5% Economic Growth Expected In The Year Ahead: Yingluck

[webfact]

5% growth expected in the year ahead: PM

Nakharin Srilert

The Nation

Yingluck vows to run a steady ship, will heed advice and criticism in 2013

BANGKOK: -- Prime Minister Yingluck Shinawatra expects economic growth of 4.5-5.5 per cent next year while the government is geared up to develop the economy as planned on expectation of annual expansion of 5 per cent.

The government is looking for new markets and free-trade deals to assist exporters while continuing the rice-pledging scheme, trying to control public debt, overseeing the fiscal stance and developing of agricultural zones to raise prices of farm products.

Yingluck said that in 2013, the government would focus on policy continuity and economic balance to lessen impacts from weakening exports and lower export dependency.

Stimulating the economy

Next year, the government would continue to stimulate the economy through infrastructure investment in water and transport systems, and raise the income of people and farmers.

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent

on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

Emphasis continues on exports, particularly from the integration of Asean, plus new markets for exports and free-trade negotiations with other countries. There could be political risks that affect the economy, but the government would try to keep the political environment peaceful, she said. That would need cooperation, discussion and participation from all to make decisions together.

In response to concerns on policy implementation that may affect the monetary and fiscal stance, Yingluck said the government would take proper action for policy implementation and be disciplined.

Public debt would be kept within a ceiling via efficient budget control. Small- and medium-sized enterprises' capability would be boosted while competitiveness would be raised.

For the rice-pledging scheme, Yingluck said the government would continue the scheme, as it had solved farmers' problems. With greater purchasing power, domestic consumption had increased.

Yingluck said the Ministry of Commerce has been assigned to receive comments and monitor the scheme.

"The Ministry of Commerce was assigned to review and inspect all of the scheme. The next thing is to upgrade agricultural products and calculate the rice-growing period to be in line with the seasons.

Next year, the government would continue other policies and follow up on existing ones across the country. Long-term sustainability was a focus, along with regional infrastructure links, water management, developing people and increasing farmers' output.

The government would also extend its development programmes to help communities earn more income. OTOP development was included.

Yingluck urged all Thais to end all conflicts in order to move forward but admitted that she heeds her brother Thaksin's opinion because, as a Thai, he had good wishes for the country.

Reflecting on her work over the past year, the PM admitted there were many hiccups when she started as the country was hit by a massive flood and the government spent six months tackling flood-related problems. "I am not perfect but I give my heart 100 per cent to serve the people. I need time to prove my leadership because I am new and many people do not know me."

I will improve: PM

The PM said she saw her first year in the top job as a time to adjust. "I will heed advice and criticism to improve myself and the government's policies. As for criticism levelled against my personal issues, I am not disheartened as I realise that it is normal for politics."

Asked if she could overlook Thaksin, Yingluck said: "He is one Thai who has good wishes for

the country and the government should listen to every voice of the people. [but] If I work only for one person and not for the whole country, people will not vote me back to office,'' she said.

-- The Nation 2012-12-31

[waza]

Sounds like a recipes for rampant inflation

[wprime]

Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

I assume by external uncertainties she is referring to off-shore fugitives suggesting she impose a minimum price on rice.

[MaxLee]

Yingluck's New Year agenda:

1. Continue the rice scheme

2. Continue the first car buyer scheme

3. Continue the 300 baht daily wage system

4. Continue to sh*****load on other provinces in their so called flood mega projects and build dams, dams, dams

5. Invent even more stupid policies with deaf ear and closed eyes towards the general and international public

Happy 2013, let the corruption and face saving continue

[chiangmaikelly]

Singapore, Malaysia, Vietnam and Taiwan all have similar growth rates. Thailand is doing well and has done so since the current government has been in power.

[Thai at Heart]

This will be revised downwards in 0.1% increments weekly until November, when it will be revised back up to 4.5% in December thus exceeding forecasts in November

Edited December 31, 2012 by Thai at Heart

[waza]

Singapore, Malaysia, Vietnam and Taiwan all have similar growth rates. Thailand is doing well and has done so since the current government has been in power.

