No wonder people like to shop at Lazada.

[Lite Beer]

Economic ministers meet on economic woes in Q3, Q4
By English News

BANGKOK, Aug 22 – Thailand's Ministry of Commerce will not issue additional measures to tackle the escalating cost of living despite an increase in the price of liquefied petroleum gas (LPG) next month, a senior Cabinet member said today.

Deputy Prime Minister/Commerce Minister Niwattumrong Boonsongpaisan said the ministry is using available measures to cope with the economic woes.

He talked to reporters before attending the economic ministers meeting, chaired by Prime Minister Yingluck Shinawatra.

High on the agenda was Thailand’s economic direction in the second half of the year in light of a forecast of a reduced GDP growth by the National Economic and Social Development Board (NESDB), down from 4.2-5.2 per cent to 3.8-4.3 per cent this year, an export deficit at 1.9 per cent in the second quarter and a domestic consumption slowdown.

The government must find measures to stimulate the economy to the GDP growth at 5 per cent as originally forecast, he said.

The Commerce Ministry will also report results of the trade talks between Thailand and Pakistan and the ministry’s leading role in enhancing bilateral trade – another attempt to push up export figures.

Meanwhile, Banluesak Pussarangsi, executive vice president of CIMB Thai Bank, brushed aside concerns that the Thai baht would abruptly weaken as have the Indian and Indonesian currencies, thanks to Thailand’s solid economic fundamentals and high level of foreign reserves.

Thailand has just encountered a current account deficit for the first year while it is a chronic problem in Indonesia, he said, reassuring that the depreciating baht is not a grave concern.

The Thai baht is currently on a declining trend due to foreign investors’ reduced investment in the stock and bond markets, and their shift to US currency speculation pending a clear-cut policy on quantitative easing by the US Federal Open Marketing Committee.

The Thai currency was Bt32.02/04 against the dollar and Thai bourse dropped nearly 20 points when the markets opened this morning. (MCOT online new)

-- TNA 2013-08-22

[waza]

Sounds like a government with no plan and no fiscal reserves to fund a plan.

"Thailand's Ministry of Commerce will not issue additional measures to tackle the escalating cost of living despite an increase in the price of liquefied petroleum gas (LPG) next month, a senior Cabinet member said today....The government must find measures to stimulate the economy to the GDP growth at 5 per cent as originally forecast, he said."

Edited August 22, 2013 by waza

[NeverSure]

"The Thai baht is currently on a declining trend due to foreign investors’ reduced investment in the stock and bond markets, and their shift to US currency speculation pending a clear-cut policy on quantitative easing by the US Federal Open Marketing Committee."

No, investors are in the midst of a flight to safety in the dollar, the pound and other Western currencies. In fairness, most of Asia is in recession.

But people are catching on about just how corrupt and inept this government is. There's the nearly 1 trillion baht borrowed from the government owned Ag Bank for the rice scheme, which in the West would cause that bank to be declared insolvent.. There's the huge exposure of Thai banks to what appears to be a condo glut. There is the new minimum wage which makes labor in Thailand 3X what it is in Vietnam and 6x what it is in Burma. I don't know the number for Cambodia but it's obviously a big difference.

I could go on...

[Baerboxer]

"The Thai baht is currently on a declining trend due to foreign investors’ reduced investment in the stock and bond markets, and their shift to US currency speculation pending a clear-cut policy on quantitative easing by the US Federal Open Marketing Committee."

No, investors are in the midst of a flight to safety in the dollar, the pound and other Western currencies. In fairness, most of Asia is in recession.

But people are catching on about just how corrupt and inept this government is. There's the nearly 1 trillion baht borrowed from the government owned Ag Bank for the rice scheme, which in the West would cause that bank to be declared insolvent.. There's the huge exposure of Thai banks to what appears to be a condo glut. There is the new minimum wage which makes labor in Thailand 3X what it is in Vietnam and 6x what it is in Burma. I don't know the number for Cambodia but it's obviously a big difference.

I could go on...

You sum it up nicely. The PTP plan seems to be to use the 350m baht water management money and the 2.2 trillion they want to borrow to fund government spending to stimulate the economy and improve the infrastructure. Given their track record, if this goes ahead, a significant portion will be skimmed off, and very little will actually be delivered.

But, if they get Big T back and change the constitution they will be able to exert full control and cover things up. If they don't then they'll leave successive governments with a big problem for years to come - but they'll be long gone and very wealthy. Not bad policies if you happen to be one of the clan.

They have no transparent economic or fiscal policies and have not demonstrated any kind of budget or financial control.