Pridiyathorn confident Thai economy to pick up in second quarter

[webfact]

Pridiyathorn confident economy to pick up in second quarter



BANGKOK: -- Deputy Prime Minister Pridiyathorn Devakula is confident that Thailand’s economy will gradually pick up in the second quarter of the year due to increased household spending and increased government investments as well as slow recovery of exports.

He said that the government had accelerated implementation of all projects requested by the private sector, particularly tourism industry which has pushed up the GDP of the fourth quarter of last year to 2.3 percent.

On private investment, he said approved projects increased by 4.1 percent while exports grew by 2.8 percent last year. However, for the first quarter of this year, exports started to contract due to global economic situation and it was predicted that exports would shrink by four percent during the first quarter.

Household spending for the first quarter increased 2.4 percent compared to that of the fourth quarter of last year while government investment continued to increase as more development projects were inked.

The minister said that the overall economic situation should be more active but that was not the case because of the new social order imposed by the government and stringent curbs on illegal business activities. But he expressed optimism that the economy will steadily improve after the country undergoes reforms.

Regarding price slump for agricultural produce such as rubber and rice, the minister said that the government had already worked out measures to try to boost the farm prices. Moreover, he said that the government would implement tambon fund scheme by handing out each tambon one million baht each to boost the economy in the localities.

Source: http://englishnews.thaipbs.or.th/pridiyathorn-confident-economy-to-pick-up-in-second-quarter


-- Thai PBS 2015-04-17

[angsta]

This whole government business isn't quite as easy as Thaksin made it look, is it? Thank Buddha you can't get voted out.

[Strangebrew]

I'm extremely confident that this same knucklehead if still around will stroll out to dole out more BS next quarter being better, yahda yahda yahda. Writing is on the wall lower the exchange rate and your speech will be correct for once.

[Snig27]

You only need to spend a few minutes on google to find out what the rest of the world thinks of this man's grasp on all matters economic. It was about a decade back when he almost took down the whole Thai economy.

Incompetent is one if the more charitable words oft cast in his direction by wiser minds.

[toybits]

The socioeconomic indicators I have been monitoring also point to the same thing. We will have lots of Mushrooms in the coming quarters.

Edited April 17, 2015 by toybits

[worgeordie]

Wishful thinking, that's it.

regards worgeordie

[thesetat2013]

This 1 million per tambon is the same thing that thaksin did before to win the hearts and devotion of most of the poor in the north. It makes one wonder what is the real motive for this.

[MacWalen]

I think so too. Things are getting better for sure. It was a difficult period after a near domestic war. Takes time to fix the economy now and restore confidence but progress is being made. I am confident.

Walen School of Investing - learn to multiply your money

[djjamie]

Just imagine for a minute if the PTP where still in control where the economy would be during this global economic downturn. No doubt calling protestors garbage, trying to get a convicted criminal back and the PM in the Maldives using Facebook to give assurances to the majority that the economy downturn is a figment of their imagination and is due to the hot weather.

Below is another official economic indicator from the same place I get tourist numbers from that some denounce. Apparently the Junta didn't censor this indicator, but only censor the official tourist numbers…I guess the red apologists won't argue with this official data right? So predictable.

With that said the exports have certainly nose dived and this needs to be addressed. Thank god the PM is in Thailand and not addicted to Facebook allowing him to actually address the issue and lead the government!!

Good luck Thailand…Remember a good economy is beneficial for the majority. Not beneficial to 7% of the population..

Do you support the majority of make excuses for 7% of the population.

Edited April 17, 2015 by djjamie

[phoenixdoglover]

I hate to break it to you guys.

Exports from Thailand have been essentially flat since early 2011. Short term factors are not to blame.

One factor that could be at play is average monthly wages in manufacturing, up substantially over that same time period, from 7,000 thb/month in early 2010, to about 12,500 thb/month in late 2014.

[baboon]

Just imagine for a minute if the PTP where still in control where the economy would be during this global economic downturn.

No. It is your lot that are in charge now. You constantly assert what a great job they are doing so there is no need for deflection.

[Chris Lawrence]

Thailand is one of the largest producers of rice and natural rubber in the world and agriculture is the primary employment sector. It is also a major producer of automobiles and electronics for export and a popular tourist destination.

Thailand is export-dependent with export of goods and services equivalent to nearly 70 per cent of its GDP in 2010.

Al Jazeera reported that Thailand is in its worst economic downturn in 40 years.

