Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[webfact]

Growth this year adjusted down to 3.9%



BANGKOK: -- The Fiscal Policy Office has made adjustments to the country’s economic growth projections for 2015 down to just 3.9% while forecasting export growth at only 1.4%.

Kritsada Jinavijarana, the director-general of the Fiscal Policy Office, stated that they have made several adjustments with regard to the country’s economic outlook for the year.

Gross domestic product (GDP) growth has been reduced from the previous 4.1% projection to 3.9%.

The adjustment represents a growth that is well below the country’s economic potential for the second consecutive year running.

But he said in any event, this is still better that the figures for 2014 which only grew by a meager 0.7%.

He stated that the reason for the increase for 2015 will be due entirely to the proposed massive government spending in infrastructure projects and the ever improving tourism sector.

Exports however, are expected to grow by only 1.4% and this is due to the uncertain global economic outlook and the worldwide decline in agricultural prices.

On the increased volatility of the Thai baht as a result of the European Union and Japan implementing quantitative easing (QE) monetary policies, he stated that he was confident that the Bank of Thailand will be able to manage the situation.

He predicts that the baht will fall to 33.06 baht per USD.

Meanwhile the Office of Industrial Economics released statistics showing that the country’s manufacturing production index (MPI) as of December 2014 fell by 0.35%.

This is offset however, by MPI projections for this year which is expected to grow between 3 – 4% driven by the rebound of the domestic automotive industry.

Automobile production is expected to increase by 14% while the value of industrial products (GDP Industries) is also projected to grow between 2 – 3% driven by increased domestic spending as a result of Thailand’s economic expansion helps drive these improvements.

Source: http://englishnews.thaipbs.or.th/growth-year-adjusted-3-9


-- Thai PBS 2015-01-30

[Anthony5]

And we have another 11 months to go, in which predictions can be lowered further.

[thesetat2013]

Don't nobody worry. TAT will have their growth numbers high enough to compensate any loss of economic growth.

[givenall]

Woo so early, Normally they stay optimistic, till at least middle of the year before downgrading. Well its ok they come out with a good news within next couple days.

As my wife says always say good things, even if the truth is not so good. Oh yeah she is Thai

[Snig27]

You can relax, 93.7% of community leaders are very happy with this in a recent poll by Dusit

Edited January 30, 2015 by Snig27

[rubl]

If only the current government didn't need to repay the bills left by the previous government and cover the generosity of that government they might do more in economy stimulation through local projects.

[NongKhaiKid]

Great tactic if I could be sure they've actual thought about it and not stumbled over it.

Drop expectations then as the year progresses the reports will be of growth and improvement all thanks to the PM and his merry men.

[DLock]

If they bring it down by a barely noticeable .02 or .03 every month they can still say "But he said in any event, this is still better that the figures for 2014 which only grew by a meager 0.7%." all the way till the end of the year.

Not even the last day of the first month and they are already adjusting down...and banking on the MPI and auto industry to make up for it.

"This is offset however, by MPI projections for this year which is expected to grow between 3 – 4% driven by the rebound of the domestic automotive industry."

I would have love to have a job of no accountability, change forecasts every month at a whim and still have a job.

Would not survive in the real world.

[BigBadGeordie]

And we have another 11 months to go, in which predictions can be lowered further.

The fiscal year in Thailand began on the 1st October 2014 and will end on 30 th September 2015

So I make that 4 months in, with 8 months to run.

Edited January 30, 2015 by BigBadGeordie

[DLock]

And we have another 11 months to go, in which predictions can be lowered further.

Thae fiscal year in Thailand began on the 1st October 2014 and will end on 30 th September 2015

So I make that 4 months in, with 8 months to run.

Was not aware of that.

But it is correct. Thanks.

[ChrisY1]

Thai exports have fallen over the past 2 years......and now growth is expected to be positive at ~3.9% for 2015 ?? To me it doesn't compute......

Publish a statement that saves face to everyone....and the truth will be posted in the second half of the year.......when everyone has forgotten this quote.

Edited January 30, 2015 by ChrisY1

[rickirs]

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If only the current government didn't need to repay the bills left by the previous government and cover the generosity of that government they might do more in economy stimulation through local projects.