Hmmm really GDP growth rate in 2010 under Ahibist was 7.8% then dropped to 0.1% in 2011 under Yingluck. So, no your wrong again.

[geriatrickid]

Singapore, Malaysia, Vietnam and Taiwan all have similar growth rates. Thailand is doing well and has done so since the current government has been in power.

Hmmm really GDP growth rate in 2010 under Ahibist was 7.8% then dropped to 0.1% in 2011 under Yingluck. So, no your wrong again.

The growth rate can look impressive when the starting point was -2.33%, the first year of the Abhisit administration. A small incremental improvement on a negative performance is what occurred. Whereas, the current Yingliuck government is maintaining a slow but steady course of improvement. How about you go back to your numbers and give us the result in "real" growth numbers. In statistical analysis one must always show the starting point and the actual change over time.

[smedly]

First I don't believe anything this government says, not even sure they have anyone who can actually count, next growth at what cost ?? figures can be made to look good if you only report part of the picture, as I keep saying - this government is borrowing huge amounts and national debt is increasing sharply.

Also it would appear that individual debts are sky rocketing as Thais buy things they cannot afford - wow I get 100kbaht back if I buy a new car but have to borrow 700kbaht to get it, how do I make the payments for the next 5 years "doh" watch the whole thing implode in 12 months

[waza]

Singapore, Malaysia, Vietnam and Taiwan all have similar growth rates. Thailand is doing well and has done so since the current government has been in power.

Hmmm really GDP growth rate in 2010 under Ahibist was 7.8% then dropped to 0.1% in 2011 under Yingluck. So, no your wrong again.

The growth rate can look impressive when the starting point was -2.33%, the first year of the Abhisit administration. A small incremental improvement on a negative performance is what occurred. Whereas, the current Yingliuck government is maintaining a slow but steady course of improvement. How about you go back to your numbers and give us the result in "real" growth numbers. In statistical analysis one must always show the starting point and the actual change over time.

I think you may eat those words when we compare Yingluck and Ahibists records at the end of their tenures, but your post does illustrate my point about the fiscal foundation each administration had to build on.

PS: 'chiangmaikelly' post was about GDP growth rates not actual GDP

Edited December 31, 2012 by waza

[bigbamboo]

Singapore, Malaysia, Vietnam and Taiwan all have similar growth rates. Thailand is doing well and has done so since the current government has been in power.

Hmmm really GDP growth rate in 2010 under Ahibist was 7.8% then dropped to 0.1% in 2011 under Yingluck. So, no your wrong again.

The growth rate can look impressive when the starting point was -2.33%, the first year of the Abhisit administration. A small incremental improvement on a negative performance is what occurred. Whereas, the current Yingliuck government is maintaining a slow but steady course of improvement. How about you go back to your numbers and give us the result in "real" growth numbers. In statistical analysis one must always show the starting point and the actual change over time.

Korn did a good job in difficult circumstances in the Abhisit administration and was internationally recognised for it.

Let's hope the current government's finance minister can do the same.

[OzMick]

While the right hand holds the microphone for the lies, the left hand tells the real story.

[chiangmaikelly]

While the right hand holds the microphone for the lies, the left hand tells the real story.

Not to post in a manner that is vulgar, obscene or profane.

Posting controversial, inflammatory, irrelevant or off-topic messages with the primary intent of provoking other users into an emotional response or to generally disrupt normal on-topic discussion.

[bigbamboo]

While the right hand holds the microphone for the lies, the left hand tells the real story.

Not to post in a manner that is vulgar, obscene or profane.

Posting controversial, inflammatory, irrelevant or off-topic messages with the primary intent of provoking other users into an emotional response or to generally disrupt normal on-topic discussion.

Sir Les Patterson joins TV....!

[geriatrickid]

Korn did a good job in difficult circumstances in the Abhisit administration and was internationally recognised for it.

Let's hope the current government's finance minister can do the same.

