Political unrest causes Bt50 billion monthly damage to Thai economy

[webfact]

Political unrest causes Bt50 billion monthly damage to Thai economy
By Digital Content



BANGKOK, March 19 – Thailand’s tourism sector has been hardest hit of all sectors by the political turmoil since November during which a monthly circulating fund of Bt40-50 billion has vanished, according to the Thai Chamber of Commerce.

Issara Wongkusolkit, chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand, said the country’s gross domestic product (GDP) may suffer zero growth or even as much as a 2 per cent deficit if the political impasse prolongs over six months.

If a new government is formed within six months, Thailand’s GDP this year should expand by 2-3 per cent, he said.

He said invoking the emergency decree has diminished the number of foreign tourist arrivals and the original projected arrival of 28.1 million tourists this year was adjusted to 27.5 million, or a 3 per cent growth from last year, instead of what would have been a larger number.

The number of Chinese tourists has dropped 50 per cent while Japanese and Korean arrivals also decreased by 40 per cent and 30 per cent respectively.

The tourism slowdown has affected related businesses including the air transport business which saw a 15 per cent drop while the jewellery sector plunged 30-40 per cent.

Cancellation of seminars and conferences has reduced hotel bookings by 20-30 per cent, particularly in rally zones such as Ratchaprasong, Silom and Rama IV Road, which saw a 70 per cent drop in hotel occupancy.

Mr Issara said tourism should improve after the emergency decree is revoked The property sector has also suffered slower sales.

Though Moody’s has maintained the level of Thailand’s confidence, delayed appointment of new members to the Board of Investment has put off approval of investment projects worth Bt500-600 billion, mostly involving the automotive and electronics industries, he said.

On the brighter side, Thailand’s export sector should enjoy a 5 per cent growth as projected this year as manufacturing bases for export products are mostly outside Bangkok. (MCOT online news)


-- TNA 2014-03-19

[steelepulse]

It's all about the money, money, money.

[HonestQuietBob]

One more reason why Suthep is a nutsack.

[Gunna]

One more reason why Suthep is a nutsack.

" He said invoking the emergency decree has diminished the number of foreign tourist arrivals "

Who introduced that measure - it was only introduced so PT could try and control protests against their corruption

[jollyman]

One more reason why Suthep is a nutsack.

" He said invoking the emergency decree has diminished the number of foreign tourist arrivals "

Who introduced that measure - it was only introduced so PT could try and control protests against their corruption

You remind me of the FOOL ON THE HILL!

[Tatsujin]

What on earth is this "monthly circulating fund of Bt40-50 billion" that has vanished? Are they talking about lost revenue/income?

[Tatsujin]

One more reason why Suthep is a nutsack.

" He said invoking the emergency decree has diminished the number of foreign tourist arrivals "

Who introduced that measure - it was only introduced so PT could try and control protests against their corruption

You remind me of the FOOL ON THE HILL!

Stones + glasshouses . . .

[IBoldnewguy]

It's all about the money, money, money.

I wonder if she performed that video for free... or could she have been paid... money... money... money?

[chainarong]

The Question needs to asked, who would invest , holiday in Thailand at the moment , answer, no one, so don't kid yourself the damage is being done on an international scale , sight unseen, who do we blame , both sides , one for showing how easy it is to manipulate voters , intimidate , ignore the legal system and a-list as long as your arm on financial and project failures , Suthep on the other hand was on target with the Amnesty Bill , until he decide that the numbers are grand enough to push for the overthrow of the government, unfortunately for Suthep after the "A" Bill most went home, so now Thailand is in the grip of a limbo Government , meanwhile to economy go's down the gurgler , go figure.

[IBoldnewguy]

Not to mention the $1.50 I was planning to splurge in BKK this year...

[pisico]

"QUOTE"

On the brighter side, Thailand’s export sector should enjoy a 5 per cent growth as projected this year as manufacturing bases for export products are mostly outside Bangkok.

How interesting. The protestors seem to be in their vast majority the "unpaid", volunteer students (future doctors and academics?) and the other anti-Thaksinistas and Ammart yapping about ending the Thaksin regime as commanded by their Hamelin leader. Do they really care about what is happening to the country or is that part of the top politico's plan?

To be unreasonable and against any possible solution in order to create a crisis and then blame the government. The Amnesty bill was a major blunder of the administration as it was the stubborn red shirts attitude when Abhisit offered talks to end their protest that ultimately lead to the military crackdown.

Suthep has changed his mantra from against the A bill to anything that suits his purpose and thus manipulating the minds of the fairly politically unsophisticated Thais. Read Mein Kampf and you will see that tactic spelled out: "The masses cannot recognize the truth when they have been told many things. Their comprehension of issues is limited and even more so their memory."

Create a crisis, foment unrest and hope for the army to put you in power. Or... blame the other side.

All things political in MHO in Thailand are reprehensible. Ineptitude, cronyism, corruption, nepotism and much more are to be found in all shirt colors of the spectrum.

[Thai at Heart]

A few months ago, weren't they trumpeting that there was no effect on tourism?

[ThomasBird67]

Feeling read good about my decision to move my wife and kids back to America from Thailand right about now....

[belg]

oh soon TAT will come announce they will go above the targetted 50 million visitors

[sonar6ca]

One more reason why Suthep is a nutsack.

Takes one to know one!

[PlastikbinLina]

One more reason why Suthep is a nutsack.

Takes one to know one!

So you identify with him as well? very observant.

[bigbamboo]

Feeling read good about my decision to move my wife and kids back to America from Thailand right about now....

Nobody likes a smartarse.

[Spartakos]

It might help cool down the lunatics in the government who tries to make a life difficult for expats here. They might realise they need our money. Last few years I have seen regulations tighten drastically and it worries me.