Finance minister: Thai economy might grow less than 2% this year

BANGKOK, 30 September 2014 (NNT) - Finance Minister Sommai Phasi has admitted that this year’s economic growth might not reach 2% due to the political problems at the beginning of the year and the global economic slowdown. The minister however forecast that next year’s growth could rise to 4.5% thanks to the government’s continuous economic stimulus measures.

Mr Sommai said the ministry’s economic growth projection of 4.5% for 2015 was higher than many agencies despite the lower-than-expected growth this year. The minister added that he had high hopes with the stimulus measures which would take effect in the last quarter of this year until the first quarter of 2015.

The minister stated further that the government would urgently disburse its budget and the Board of Investment of Thailand would quickly approve incentives for investors. The budget disbursement and investment incentives would help move the Thai economy forward next year, resulting in a brighter economic picture, said Mr. Sommai.


-- NNT 2014-09-30

... the ministry’s economic growth projection of 4.5% for 2015 was higher than many agencies despite the lower-than-expected growth this year.

Government projections, hopes, desires, white lies, etc., are always on the rosy side.

So; what excuses have they got lined up for next year ?

I don't think it will be too long before they are dipping in to recession.

You know a quick way to boost the economy....

Is to borrow a load of money over 20 years and give it to the poorest in return for their produce.....

Might .... Could ........ high hopes ........... perhaps/maybe ......... not very reassuring. I sent an enquiry via the officlial channel to the BOI some 6 months ago and had no response or acknowledgement. We decided on Singapore instead, who anwerred all questions within 24 hours. Too many risks here.

So; what excuses have they got lined up for next year ?

China's economy has started tanking, so less trade and tourists.

What are the stimulus measures on economy he's talking about ?

I think he made career at the weather department ..... forecasting, maybe rain, maybe sunshine..... 50% chance ....

Finance Minister Mr Sommai said the ministry’s economic growth projection of 4.5% for 2015 was higher than many agencies.

Just yesterday Pridiyathorn Devakula, Deputy Prime Minister supervising economic affairs, said that the Thai economy might grow by only 3-4% next year.

Sounds like a prediction of 3% or less might be more realistic at this time.

In either case there appears to be a continuing cost to Thailand's GDP beyond 2014 for the anti-government protests and coup.

Love it lol

So; what excuses have they got lined up for next year ?

China's economy has started tanking, so less trade and tourists.

All commodity driven economies are hurting. Russia due to oil prices, China due to less demand for exports, Same for Thailand; less demand for exports and low rice and rubber prices, and an number of others. Brent Crude is around $96 a barrel, down from $140 in 2008, putting Russia over a barrel, pardon.

Thailand has no control over tourism from countries such as China and Russia which are hurting, nor can it control rubber or (choke) rice prices as we know.

The countries doing best have productivity, innovation, technology, education, etc. instead of rice fields. Those are countries like the UK, Hong Kong, Germany, The USA, Singapore... They all have relative ease of doing business also, where Thailand falls flat and their economies are doing best.

Thailand is in the crosshairs. There is less money flowing from China so less demand for exports. At the same time the commodities it has are priced so low there's little if any profit or demand. It is very hard to set up and do business in Thailand. It is going to go through a hard time.

I would say Thailand is in recession, all these figures keep showing a downward trend.

I would say Thailand is in recession, all these figures keep showing a downward trend.

Would agree on this. And it will go down even more.

in BBC 2 days ago analysts said Thailand is the only country in Asia NOT growing this year and even in the last 3 years there was no significant increase of GDP. So what is he telling us? As always b.....t.

^{The minister however forecast that next year’s growth could rise to 4.5%}

^{Another Thai wannabe Fortune teller!}

Growth COULD be 50%. Or it COULD be -50%. In my next life I want to be a Thai economist. Nothing but guesswork, wrong all the time, yet consulted as an "expert".

Baht printers are running at full regime!