanwhile. debt continues to explode in countries like Australia, USA, UK and the Netherlands. Even Canada, which is running national budget surpluses, saw debt increase slightly.

Is a possible explanation that while the debt principal has remained constant, the cost of the debt service has increased?

[sriracha john]

The Thaksin mantra of "borrow, borrow, easy credit, spend, spend, buy" comes home to roost...

And westerners have no debts!

If only Thai people could be more like the sensible westerner, the world would be a better place...............lol.

< drivel snipped >

absolutely the Western world has debt... billions of it...

and it has been able to manage it for decades....

not same, same for Thailand... but come and visit sometime, and you'll find that out.

[Scott]

Debt is a problem when the economy is not doing well and it appears that economy is not doing well. Another factor has to do with the psychology of economic conditions, with a lot of people feeling somewhat pessimistic.

Since I've been in Thailand, most people have had a fair amount of debt. The difference is much of this was owed to loan sharks, friends, family members etc. Since years ago wages were so small, so was the amount of debt, but relatively speaking it was high. This debt didn't, by and large, affect institutions such as banks.

[Payboy]

i conducted an independent survey and up to 99% of the respondents agreed that the letter "B" in "ABAC poll" dosen't stand for business...