Thai Economy expected to grow 3-4% this year

[webfact]

Economy expected to grow 3-4% this year



BANGKOK 23 January 2014 (NNT) — Bangkok has lost more than 7 billion baht in revenue during the mass rallies and the country as a whole should expect to see 3-4% in economic growth this year, said the University of the Thai Chamber of Commerce.

According to Thai Chamber of Commerce chairman Isara Vongkusolkit, the recently announced emergency decree has not shown negative effects in the short-term; however, in the long run, it will affect foreign investors’ confidence and the country’s image.

Since the mass rallies began on January 13 to immobilize Bangkok, many countries have issued travel warnings against going to Thailand, which has resulted in a 30% drop in foreign visitors to the country, resulting in an estimated 7 billion baht loss in tourism revenues.

However, Mr. Isara expects the Thai economy to grow between 3-4% this year on the back of the recovering global market. Currently, the Thai Chamber of Commerce is working in cooperation with the Department of International Trade Promotion (DITP) to hold the “Thaifex-World of Food ASIA 2014” exhibition to showcase and promote Thai food. The event will be held at Muang Thong Thani during May 21-25 this year.


-- NNT 2014-01-23

[CelticBhoy]

With that forecast I can only presume she

has been on the 'mushrooms' at the food promo.

[Eddy B]

Hmmm I doubt this very much considering they have nothing to export apart from mouldy rice and over priced costs on tourists. I wonder what new ingenious scam they will come up with this year to make up the lack of figures.

[Patje]

I wonder if Mr. Isara knows the basics of economics : a 30% drop in foreign visitors to the country, resulting in an estimated 7 billion baht loss in tourism revenues.

This means they will make profit ???

He gets my vote for " world leader of the month " !!!

[iancnx]

Lol.... It's a typo. It should read 0.3 to 0.4 % if we are very very lucky !

[NongKhaiKid]

Has no one told The Chamber this is only January, that an Emergency Decree is in force and IF there's an election it could be inconclusive.

Add in small incidentals like 308 PT MPs could face charges laid by the NCCC and on the business front, apart from the obvious rice farce and a debt ridden government, Toyota are reconsidering a massive expansion plan they have and may even move production away.

Other than this everything is just fine and it seems The Chamber has become the TAT of the private sector.

[PatOngo]

BANGKOK 23 January 2014 (NNT) — Bangkok has lost more than 7 billion baht in revenue during the mass rallies and the country as a whole should expect to see 3-4% in economic growth this year, said the University of the Thai Chamber of Commerce.

School lunch money compared to the loses of the rice pledging scam,the flood prevention scam and one tablet per student scam.

[draftvader]

Is K. Isara reading the same news I am?

[GAZZPA]

Has no one told The Chamber this is only January, that an Emergency Decree is in force and IF there's an election it could be inconclusive.

Add in small incidentals like 308 PT MPs could face charges laid by the NCCC and on the business front, apart from the obvious rice farce and a debt ridden government, Toyota are reconsidering a massive expansion plan they have and may even move production away.

Other than this everything is just fine and it seems The Chamber has become the TAT of the private sector.

I didn't know that Toyota are reconsidering expansion and potentially moving away,, are you sure about this?

if so that's a very serious issue, not just because of Toyota but the message it sends to potential investors who will be running for the hills when the worlds biggest car manufacturer is calling time.

[Thai at Heart]

Has no one told The Chamber this is only January, that an Emergency Decree is in force and IF there's an election it could be inconclusive.

Add in small incidentals like 308 PT MPs could face charges laid by the NCCC and on the business front, apart from the obvious rice farce and a debt ridden government, Toyota are reconsidering a massive expansion plan they have and may even move production away.

Other than this everything is just fine and it seems The Chamber has become the TAT of the private sector.

I didn't know that Toyota are reconsidering expansion and potentially moving away,, are you sure about this?

if so that's a very serious issue, not just because of Toyota but the message it sends to potential investors who will be running for the hills when the worlds biggest car manufacturer is calling time.

Certain production of models has been moved to Indonesia.

Funny though, I was just watching the news here in blighty. The total production of cars in the uk last year was 1.6mn

Isn't that more than Thailand? So there is a measure of comparison. That crumbling industrial giant that apparently doesn't manufacture anything anymore, with wages many many times higher than thailand, still makes more motor vehicles.

[NongKhaiKid]

Has no one told The Chamber this is only January, that an Emergency Decree is in force and IF there's an election it could be inconclusive.

Add in small incidentals like 308 PT MPs could face charges laid by the NCCC and on the business front, apart from the obvious rice farce and a debt ridden government, Toyota are reconsidering a massive expansion plan they have and may even move production away.

Other than this everything is just fine and it seems The Chamber has become the TAT of the private sector.

I didn't know that Toyota are reconsidering expansion and potentially moving away,, are you sure about this?

if so that's a very serious issue, not just because of Toyota but the message it sends to potential investors who will be running for the hills when the worlds biggest car manufacturer is calling time.

Yes but damned I can remember where it came up, have a feeling it was Channel News Asia but let me rack my remaining brain cells ( cell ).

