Thai Economy Not Bottomed Out Yet

[george]

Thai Economy not bottomed out yet

By John Le Fevre

BANGKOK (thaivisa.com): -- Former deputy prime minister Veerapong Ramangku has told a seminar organized by a former executive of the now defunct Thai Rak Thai (TRT) party that the Thai economy had not yet hit rock bottom and predicted that the economy in the latter half of the year and the first half of 2010 will worsen.

The comments are a direct contradiction to the views of the Government, which has said it expects the Thai economy to show signs of recovery as early as the fourth quarter of the year.

According to Veerapong, the Government speds 80 percent of its efforts on tackling political problems and only devoted 20 percent of its efforts to addressing economic matters.

He said the nation’s political problems and the pandemic A(H1N1) outbreak were exacerbating the tourism sector, which was previously the country’s main source of income, while declining national exports and agricultural product prices showed the worst had not hit yet.

His comments were made at a seminar titled The Economy in the Second Half: Can Thailand be Strong, organized by Khunying Sudarat Keyuraphan, chairman of the Creating Thai Future Institute and a former key member of TRT.

Veerapong said the unemployment and inflation rate figures showed Thailand was entering a period of deflation and was also entering a liquidity trap – as there was excessive liquidity but no one was investing the cash.

Virabongsa served as an economic adviser to then-prime minister General Prem Tinsulanonda in the 80s and in the mid-90s was finance minister during General Chatichai Choonhaven's administration and deputy premier in charge of economic affairs under prime minister Chavalit Yongchaiyudh.

He said the fiscal and monetary measures being implemented were not enough to continuously shore up the economy.

-- thaivisa.com 2009-08-01

[brahmburgers]

ok, and the rainy season isn't over yet. Actually it's a lot drier than usual for this time of year. Yawwwn.

[bhakta]

ok, and the rainy season isn't over yet. Actually it's a lot drier than usual for this time of year. Yawwwn.

Not only Thailand... Everywhere. The age of expansion through cheap credit is over and until things are back in balance, as they may have been in 1980 forget it.

[Thaddeus]

Thai Economy not bottomed out yet

By John Le Fevre

<snip>

He said the nation’s political problems and the pandemic A(H1N1) outbreak were exacerbating the tourism sector, which was previously the country’s main source of income

<snip>

Funny, isn't tourism always quoted as only being 6% of its income.

[brahmburgers]

Thai Economy not bottomed out yet

By John Le Fevre

<snip>

He said the nation’s political problems and the pandemic A(H1N1) outbreak were exacerbating the tourism sector, which was previously the country’s main source of income

<snip>

Funny, isn't tourism always quoted as only being 6% of its income.

Their number of 6% could still be a higher % than any other sector, so in that context, it would still qualify as Thailand's 'main source of income.'

Actually, if you count money that comes in from short-stay tourists, long-stay tourists, NGO's, resident farang, and include the gargantuan amount of under-the-table expenditures - 'outside money' from farang could easily be double the 6% number which is so conveniently bandied around.

[Chunkton]

Thai Economy not bottomed out yet

By John Le Fevre

<snip>

He said the nation's political problems and the pandemic A(H1N1) outbreak were exacerbating the tourism sector, which was previously the country's main source of income

<snip>

Funny, isn't tourism always quoted as only being 6% of its income.

Their number of 6% could still be a higher % than any other sector, so in that context, it would still qualify as Thailand's 'main source of income.'

Actually, if you count money that comes in from short-stay tourists, long-stay tourists, NGO's, resident farang, and include the gargantuan amount of under-the-table expenditures - 'outside money' from farang could easily be double the 6% number which is so conveniently bandied around.

If that were the case you wonder why crack down on visas even harder during this recession, let alone continuing to ignore the scams that continue to lose repeat visitors. Does that really deliver more votes if such an important income source?

