Yingluck Orders 7-Point Assignment For Finance Minister To Tackle Baht Surge

[techboy]

Now it's urgent? I thought only last week the Finance Minister said it wasn't a problem, or have they finally got their heads out of their collective arse's and realized that it is indeed a problem at last?

It's easy to tell when he tells a little white lie - his lips move. Last week was just to keep everyone calm whilst this very good government honed the finer points of their fantastic plan which is now ready to be revealed.

Another example of banal thinking from the clueless.

"Another example of banal thinking from the clueless." And I ain't talking about the Finance Minister.

[tamvine]

Now with a combination of the high Baht and raised minimum wage Thailand has become noncompetitive in many industries. Some companies have already closed and moved elsewhere. It was all very forcastable but there is non so blind as those that refuse to see

The garments sector has almost vanished which employed lots and lots of poor people specially older women. With hardly any other qualifications and not capable of doing any other work they are jobless. Workers used to make more then baht 300 per day earlier including over time and other incentives in this sector. But this sector has taken the worst beating as besides almost 80% increase in wages income is lesser and lesser due to baht surge.

On worker shortage there are enough workers but everyone wants sabbay sabbay.......

Good luck Thailand and hope 1997 doesn't repeat......

Edited May 15, 2013 by tamvine

[Markaew]

Yingluck and a 7 point proposal. I'm surprised she can count that high.

If it was about her wardrobe then I would believe it.

[asiamint]

This is a natural market cycle, the more the government interferes the worse it gets.

This cycle began around September 1998 and has been going around 15 years, Give it a couple of years and we should see some downward movement in the Baht. I can see many clouds on the Horizon if the government carries on with populist polices. The crunch can be avoided by less government

interference and good policy’s but I see that will be near impossible.

If Thailand wants long term steady growth it must open it's economy, if that does not happen then we will see the baht move into a down trend. It will take at

least a couple of years for the baht to top out and a downtrend to begin

[12DrinkMore]

They mostly called on the government to urgently solve the problem of labour shortage

I must be stupid.

So with a background of increasing tourist arrivals, a GDP moving upwards at a rate all western countries would be very happy to have and a shortage of labour, what, precisely, is the problem?

The BoT "manages" the THB against a basket of currencies, not just the USD. And can Yingluck not check out the FX rates at any Thai bank website including the Bank of Thailand?

http://www.bot.or.th/English/Statistics/FinancialMarkets/ExchangeRate/_layouts/Application/ExchangeRate/ExchangeRate.aspx

With historic rates here

http://www2.bot.or.th/statistics/ReportPage.aspx?reportID=123&language=eng

If Thailand wants to get the economy really chugging along, the super-rich have to

1. Let some of their wealth trickle down to the employees working long hours for 6,000 Baht/month.

2. Allow the education system to improve.

But, of course, that is exactly NOT what they want as maids, chauffeurs, countless salesgirls, massage girls and such service jobs will disappear or become far more expensive as better paying jobs will be available elsewhere.

Agree with the above but who is working for 6,000 Baht/month. Min wage is 300 Baht/day.

A whole lot are working for less than the minimum wage, cash in hand.

If the subject of "I want the minimum" comes up, they are shown the door.

[MaxYakov]

"and reduce tariff on the import of jewellery to be exhibited in Thailand."

What possible relevance does this have to the Baht or employment in Thailand?????

Maybe Yingluck had an interest in taking the opportunity to expand her jewelry collection a bit? Her modest purchases of jewelry in cash could increase the THB circulation, weakening it?

Edited May 15, 2013 by MaxYakov

[MaxYakov]

Now with a combination of the high Baht and raised minimum wage Thailand has become noncompetitive in many industries. Some companies have already closed and moved elsewhere. It was all very forcastable but there is non so blind as those that refuse to see

The garments sector has almost vanished which employed lots and lots of poor people specially older women. With hardly any other qualifications and not capable of doing any other work they are jobless. Workers used to make more then baht 300 per day earlier including over time and other incentives in this sector. But this sector has taken the worst beating as besides almost 80% increase in wages income is lesser and lesser due to baht surge.

On worker shortage there are enough workers but everyone wants sabbay sabbay.......

Good luck Thailand and hope 1997 doesn't repeat......

Shouldn't that be 'sabai sabai'? It seems to match the context.

http://answers.yahoo.com/question/index?qid=20070228093730AA4Tl9C

[MaxYakov]

They mostly called on the government to urgently solve the problem of labour shortage

I must be stupid.

So with a background of increasing tourist arrivals, a GDP moving upwards at a rate all western countries would be very happy to have and a shortage of labour, what, precisely, is the problem?

The BoT "manages" the THB against a basket of currencies, not just the USD. And can Yingluck not check out the FX rates at any Thai bank website including the Bank of Thailand?

http://www.bot.or.th/English/Statistics/FinancialMarkets/ExchangeRate/_layouts/Application/ExchangeRate/ExchangeRate.aspx

With historic rates here

http://www2.bot.or.th/statistics/ReportPage.aspx?reportID=123&language=eng

If Thailand wants to get the economy really chugging along, the super-rich have to

1. Let some of their wealth trickle down to the employees working long hours for 6,000 Baht/month.

2. Allow the education system to improve.

But, of course, that is exactly NOT what they want as maids, chauffeurs, countless salesgirls, massage girls and such service jobs will disappear or become far more expensive as better paying jobs will be available elsewhere.

How does the wealth 'trickle down' from the 'super-rich' to 'the employees working long hours'? A trickle-down to those employees from profits via a wage increase assumes that profits could sustain it. I'm sure the super-rich who own businesses are not going to increase wages from their personal wealth. Some countries apply confiscatory taxes to the 'super-rich' and then redistribute it to get a similar effect, but it doesn't go to the 'employees working long hours'. Do you think the 'super-rich' would let even that happen in Thailand?