Yes the circumstances were difficult, particularly since the international investment community and developed world had given Thailand the cold shoulder since the illegal military coup. The Abhisit government was seen by the international investment community as an interim administration without a popular mandate. Korn had a difficult task, but he did manage to borrow and spend such that he left quite a legacy that future governments will have to manage.

The Abhisit administration did not receive international recognition for its fiscal policy. Please do not take the award bestowed by a small circulation business publication as international recognition. During the Abhisit era, the finance ministers of Australia, Canada and Sweden were praised and held up as the examples for everyone to follow. The one person that received unanimous accolades was Mark Carney. He is the Governor of the Bank of Canada and will take over the Bank of England in June 2013. The fiscal policies espoused by Mr. Carney that saw the Canadian economy withstand a world recession were shared in large extent by the Danish, Swedish and Australian central banks and their respective finance ministers. To be polite, Messers Abhisit and Korn were not on the same train and I doubt would have even been allowed to carry the bags.

[chainarong]

Not a bad set of numbers, Thailand has fared extremely well since the Thaitanic debacle in 1997, however outside players will have a big bearing on this country"s performance in 2013, as with all the others in the region, was in Singapore the other day, the economy is going into a recession.

[Bluespunk]

She thinks she can raise agricultural produce prices! I hope to god she isn't thinking of using the same methods that have destroyed Thailand's rice exports industry. No one with two brain operating brain cells would try this approach in other areas of food production, mind you would have to be fairly ignorant of reality if you thought rice farmers at the point of production were benefiting from the rice pledging scheme.

[rubl]

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

A rich country like Thailand doesn't need to earn money through exports

[chiangmaikelly]

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

A rich country like Thailand doesn't need to earn money through exports

You might have something interesting to say if you used your intellect to evaluate instead of insult. Oz, Wazu and you three flames in a row. Insults with no substance. What is the point? If you think the PM is in error give us some data. Stop the constant insults without any substance.

[Naam]

Yes the circumstances were difficult, particularly since the international investment community and developed world had given Thailand the cold shoulder since the illegal military coup. The Abhisit government was seen by the international investment community as an interim administration without a popular mandate. Korn had a difficult task, but he did manage to borrow and spend such that he left quite a legacy that future governments will have to manage.

The Abhisit administration did not receive international recognition for its fiscal policy. Please do not take the award bestowed by a small circulation business publication as international recognition. During the Abhisit era, the finance ministers of Australia, Canada and Sweden were praised and held up as the examples for everyone to follow. The one person that received unanimous accolades was Mark Carney. He is the Governor of the Bank of Canada and will take over the Bank of England in June 2013. The fiscal policies espoused by Mr. Carney that saw the Canadian economy withstand a world recession were shared in large extent by the Danish, Swedish and Australian central banks and their respective finance ministers. To be polite, Messers Abhisit and Korn were not on the same train and I doubt would have even been allowed to carry the bags.

yeah right! the international investment community and developed world had given Thailand the cold shoulder since the military coup. that's why after the military coup the Thai Baht strengthened vs. most other major currencies in excess of 30% and the economic failure of the Abhisit government resulted that Thailand's currency reserves nearly tripled and the stock market gained 287% during Abhisit's tenure.

to be polite... you Sir, possess a wealth of no idea as the facts prove.

[smedly]

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

A rich country like Thailand doesn't need to earn money through exports

You might have something interesting to say if you used your intellect to evaluate instead of insult. Oz, Wazu and you three flames in a row. Insults with no substance. What is the point? If you think the PM is in error give us some data. Stop the constant insults without any substance.

If you believe what the PM is saying then all happy and good - no specualation required

Personally I don't believe any of the figures this government puts out (that's up to me) so I'm speculating, it's funny how the PM releases these claims at the same time as AV is critical of governments performance

You see, you are asking for TV posters to produce figures and data regarding their claims - well I would equally challenge this government to produce the data and figures in an honest transparent and meaningful way - it has not happened, this government makes statements without disclosure of how they arrive at the claims they are publishing - in reality they are doing nothing more than speculating because there is no evidence to support what they are saying - for me that speaks very loud that they are hiding behind lies and misrepresentation

That is my opinion from what I see and read

[rubl]

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

A rich country like Thailand doesn't need to earn money through exports

You might have something interesting to say if you used your intellect to evaluate instead of insult. Oz, Wazu and you three flames in a row. Insults with no substance. What is the point? If you think the PM is in error give us some data. Stop the constant insults without any substance.