The investment mentioned was B600 Million if I remember correctly.

[NongKhaiKid]

Has no one told The Chamber this is only January, that an Emergency Decree is in force and IF there's an election it could be inconclusive.

Add in small incidentals like 308 PT MPs could face charges laid by the NCCC and on the business front, apart from the obvious rice farce and a debt ridden government, Toyota are reconsidering a massive expansion plan they have and may even move production away.

Other than this everything is just fine and it seems The Chamber has become the TAT of the private sector.

I didn't know that Toyota are reconsidering expansion and potentially moving away,, are you sure about this?

if so that's a very serious issue, not just because of Toyota but the message it sends to potential investors who will be running for the hills when the worlds biggest car manufacturer is calling time.

I've Google'd it and there's a Reuters report dated 20 Jan which confirms what I said but I heard it on the television.

The investment would be $609 Million not baht. It's serious given the stature of Toyota.

[thesetat2013]

Economy expected to grow 3-4% this year

BANGKOK 23 January 2014 (NNT) — Bangkok has lost more than 7 billion baht in revenue during the mass rallies and the country as a whole should expect to see 3-4% in economic growth this year, said the University of the Thai Chamber of Commerce.

According to Thai Chamber of Commerce chairman Isara Vongkusolkit, the recently announced emergency decree has not shown negative effects in the short-term; however, in the long run, it will affect foreign investors’ confidence and the country’s image.

Since the mass rallies began on January 13 to immobilize Bangkok, many countries have issued travel warnings against going to Thailand, which has resulted in a 30% drop in foreign visitors to the country, resulting in an estimated 7 billion baht loss in tourism revenues.

However, Mr. Isara expects the Thai economy to grow between 3-4% this year on the back of the recovering global market. Currently, the Thai Chamber of Commerce is working in cooperation with the Department of International Trade Promotion (DITP) to hold the “Thaifex-World of Food ASIA 2014” exhibition to showcase and promote Thai food. The event will be held at Muang Thong Thani during May 21-25 this year.

-- NNT 2014-01-23

I think they forgot the Hong Kong just blacklisted this country which I believe it was quoted that Hong Kong makes up 60% of income for thais during the Chinese New Year! They must be getting theirYabba cheap to get those numbers. Or maybe they just asked TAT for theirs! :-)

Sent from my GT-S5310 using Thaivisa Connect Thailand mobile app

[kotsak]

Toyota warning on Thai crisis reveals frustration, limited options:

http://www.reuters.com/article/2014/01/21/us-japan-autos-thailand-idUSBREA0K0TL20140121

[gemini81]

Its always opposite day here...change -3 to 4% to 3 to 4 percent

[JoeThePoster]

expect to see 3-4% in economic growth this year

A large part of this is from the sale of 999 baht whistles.

[GAZZPA]

Has no one told The Chamber this is only January, that an Emergency Decree is in force and IF there's an election it could be inconclusive.

Add in small incidentals like 308 PT MPs could face charges laid by the NCCC and on the business front, apart from the obvious rice farce and a debt ridden government, Toyota are reconsidering a massive expansion plan they have and may even move production away.

Other than this everything is just fine and it seems The Chamber has become the TAT of the private sector.

I didn't know that Toyota are reconsidering expansion and potentially moving away,, are you sure about this?

if so that's a very serious issue, not just because of Toyota but the message it sends to potential investors who will be running for the hills when the worlds biggest car manufacturer is calling time.

Certain production of models has been moved to Indonesia.

Funny though, I was just watching the news here in blighty. The total production of cars in the uk last year was 1.6mn

Isn't that more than Thailand? So there is a measure of comparison. That crumbling industrial giant that apparently doesn't manufacture anything anymore, with wages many many times higher than thailand, still makes more motor vehicles.

No Thailand make over 2.5 million. However, I do like your view on Blighty. I firmly believe we are going full circle.. Too much manufacturing has been shipped to Asia over the past 20 years. Asia is getting richer (particularly China) and it is now becoming just as viable to manufacturer back in Blighty and outsourcing is becoming too troublesome.

Absolutely true, I am convinced. I work in consumer electronics and once upon a time TV's were made down in South Wales. The factories all closed, Sony and Panasonic being the last to depart about 4 or 5 years ago.

However, just recently a large TV manufacturer has decided that it is completely viable to build TV's back in the UK again and not bother shipping from Asia and paying 14% duty, the sale of the factory has just gone through in the last 2 months,, hoorah. The only downside is that the investment money is Chinese, still I guess this was the only way it was going to go.

Check out the link below,,

http://www.telegraph.co.uk/finance/economics/10023999/UK-manufacturing-jobs-to-come-home-in-next-decade.html

[arthurwait]

.

Edited January 23, 2014 by arthurwait

[isawasnake]

Well, if you look at protests and even natural disasters in the past and how they affected the output, as I am sure she did, I supposed her numbers could be reasonable.

I myself don't like to think in terms of one year, it is a bit too short to predict anything. But I will say that over 3 or 4 years I think Thailand is in a place where in the vast majority of possible permutations, it will probably be growing over that time frame. In short, I agree with her for the most part.