Finance Minister Promises Financially-Sound Thailand

[webfact]

Finance Minister promises financially-sound Thailand

By Digital Media

BANGKOK, Nov 30 – Thailand will achieve a balanced budget within three years with the budget deficit reduced from Bt400 billion this year to Bt300 billion next year and Bt225 billion in 2014, Deputy Prime Minister Kittiratt Na-Ranong announced today.

The concurrent finance minister said the Bt225 billion budget deficit will represent less than 2 per cent of the gross domestic product (GDP), currently at Bt12 trillion.

To strengthen Thailand’s economy, the government will focus on economic expansion, income distribution, and stability in currency exchange, interest rates and commodity prices, he said, indicating that Thailand had previously concentrated only on economic expansion without action on income distribution and price stability.

He said the government aims at achieving the two remaining factors by moving forward to expand exports, public spendings, private investment and domestic consumption.

In the past one and a half decades, he said, Thailand has mainly relied on exports, which has enjoyed a 20 per cent growth, in its economic expansion but the economy expanded by only 4-5 per cent while domestic consumption played a very small role.

Mr Kittiratt added that the government is proposing a bill on infrastructure development for the national transport and communications system in the next seven years with a Bt2 trillion investment, expressing hope that the development will link transport routes nationwide, reduce logistics costs and stimulate a sustainable economy.

Public debt may increase to 50 per cent of GDP but still under the 60 per cent ceiling set by the Finance Ministry, he said. (MCOT online news)

-- TNA 2012-11-30

[Pimay1]

So let me guess. Thaksin loves Thailand so much, the country he is willing to die for, that he will balance the budget with his own personal money just like he paid off the IMF loan with his own personal money and this story is just a theory until the real truth comes to light.. Outstanding.

[Mosha]

Isn't this the guy who admitted to lying?

[Roadman]

Isn't this the guy who admitted to lying?

It isn't lying when you are presenting bull sh!t to please the market and the people.

[Pimay1]

Isn't this the guy who admitted to lying?

Yep he's the man, or mouse.

[Skywalker69]

Another small white lie.

[Thaddeus]

Hub of Crystal Balls.

[Moruya]

Spending 2% more than you earn is not balanced.

Not a white lie, just an obviously incorrect statement.

[12DrinkMore]

How is he going to reduce the deficit by increasing public spending and chucking in 2 trillion of infrastructure on top?

Not that the infrastructure is a bad thing. The railways need a massive investment and an efficient link to the new port in Burma will create, wait for it, a new Transport Hub avoiding the container trip via Singapore (they won't be happy, so maybe a bit more tea money will flow in to slow or stop the development, as, indeed stopped the Kra Canal. The usual self-interest before public-interest motivation of all politicians)

[Thai at Heart]

How is he going to reduce the deficit by increasing public spending and chucking in 2 trillion of infrastructure on top?

Not that the infrastructure is a bad thing. The railways need a massive investment and an efficient link to the new port in Burma will create, wait for it, a new Transport Hub avoiding the container trip via Singapore (they won't be happy, so maybe a bit more tea money will flow in to slow or stop the development, as, indeed stopped the Kra Canal. The usual self-interest before public-interest motivation of all politicians)

As I've said many times, if everyone paid their taxes, they would be swimming in cash.

Expect the tax man to be round soon.

[khunken]

It's always amusing listening to pollies BS-ting about what they are going to do, especially when they leave out 'minor' details about where the money is going to come from & the cost of the rice scam.

When things go pear shape, they were 'misunderstood'.

[givenall]

One more white lie does hurt

[Huayrat]

Nobody believes a liar

[Rancid]

Funny the Australian Treasurer said the same thing, he promised a Surplus after 4 years of deficits. The deficits ran up 50 billion dollars and the promised surplus is 1/2 billion. Sort of shows the quality of maths they teach in Australia, as to me that still looks like a 49.5 billion deficit, and that was widely accepted as good news. Mind you they are now saying that due to worsening economic conditions beyond theri control they may have to scuttle that massive surplus after all. So doesn't matter where you live politicains lie, wreck the economy and retire to unusual wealth.

[EarthAlien]

Finance Minister promises financially-sound Thailand

Maybe he should ask for pointers from Science Minister Plodprasop and PM Yingluck who earlier this year promised no flooding in 2012!

[fstarbkk]

Yeah, like coming from the "little white liar", that's really gonna make me feel better!

[Thaddeus]

Nobody believes a liar

And the liar doesn't care.

[hellodolly]

Isn't this the guy who admitted to lying?

Yes indeeedy do it is he.

edit

On reflecting on his statements it occurred to me that he might not be figuring in the loss from the rice scam.

Or maybe he is but is not going to mention it as it will give him another department to blame for his forecasts being 180 degrees off.

Edited November 30, 2012 by hellodolly

[Baerboxer]

Isn't this the guy who admitted to lying?

He's only copying countless other finance ministers, bankers, investment brokers!

[Mosha]

Isn't this the guy who admitted to lying?

He's only copying countless other finance ministers, bankers, investment brokers!

Isn't this the guy who admitted to lying?

He's only copying countless other finance ministers, bankers, investment brokers!

While others may have lied. I can't recall them telling the media it was to make the plebs feel better.