My dear chap, I'm only trying to understand and interpret what our ever-smiling PM has said. Domestic spending has to increase to offset declining exports. Government to promote domestic spending by giving the good example (of throwing around taxpayer's money). How to prevent growing imports is a wee bit unclear. Maybe domestic spending will concentrate on OTOP products?

[Thai at Heart]

Considering the scale of construction going on now in comparison with previous years, i cant believe growth is only 5%.

Either a miscount or other sectors must be plummeting. I mean honestly does my wifes hometown justify a 936 unit apartment unit at prices similar to bangkok?

Someone thinks so....

[chiangmaikelly]

Yes the circumstances were difficult, particularly since the international investment community and developed world had given Thailand the cold shoulder since the illegal military coup. The Abhisit government was seen by the international investment community as an interim administration without a popular mandate. Korn had a difficult task, but he did manage to borrow and spend such that he left quite a legacy that future governments will have to manage.

The Abhisit administration did not receive international recognition for its fiscal policy. Please do not take the award bestowed by a small circulation business publication as international recognition. During the Abhisit era, the finance ministers of Australia, Canada and Sweden were praised and held up as the examples for everyone to follow. The one person that received unanimous accolades was Mark Carney. He is the Governor of the Bank of Canada and will take over the Bank of England in June 2013. The fiscal policies espoused by Mr. Carney that saw the Canadian economy withstand a world recession were shared in large extent by the Danish, Swedish and Australian central banks and their respective finance ministers. To be polite, Messers Abhisit and Korn were not on the same train and I doubt would have even been allowed to carry the bags.

yeah right! the international investment community and developed world had given Thailand the cold shoulder since the military coup. that's why after the military coup the Thai Baht strengthened vs. most other major currencies in excess of 30% and the economic failure of the Abhisit government resulted that Thailand's currency reserves nearly tripled and the stock market gained 287% during Abhisit's tenure.

to be polite... you Sir, possess a wealth of no idea as the facts prove.

Thats what I mean. Two good posts. Geriatricki and Naam don't agree but neither is insulting to the government or PM. It is what it is and they aren't nasty about it and fact based in their comments. Not some squirrely comments with gender jokes and other noxious stuff.

Edited December 31, 2012 by chiangmaikelly

[chiangmaikelly]

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

A rich country like Thailand doesn't need to earn money through exports

You might have something interesting to say if you used your intellect to evaluate instead of insult. Oz, Wazu and you three flames in a row. Insults with no substance. What is the point? If you think the PM is in error give us some data. Stop the constant insults without any substance.

My dear chap, I'm only trying to understand and interpret what our ever-smiling PM has said. Domestic spending has to increase to offset declining exports. Government to promote domestic spending by giving the good example (of throwing around taxpayer's money). How to prevent growing imports is a wee bit unclear. Maybe domestic spending will concentrate on OTOP products?

My dear chap at least you could get the small stuff correct. Look at the photo above. Is she smiling?

[rubl]

"""The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said."""

A rich country like Thailand doesn't need to earn money through exports

You might have something interesting to say if you used your intellect to evaluate instead of insult. Oz, Wazu and you three flames in a row. Insults with no substance. What is the point? If you think the PM is in error give us some data. Stop the constant insults without any substance.

My dear chap, I'm only trying to understand and interpret what our ever-smiling PM has said. Domestic spending has to increase to offset declining exports. Government to promote domestic spending by giving the good example (of throwing around taxpayer's money). How to prevent growing imports is a wee bit unclear. Maybe domestic spending will concentrate on OTOP products?

My dear chap at least you could get the small stuff correct. Look at the photo above. Is she smiling?

