Thailand Escapes Financial Meltdown

[Scott]

So India, the Middle East (think falling oil prices) and Asia are immune from this. Sure glad they can put a positive spin on things.

I have no doubt that Thailand will continue to attract tourists, however, I would tend to think it might be a good time to start treating them a little better.

[ray23]

Spin Doctors are great, lets see what happen over the next two years, it is not just this year that may be effected.

[sriracha john]

Minister of Tourism and Sports Weerasak Kowsurat (center, not holding a no alcohol, no smoking sign)

Minister of Tourism and Sports believed the prevailing global economic crises had no effect on the Thai tourism industry because non-American tourists from India, Australia, and the Middle-East were still major tourists group traveling to Thailand.

Spin Doctors are great

the Tourism Minister had his turn, now it's...

Minister of Labor Uraiwan Thienthong (left, with convicted criminal and deposed PM Samak)

Minister of Labor: No concern over unemployment

Minister of Labor Uraiwan Thienthong stated that the current unemployment situation is not worrisome and she will budget of 1.5 Billion Baht from the government to solve the problem of increasing unemployment caused by the U.S. financial crisis.

The minister revealed that 270 Million Baht will be allocated from the 1.5 Billion Baht to compensate the unemployed for at least 60 days. The rest of the budget will be used for a new graduate employment project. Graduates participating in the project will be hired to explore problems in communities and report them to local administrative officials before finding solutions to the problems together.

Regarding the Thai Labor Organization's request for more than 1 Billion Baht for the establishment of a labor welfare fund, the minister said the ministry has taken the request into consideration and will submit it to the Cabinet meeting tomorrow.

The minister also instructed officials of the ministry to closely monitor the unemployment situation during today's meeting to deliver policies to heads of the ministry's 75 provincial offices. She urged them to inspect enterprises which have a tendency to lay off their employees.

- ThaiNews / 2008-11-10

[sriracha john]

Minister of Tourism and Sports Weerasak Kowsurat (center, not holding a no alcohol, no smoking sign)

Minister of Tourism and Sports believed the prevailing global economic crises had no effect on the Thai tourism industry because non-American tourists from India, Australia, and the Middle-East were still major tourists group traveling to Thailand.

Spin Doctors are great

the Tourism Minister had his turn, now it's...

Minister of Labor Uraiwan Thienthong (left, with convicted criminal and deposed PM Samak)

Minister of Labor: No concern over unemployment

Minister of Labor Uraiwan Thienthong stated that the current unemployment situation is not worrisome

Uraiwan quits politics

Former Labour Minister Uraiwan Thienthong, wife of Pracharaj Party Leader Sanoh Thienthong, said she is ready to step down from politics because of her health and age concerns. During the farewell ceremony at the Ministry of Labour on Monday, Uraiwan asked government officials to work in harmony, respect the decision of high-ranking officials, and refrain from following political movements.

Continued here:

http://www.bangkokpost.com/breakingnews/13...-quits-politics

=========================================================

She does, however, still remain a criminal defendant in the ongoing criminal case:

Fifth warrant issued to arrest former prime minister

The Supreme Court on Friday issued a warrant to arrest former prime minister Thaksin Shinawatra after he failed to show up for the arraignment hearing on graft charges relating to the lottery case. This is the fourth warrant to be served on Thaksin since his exile in London last month.

The high court convened its session on the lottery case involving 47 defendants, including Thaksin and his ministers, responsible for the illegal sale of two- and three-digit lottery tickets.

Among the defendants include three incumbent Cabinet members, Deputy Prime Minister Chavalit Yongchaiyudh, Labour Minister Uraiwan Thienthong, and Industry Minister Pracha Promnok.

The three took leave of absent from today's Cabinet meeting in order to appear before the high court.

With the exception of Thaksin who was absent, all 46 defendants entered a plea of not guilty.

The high court suspended the trial proceedings pertaining to Thaksin until he could be brought to the court's custody.

For the remaining defendants, the next session is scheduled for December 22 which would last three days for the ruling on admissible evidence.

The high court ruled in favour of trial in absentia in order to speed up the proceedings without requiring every defendant to be present at every hearing.

It also instructed the defendants to seek a prior approval for travelling abroad.

- The Nation / 2008-09-27

http://www.thaivisa.com/forum/index.php?s=...t&p=2240061

[ray23]

Been a while since this one came up doesn't look like they are escaping anything these days. Reality bites.

Edited December 23, 2008 by ray23

[yumidesign]

Simple explanation for their non-failiure....... Thai banks were too dumb to buy Lehman Brothers CDOs

(Even though Ek Anong Phanachet tried her hardest to sell them to the Thai banks while she was in Lehman)

agreed, more good luck than anything else, but i hear today rice exports down 60%. i thought the rice farmers would help the country through the prospect of most countries going broke in the next few years, but this is a real worry

[yumidesign]

So India, the Middle East (think falling oil prices) and Asia are immune from this. Sure glad they can put a positive spin on things.

I have no doubt that Thailand will continue to attract tourists, however, I would tend to think it might be a good time to start treating them a little better.

but its not just Thailand not attracting tourists, globally tourism is on the way to the bottom along with the car industry

[madi]

So India, the Middle East (think falling oil prices) and Asia are immune from this. Sure glad they can put a positive spin on things.

I have no doubt that Thailand will continue to attract tourists, however, I would tend to think it might be a good time to start treating them a little better.

but its not just Thailand not attracting tourists, globally tourism is on the way to the bottom along with the car industry

I an living here in Bangkok.

I have never in my 10 years here seen the town so empty of tourists.

Maybe you did not read this but as you can see, the new PM says that Thailand has already begun a recession. He says we have negative growth this quarter and will have it again next. That is a recession and historically this Q4 will be the start when listed. http://www.bloomberg.com/apps/news?pid=206...&refer=home

Lots of world leaders have tried to put a good face on it but when it is all said and done likely pretty much every nation on the planet will suffer a recession this time.

Europe is down.

North America is down.

Japan and Korea are down.

China will be the last nation to go down but it will go down as well.

No man is an island is the old saying.

Well in terms of economics it can be said that no nation is an island.

This will last a few years so watch and learn. Very few of us can remember the 1930s so very few of us have ever seen what is going to happen.

Difference is unlike last time, this time the governments are trying to print and borrow like madmen to keep unemployment from going to 23% as it did in the 1930s. No one knows what will happen as they do this. Could we end up with our money worth nothing?

Could happen.

That is why people are buying gold.

My guess is that this could last many years.

The Party in Thailand is over.

Time to grow up and go to work all.

Good luck