I thought the previous government's "generosity" was judged to be corruption and dereliction of duty. The Junta was under no obligation to continue the 200% above market prices for the pledged rice but did so out of its own gesture of "generosity." That said, the government's amount of debt is less than 50% GDP which is more than adequate room for it to assume additional debt to provide the necessary economic stimulus THAT IT PROMISED to jumpstart the economy back to pre-coup times. However, despite its recognition for such a stimulus:

"He [Commerce Minister General Chatchai Sarikulya] said the key engines driving the economy this year would be government investment, support for trade growth - particularly cross-border trade, and the setting up of Special Economic Zones." The Nation 2015-01-13

The Junta-led government FAILED to deliver government investments:

"If there's no ground-breaking [on government investment projects], I [Chantana Sukumanont, an adviser to Siam City Cement] do not believe in anything. One recommendation I have for the government is to 'just do it'. There's enough talk already," The Nation 2015-01-30

This government has no excuses holding absolute power not granted to elected Thai governments for not restoring Thailand's economy other than incompetence.

[rubl]

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

If only the current government didn't need to repay the bills left by the previous government and cover the generosity of that government they might do more in economy stimulation through local projects.

I thought the previous government's "generosity" was judged to be corruption and dereliction of duty. The Junta was under no obligation to continue the 200% above market prices for the pledged rice but did so out of its own gesture of "generosity." That said, the government's amount of debt is less than 50% GDP which is more than adequate room for it to assume additional debt to provide the necessary economic stimulus THAT IT PROMISED to jumpstart the economy back to pre-coup times. However, despite its recognition for such a stimulus:

"He [Commerce Minister General Chatchai Sarikulya] said the key engines driving the economy this year would be government investment, support for trade growth - particularly cross-border trade, and the setting up of Special Economic Zones." The Nation 2015-01-13

The Junta-led government FAILED to deliver government investments:

"If there's no ground-breaking [on government investment projects], I [Chantana Sukumanont, an adviser to Siam City Cement] do not believe in anything. One recommendation I have for the government is to 'just do it'. There's enough talk already," The Nation 2015-01-30

This government has no excuses holding absolute power not granted to elected Thai governments for not restoring Thailand's economy other than incompetence.

Absolutely, my dear chap.

Not only did the current government have no obligations to continue the RPPS, they even didn't continue it. Mind you the previous government guaranteed the 'funds' put up by BAAC and the current government needs to honer that. Furthermore the current government inherited all unpaid bills to farmers, millers, warehouse owners and other people. Surely you do not want to suggest the current government defaults on the inherited obligations?

Your statement that the junta failed to deliver government investments is interesting, especially when quoting some business chap who says to 'just do it'. Wouldn't that be somewhat undemocratic, or maybe just throw around some money without proper plan or good ideas how the money will benefit economy and people?

BTW your last sentence doesn't make sense. May I suggest you try to construct something more logical ? Thanks.

[Anthony5]

If they bring it down by a barely noticeable .02 or .03 every month they can still say "But he said in any event, this is still better that the figures for 2014 which only grew by a meager 0.7%." all the way till the end of the year.

Not even the last day of the first month and they are already adjusting down...and banking on the MPI and auto industry to make up for it.

"This is offset however, by MPI projections for this year which is expected to grow between 3 – 4% driven by the rebound of the domestic automotive industry."

I would have love to have a job of no accountability, change forecasts every month at a whim and still have a job.

Would not survive in the real world.

projections

Oh I love that word.

It's not only because they sold less cars in 2014 than in 2013 because of the end of the rebate scam, that they will sell more in 2015.

The sad thing is how the domestic automotive industry gonna recover when the locals have no jobs? Have you looked around lately and saw how many businesses closed down, and that is not only in tourist areas.

[Paul Henry]

The Director General of Fiscal Policy!!!Major developed economies have all reduced their growth down most below 2%.Thailand down from 4.1% to 3.9%.

US $ will fall to 33.06 bht. Maybe he should have checked the current rate US$=32.7bht. Time for a reality check! and a New Director General.

[Cake Monster]

Wow ! From a meager 0.7% growth in 2014 to a whopping 3.9% prediction for 2015.

Predictions are all well and good, but reallity is completely different, and Thailand has now lost the " strong man of SE Asia " title to the Phillippines, with their record growth of 2014.