Thai private sector demands gov’t economic stimulus

[webfact]

Thai private sector demands gov’t economic stimulus
By English News



BANGKOK, Aug 20 – Thailand's private sector today called on the government to urgently stimulate the national economy and speed up its budget spending in light of the declining gross domestic product (GDP).

Kalin Sarasin, secretary general of the Thai Chamber of Commerce and Board of Trade of Thailand, said the government should also support border trade and boost the efficiency of the tourism industry.

He agreed with the National Economic and Social Development Board (NESDB) which has lowered Thailand’s GDP growth for this year from 5-6 per cent to 3.5-4 per cent given the global economic downturn which slows down exports and domestic consumption.

Piyawat Titasattavorakul, chairman of the Thai Chamber of Commerce’s Retail and Wholesale Business Committee, said the country’s retail and wholesale business will expand by only 6-8 per cent this year, a sharp drop from the forecast 10-12 per cent.

Retail and wholesale business growth in the first half of the year was only 7-8 per cent due to shrinking purchasing power, higher cost of living, higher production cost and increased debt among the public, he said.

The chief executive officer of CP All, corporate operator of 7-Eleven convenience stores in Thailand, said retailers and wholesalers would maintain the prices of commodities until the end of the year, as promised to the Commerce Ministry.

He said the private sector was concerned with a 0.2 per cent deficit in private investment in the first half of the year, and the lack of any signal from the government on state investment.

Thailand’s exports will possibly experience a deficit while household debts may increase to 80 per cent – a surge from 63 per cent in 2010, he said, expressing concern on the volatile political situation.

He said the private sector wanted the government to trim down the high cost of living and map out measures to stimulate the tourism industry as short-term measures.

As for long-term measures, Mr Piyawat said, infrastructure development is vital in boosting private sector competitiveness.

Meanwhile, Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong rejected a BBC report that the Thai economy was in recession, insisting that the country's economic growth in the first half of the year was 4.1 per cent, higher than the 2.5 per cent registered in the same period last year.

He told the Cabinet that the government would have the second half of the year to stimulate economy in order to reach its target and called on the public to have faith in the government’s attempt.

The government will speed up reducing the state’s accrued expenses and has mapped out measures to stimulate exports, he reportedly told the Cabinet. (MCOT online news)


-- TNA 2013-08-20

[clockman]

When there is no transparency in government you can expect the unexpected ! look out the pigeons are coming home

[patongphil]

I hope I am wrong but this is not beginning to look very good.

[MaxLee]

I hope I am wrong but this is not beginning to look very good.

It only gets worse

[Robby nz]

Meanwhile, Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong rejected a BBC report that the Thai economy was in recession, insisting that the country's economic growth in the first half of the year was 4.1 per cent, higher than the 2.5 per cent registered in the same period last year.

But he has previously admitted to telling lies.

Seems the message is that until they get their flood relief projects going and the 2.2 trillion nothing can be done.

So it is the dastardly Dems fault as they keep on holding things up by insisting they obey the law.

They are lucky this country has a strong private sector that has been able to keep the economy alive in spite of cock ups such as the rice scheme.

[siampolee]

Note that the news from the B.B.C. stated that Thailand's economy is under pressure nay quoted as actually sliding into recession Seems as if the demand for automobiles has dropped and personal household debt now amounts to some 80% of Thailand G.D.P.Stockmarket is dropping daily,. Year comparison shows a gain of around 2%, big change from when the government was crowing some three months back about a 20% plus gain in the stock market other factors are also involved according to the financial news from around the world

The baht is weakening, selfishly much appreciated by me as I received one of my monthly U.K. pensions yesterday indeed a nice income rise.I am sure my friends from the colonies will notice that the U.S. dollar is somewhat more healthy too as is the Aussie dollar ad a host of other currencies

Ministers are telling those who have to listen that there are no problems,Yet one minister has confirmed that the cost of living has rising and he is considering raising taxi fares so as the taxi drivers can live.Farmers griping about the price of corn , rubber prices very low and there is according to the worthy minister no sign of any problems recession wise. indeed as said this song has a familiar tune from some years back

Looks like the birds are coming home to roost in the nest built by this government with assorted vote buying materials. .

With the undercurrent of political uncertainty and possible civil disorder I think that Thailand is about to experience a very unpleasant attack of financial nausea.Listening to the Thai economic and financial experts is interesting however my money is on the financial experts worldwide who can judge Thailand better than the locals.

Going to be interesting to see if those names involved in 1997 all of whom are back in Thailand (with one exception) are going to be involved in profiteering and dubious financial practices as before, old habits die hard.

[Nooky2]

If you use western countries as a pattern, then the rich Thais are complaining they aren't making enough money so they want to fleece the government to supplement their vast income via a stimulus. The problem is, the stimulus is tax payer money.

We should be able to relate, we get fleeced as well when the average Thai needs money.

Edited August 20, 2013 by Nooky2

[Thai at Heart]

Note that the news from the B.B.C. stated that Thailand's economy is under pressure nay quoted as actually sliding into recession Seems as if the demand for automobiles has dropped and personal household debt now amounts to some 80% of Thailand G.D.P.Stockmarket is dropping daily,. Year comparison shows a gain of around 2%, big change from when the government was crowing some three months back about a 20% plus gain in the stock market other factors are also involved according to the financial news from around the world

The baht is weakening, selfishly much appreciated by me as I received one of my monthly U.K. pensions yesterday indeed a nice income rise.I am sure my friends from the colonies will notice that the U.S. dollar is somewhat more healthy too as is the Aussie dollar ad a host of other currencies

Ministers are telling those who have to listen that there are no problems,Yet one minister has confirmed that the cost of living has rising and he is considering raising taxi fares so as the taxi drivers can live.Farmers griping about the price of corn , rubber prices very low and there is according to the worthy minister no sign of any problems recession wise. indeed as said this song has a familiar tune from some years back

Looks like the birds are coming home to roost in the nest built by this government with assorted vote buying materials. .

With the undercurrent of political uncertainty and possible civil disorder I think that Thailand is about to experience a very unpleasant attack of financial nausea.Listening to the Thai economic and financial experts is interesting however my money is on the financial experts worldwide who can judge Thailand better than the locals.

Going to be interesting to see if those names involved in 1997 all of whom are back in Thailand (with one exception) are going to be involved in profiteering and dubious financial practices as before, old habits die hard.

Note the set dropping also and look where India is sitting at 60 to the USD now. This us mirroring 97 more and more

[surangw]

in other words, they have been paying their tea money, they want to see some results