I stand corrected. Let me rephrase to "our not always smiling PM"

[Thait Spot]

"The country's economy may need to change in some parts. Previously, about 70 per cent (of gross domestic product) depended on Thai exports and the remaining 30 per cent on domestic consumption. Given the external uncertainties, export revenue has declined and the next task is to increase domestic spending," she said.

A rich country like Thailand doesn't need to earn money through exports

Indeed. Thailand can stop exporting anything, buy all the farm produce at prices way above the markets, increase salaries another 100% and have massive growth driven domestically. Job done. Master class in economics Miss Crab and Mister Cat

Sent from my Nexus 7 using Thaivisa Connect App

[TheGhostWithin]

Singapore, Malaysia, Vietnam and Taiwan all have similar growth rates. Thailand is doing well and has done so since the current government has been in power.

The larger the economy, the longer it takes for policy to take effect (even if kicking in immediately). In NZ, a tiny economy compared to Thailand, it takes 2-3 years. The effects of the Democrats parties are still in place. We wait with excitement to see the results of funds taken out of the economy (reducing growth) by the corruption which is infested and grown like a cancer because of the rice pledging scheme. Growth should at least meet the inflation growth, as growth is inherent of inflation - inflation is much higher than 5% in Thailand, most hotels I stay at went up at least 15% between December 2011 and August 2012, my last 2 trips. There have also been complaints about rising costs in food and general accommodation for long term rentals. Housing prices have gone up considerably in the past year.

On another note, a 5% growth rate is not very good - Thailand is IMO more heavily invested per head of population by foreigners than China. Thailand has already hit its' peak. So has China, but China developed during its' growth and is now beginning to rival the US on multiple fronts - including economically, technologically (this is debatable) and militarily (at least in terms of firepower in the south China Sea). Thailand still cannot even control the Tuk Tuks on the piers when the navy come in, or police the tourist areas without fencing them off like blast walls in Israel and naming them "Tourist Safety Zones", with police prancing around in tight shirts looking like something similar to a scarier version of Patpong Bangkok-wide.

Thailand still does not have the ability to undoubtedly repel an attack by Cambodia, and god forbid someone actually mount a serious, planned terrorist attack on Bangkok. The Terrorists of Thailand must be one of the best armed group of insurgents in the world, with at least 396 heavy machine guns still outstanding as well as RPGs, grenades, and bucket-loads of AMMO as per several recently released documents.

This does not even take into account any weapons carried over land border by its' friendly ASEAN neighbors in an attempt to "assist" the government with achieving its' target growth rates.

Because Thailand does not tax one of its' major sources of international income (the vice sector), does not tax its' lowest earners, unfairly penalises foreigners and hinders their ability to run successful companies by forcing them to have a minority ownership in the company even if this is not the best model for the business, and many other businesses operate in black and grey markets and do not pay tax, the Thai economy, regardless of actual growth rates, will never achieve full potential.

[TheGhostWithin]

My dear chap at least you could get the small stuff correct. Look at the photo above. Is she smiling?

No, she isn't. She is showing her "grilla".. her Gorilla impersonation look, a rare look at her slightly darkened teeth, which are still slightly whiter than mine. I do not bleach enough with Vodka I guess, hard to meet a Russian with dark teeth.

She is actually pulling the Bloods gang sign, it is universal - and Thailand is controlled by gangsters!

Just for kicks...

Edited December 31, 2012 by TheGhostWithin

[rubl]

My dear chap at least you could get the small stuff correct. Look at the photo above. Is she smiling?

No, she isn't. She is showing her "grilla".. her Gorilla impersonation look, a rare look at her slightly darkened teeth, which are still slightly whiter than mine. I do not bleach enough with Vodka I guess, hard to meet a Russian with dark teeth.

She is actually pulling the Bloods gang sign, it is universal - and Thailand is controlled by gangsters!

Just for kicks...

I don't know about Russians, but some Finish friends once told me to put the Wodka outside for a few hours so it will only slowly drip into a glass after which you're supposed to pour in some Tundra Berry liqour for taste. Unfortunately it never gets cold enough in the Netherlands. That probably explains why I sampled in decent quantaties when I was in Finland