[Tommy2cents]

Truly a tragedy. My condolences to the Thai people

[trogers]

If that were the case you wonder why crack down on visas even harder during this recession, let alone continuing to ignore the scams that continue to lose repeat visitors. Does that really deliver more votes if such an important income source?

Been to Suan Plu a week ago to renew my yearly visa. I see more crowds than the year before. Mainly asian faces.

[Thaddeus]

'outside money' from farang could easily be double the 6% number which is so conveniently bandied around.

But it still wouldn't even get close to touching the publicly made info about Thailand's source of income....... oopsy daisy ..... maybe Thailands reliance on the outside world, in a close quarters way, may be a little bit more important than any Thai will care to admit.

//edit/

apart from one, who will probably be moved to a post of inconvenience, full salary, unless he has really pissed someone off

Edited August 1, 2009 by Thaddeus

[zorro1]

Dont tell anyone who is invested in the SET in the last 6 months. The SET has gone ballistic . I would take anything said by a Thai politician with huge grain of salt. Any developing nation that is known to be corrupt will and can say what they want to suit their own interests. If it were Thaksin saying it then guess what, he would be buying everything whilst the nervous nellies continue to sell

[dale8]

Hello, the recent numbers from America show that the recession there is finishing so I feel that most other economies will follow soon as they lag by a quarter or two. The baht has been strong this year, and all the flights I take to Thailand have been full up. Many of the new large projects in Bangkok are in progress or should finish soon like the new Skytrain from Makassan to Swampy, and that should stimulate more building close to the new stations for all the new mass transit endeavors. Maybe I am a glass half full person, but there are many opportunities for the Thai people to break out of this temporary decline. Cheers.

[mommysboy]

Hello, the recent numbers from America show that the recession there is finishing so I feel that most other economies will follow soon as they lag by a quarter or two. The baht has been strong this year, and all the flights I take to Thailand have been full up. Many of the new large projects in Bangkok are in progress or should finish soon like the new Skytrain from Makassan to Swampy, and that should stimulate more building close to the new stations for all the new mass transit endeavors. Maybe I am a glass half full person, but there are many opportunities for the Thai people to break out of this temporary decline. Cheers.

Ok, that's what we're led to understand but it will be a long time before these better signs are felt on 'main street', and 2009 looks set to be a truly dismal year. The time lag will ensure that Thailand sees no recovery in 2009. Moreover, it's being reported that the recovery throughout the world will be sluggish. I think the effects are really hitting home now in Thailand and will continue to be felt for months and perhaps years to come. Sure things will improve but many of us will be in for hard graft to stand still.

[neil324]

Hello, the recent numbers from America show that the recession there is finishing so I feel that most other economies will follow soon as they lag by a quarter or two. The baht has been strong this year, and all the flights I take to Thailand have been full up. Many of the new large projects in Bangkok are in progress or should finish soon like the new Skytrain from Makassan to Swampy, and that should stimulate more building close to the new stations for all the new mass transit endeavors. Maybe I am a glass half full person, but there are many opportunities for the Thai people to break out of this temporary decline. Cheers.

Really?

http://market-ticker.org/archives/1276-GDP-Uuuuggghhhh.html

[animatic]

Clearly this is a TRT led Seminar inviting a economics speaker that will have 'anti-Government success'

as his basis of the talk. And then the tell the press like this is some definitive answer.

Not lsot is the fact this guy is a former Deputy PM for name it: TRT, PPP, PTP....

does it matter, same same different name.

This is no more and no less than 3rd string PTP saying 'everything the government does is wrong', as policy.

While their Red Street Branch office is trying to make the government as distracted from the real job as possible.

Just a hatchet job and who cares? Oh yes written by our own TVF 's 'Photojournalist' = John LeFevre.

The Fever's in a heatwave, qu'elle domage!

TRT first string

PPP second string

PTP third string JV

Red Shirts rooting section, bench sitters and cannon fodder.

More biased inuendo from this national disgrace of a political axis of evil.

Edited August 2, 2009 by animatic