Thai PM admits to slow economic recovery

[webfact]

Prime minister admits to slow economic recovery
By Digital Content



BANGKOK, Dec 15 -- Prime Minister Gen Prayut Chan-o-cha said the Thai economy has generally improved but its recovery was not at a satisfactory pace.

His said the government is promoting investment to stimulate the economy.

In a seminar on investment promotion strategies for sustainable economic development in Muang Thong Thani today, Gen Prayut said the Thai economy was picking in the latter part of this year, but recovery remained too slow.

The prime minister said that the value of investment projects seeking promotional privileges from the Thai government should reach Bt700 billion as expected this year and that tourist arrivals were picking up.

When infrastructure development and measures to support farm products were included, the Thai economy should grow by 3.5-4.5 per cent next year, Gen Prayut said.

"Meanwhile, the government is promoting investment projects that include technology transfers and increase product values and is supporting SMEs through joint investment funds," Gen Prayut said.

Deputy Prime Minister Pridiyathorn Devaluka said it was difficult for the Thai economy to grow by 7-8 per cent as before.

He said there should be new activities to attract investment including tax exemption and reduction to encourage international companies to establish their regional offices in Thailand. (MCOT online news)


-- TNA 2014-12-15

[terryp]

you aint seen nothing yet...look whats going on in Indo and thats where most of the Japanese Car manufacturers are re-locating to

[worgeordie]

Might have something to do with the state of the World wide

economy,if thats not already obvious.

regards Worgeordie

[Jimbo2014]

Recent confusion over visas, business ownership and rampant corruption ain't going to help

[CantSpell]

How many meetings, speeches does he do a day?

Might be trying to set up a record....

[tullynagardy]

If they spent more time actioning real policies that genuinely stimulated investment, and less time spouting propaganda and launching purges against certain groups, the economy might be performing better.

As usual there is nothing of substance to his speech, no detail, just the usual promise "things will get better so stick with me."

The honeymoon is over Prayuth, you need to start delivering.

[chainarong]

My Crystal ball indicates that there will be no recovery , it will get worse world wide except the US, Russia is on the brink of a recession, Oz has the worst un-employment for 14 years and the happiness meter in Thailand will plunge 55%

[kalbo123]

Seen the SET today?

Very strange movements...

[Sarathi]

"tourist arrivals are picking up" - that's a lie.

Yes, there are more tourists in December than Nov. but reports say that tourism is down 20% on last year for this month

[tullynagardy]

"tourist arrivals are picking up" - that's a lie.

Yes, there are more tourists in December than Nov. but reports say that tourism is down 20% on last year for this month

Indeed, Russians make up the 3rd biggest group of visitors to Thailand and their numbers are plummeting because of their domestic situation. The amount of Russian visitors multiplied ten fold in just 5 years (from 170k to 1.7 million) and it will likely shrink ten fold just a quick.

Add in the large drop in visitors from the UK, Australia and USA because of the mess Thailand is currently in and it doesn`t paint a pretty picture. The Chinese can fill some of this void but they tend to spend less (and attack air stewardesses with noodles)

Prayuth, as usual, thinks he can simply lie and everyone will be fooled. You can`t hide the fact hotels aren`t as busy, the fact unemployment is up and that living standards falling. (for most Thais beyond the group at the top.)

It`s hardly surprising he needs to keep martial law in force really. (despite his 120% approval rating or whatever the latest survey said)

[ChrisY1]

If they spent more time actioning real policies that genuinely stimulated investment, and less time spouting propaganda and launching purges against certain groups, the economy might be performing better.

As usual there is nothing of substance to his speech, no detail, just the usual promise "things will get better so stick with me."

The honeymoon is over Prayuth, you need to start delivering.

Quite right.....propaganda is these peoples doctrine........truth is unknown

[Asiantravel]

My Crystal ball indicates that there will be no recovery , it will get worse world wide except the US, Russia is on the brink of a recession, Oz has the worst un-employment for 14 years and the happiness meter in Thailand will plunge 55%

" except the US "

I am not sure about that

http://www.washingtonpost.com/wp-srv/special/business/peak-income/

[noitom]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

How many meetings, speeches does he do a day?

Might be trying to set up a record....

he's going for the Guinness in the category - unelected prime ministers.

[NeverSure]

My Crystal ball indicates that there will be no recovery , it will get worse world wide except the US, Russia is on the brink of a recession, Oz has the worst un-employment for 14 years and the happiness meter in Thailand will plunge 55%

" except the US "

I am not sure about that

http://www.washingtonpost.com/wp-srv/special/business/peak-income/

Do you really think things are worse in the US than they were two years ago? Since the crisis in 2007 - 2008?

I believe the discussion is about now and going forward, not 35 years ago. Things are much better in the US than they were 5 years ago and they are improving.

Edited December 15, 2014 by NeverSure

[fish fingers]

well at least he has something in common with Yingluck now

she single-handedly ruined the rice industry and he single-handedly ruined the tourist industry

Little wonder Thailand is f***ed

[yellowboat]

Don't think the PM lies, but rather, he just believes in the power of his own voice. He says it and it will happen or not.

He and his minions have done a good job scaring off investors and business people from Thailand. We were planning on setting up in Bangkok, but those plans were pretty much quashed in June with the crazy visa regulations. From June things have just gotten worse. We will maintain the relationships we have now but nothing further.

Grade A office space very inexpensive in Bangkok as is housing, yet the goverment makes is so hard for foriegners to set up there.

[Christie Paul]

This administration is not totally to blame for the economic down turn.

The world economy is in a shambles, the Baltic Dry Good Index is in the crapper and currencies are being printed like toilet paper.

Western governments are blathering on about recovery, whilst they make plans for an economic crash. Prime pumping the stock market, picking fights with Russia and China and converting their police forces into paramilitary death squads, under the guise of fighting terrorism.

You don't need to be Einstein to know they are looking to camouflage the crimes of the banking elite for whom they work.

These are the conditions in which a country like Thailand would be served by opening up and relaxing immigration and business regulations, to as much as possible augment tourism and investment. Instead if anything, they do precisely the reverse.

Instead of applying water to the fire, they apply petrol. Instead of viewing the current world economic situation as an opportunity, they confront it with a suicidal approach.

I don't question their good intentions. But they are either seriously out of touch, misinformed or grotesquely incompetent.

My hope is that before too much damage is done, they fully apprehend their predicament and swiftly return Thailand to being a safe and attractive destination for people and investment.

[chainarong]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

"tourist arrivals are picking up" - that's a lie.

Yes, there are more tourists in December than Nov. but reports say that tourism is down 20% on last year for this month

Indeed, Russians make up the 3rd biggest group of visitors to Thailand and their numbers are plummeting because of their domestic situation. The amount of Russian visitors multiplied ten fold in just 5 years (from 170k to 1.7 million) and it will likely shrink ten fold just a quick.

Add in the large drop in visitors from the UK, Australia and USA because of the mess Thailand is currently in and it doesn`t paint a pretty picture. The Chinese can fill some of this void but they tend to spend less (and attack air stewardesses with noodles)

Prayuth, as usual, thinks he can simply lie and everyone will be fooled. You can`t hide the fact hotels aren`t as busy, the fact unemployment is up and that living standards falling. (for most Thais beyond the group at the top.)

It`s hardly surprising he needs to keep martial law in force really. (despite his 120% approval rating or whatever the latest survey said)

Just like to point out not all OZ tourists are avoiding Thai because of the Coup , latest stats see 1 out of 5 households are in dept, 1 in 196 are bankrupt in the country area's of Western Australia and a 25% increase in people seeking food handouts, not everyone from OZ will be travelling 1St Class o/seas this Xmas.

[soalbundy]

My Crystal ball indicates that there will be no recovery , it will get worse world wide except the US, Russia is on the brink of a recession, Oz has the worst un-employment for 14 years and the happiness meter in Thailand will plunge 55%

The US is not an island

[englishoak]

But are we happy ? thats the important thing

[Squeegee]

In other news, they plan to hold a seminar on reducing the number of seminars.

[wabothai]

In stead of babbling about sustainable growth (heard that a few times before) the general would do better in preparing Thailland for the worst crash she have ever seen. Elections next year? And then?

[wandasloan]

you aint seen nothing yet...look whats going on in Indo and thats where most of the Japanese Car manufacturers are re-locating to

Which ones are re-locating? I for one have not heard of any carmaker moving out and shutting down Thai operations. In fact, many of them have put very large investments in during 2014.

well at least he has something in common with Yingluck now

she single-handedly ruined the rice industry and he single-handedly ruined the tourist industry

The world's Number One rice seller has no tourists? If you don't mean that, what do you mean? I truly do not understand your claims, since both the rice industry and the tourist industry are making more today than a year and five years ago (to pick arbitrary comparisons; feel free to pick your own)..

.

Edited December 16, 2014 by wandasloan

[Eric Loh]

While the junta can't be held responsible for the weak global economy, it is within his leadership to do more for the domestic economy. He must urgently ensure that the budget expenditures are dispense quickly and not hold back by incompetency and red tapes. He seem behind the curve on ideas to stimulate the domestic economy.

[ThaidaGwaii]

Then why is the Thai baht so strong???

[yellowboat]

While the junta can't be held responsible for the weak global economy, it is within his leadership to do more for the domestic economy. He must urgently ensure that the budget expenditures are dispense quickly and not hold back by incompetency and red tapes. He seem behind the curve on ideas to stimulate the domestic economy.

The first thing the Junta was to upset everyone; international business and the Thai middle class. It is increasingly looking like a tool for the Thai elites.

[yellowboat]

Then why is the Thai baht so strong???

It is a major exporter. It has lots of foriegn reserves.

[rudolfvaselino]

Don't think the PM lies, but rather, he just believes in the power of his own voice. He says it and it will happen or not.

He and his minions have done a good job scaring off investors and business people from Thailand. We were planning on setting up in Bangkok, but those plans were pretty much quashed in June with the crazy visa regulations. From June things have just gotten worse. We will maintain the relationships we have now but nothing further.

Grade A office space very inexpensive in Bangkok as is housing, yet the goverment makes is so hard for foriegners to set up there.

I caught him on a few lies since his 'election'.

[wandasloan]

I caught him on a few lies since his 'election'.

Your post got cut off right there - whether by a technical glitch or something more sinister isn't clear. Just when it was getting interesting, drat our luck.

[baboon]

While the junta can't be held responsible for the weak global economy, it is within his leadership to do more for the domestic economy. He must urgently ensure that the budget expenditures are dispense quickly and not hold back by incompetency and red tapes. He seem behind the curve on ideas to stimulate the domestic economy.

The first thing the Junta was to upset everyone; international business and the Thai middle class. It is increasingly looking like a tool for the Thai elites.

It looks that way because it is just that.