‘The minister said that the overall economic situation should be more active but that was not the case because of the new social order imposed by the government and stringent curbs on illegal business activities. But he expressed optimism that the economy will steadily improve after the country undergoes reforms.’

So what does he mean? Stringent curbs on illegal business activities has had an effect on the economy?

Regarding price slump for agricultural produce such as rubber and rice, the minister said that the government had already worked out measures to try to boost the farm prices. Moreover, he said that the government would implement tambon fund scheme by handing out each tambon one million baht each to boost the economy in the localities.

These commodities are all governed by the world market. Rubber is in a slump, whilst Thailand’s rice is in stockpile at the moment? Giving money to local tambon’s may lead to diversion of monies? This on its own will not stimulate domestic markets as it does not go far enough.

Tourism alone will not increase the Thai economy. The regimes current investment program appears reliant on moving stockpiles (rubber to Russia) for foreign services. They are in barter mode. But they are not looking at traditional markets that have history. They are going after new market players that have dubious reputations for their goods and services.

Just because you can get on a stage and say this will happen, does not mean that is where the economy is heading.

Thailand is also affected by its human rights abuse which is having an effect on exports.

They really need to get out and promote traditional export market players and stimulate the domestic markets. They really need an election to speed this process up.

[Thailand]

I think the crystal ball is a little fuzzy.

[chooka]

particularly tourism industry which has pushed up the GDP of the fourth quarter of last year to 2.3 percent.

So tourism is the horse that Thailand rides and this is why it is always thier major concern and why people get charged with tarnishing Thailands image jeopardising tourism.

[yellowboat]

Thailand is not an attractive place to live or invest at the moment.

[ChrisY1]

The DPM must have spoken to his family at the dinner table and they all agreed that he, and his other military friends, have done a wonderful job so far.....and that the economy will surge because of this.........!

It's all just childing and immature spin....they have ficticious figures with which to work with (if at all they would understand such figures), advisors that write this spurious clap trap and then expect all Thais....and the international community, to believe them............

[Snig27]

Just imagine for a minute if the PTP where still in control where the economy would be during this global economic downturn. No doubt calling protestors garbage, trying to get a convicted criminal back and the PM in the Maldives using Facebook to give assurances to the majority that the economy downturn is a figment of their imagination and is due to the hot weather.

Below is another official economic indicator from the same place I get tourist numbers from that some denounce. Apparently the Junta didn't censor this indicator, but only censor the official tourist numbers…I guess the red apologists won't argue with this official data right? So predictable.

With that said the exports have certainly nose dived and this needs to be addressed. Thank god the PM is in Thailand and not addicted to Facebook allowing him to actually address the issue and lead the government!!

Good luck Thailand…Remember a good economy is beneficial for the majority. Not beneficial to 7% of the population..

Do you support the majority of make excuses for 7% of the population.

Calling anyone with a better grasp of the real world than you (which seems to be most people) a red apologist doesn't make you any more credible I'm afraid. PTP did have control of the economy over much of the major GFC as you may recall if you find a way to loosen those blinkers that continually seem to afflict you - and the economy did far far better pretty much through to 2014 whilst the rest of the planet struggled.

Trying to blame it all now another Global Downturn is - well - just another Jamie-half-truth post. Seen what's happening in Singapore? In Vietnam? In Indonesia? They're booming. I was with the HR manager of a very large HK based Italian firm last week and they've just pulled back from opening a new factory in Chonburi and are moving their other factory to Java. 1200 jobs gone. Why? Because of the messed up political system and the economic future for Thailand. Part of their problem is that their (major) Chinese bank wants them out of Thailand as its internal forecast for the nation's economic health is pretty dire.

Tweak those blinkers Jamie and you'll perhaps get an inkling of how the current "Economic Czar" (as they bizarrely tag him) is regarded globally.

Nice graph, but it only tells a part of the story doesn't it? Still, taking a part of the story, ignoring the rest and then claiming to have some sort of insight seems to be de rigour for you.

Tourist numbers may be up (there are wildly conflicting sets of data out there) but the type of tourist is the problem - unless the figures released by your junta a couple of weeks back are errant - they ain't spending. Chinese bus tours rarely do.

[Balance]

Had to have someone out front to counter the projections in TV announced by the economist from Thai Chamber of Commerce. The look on his face in the photo was similar to that of Morgan Freeman in the movie, "Deep Impact," telling the world's people that the earth would be completely destroyed in 3 days.

[Srikcir]

The nation will be lucky if the 2015Q2 hits 2.5%-3% growth.

Thailand just had a quarter of "negative GDP growth." Another quarter will offically put the nation into deflation and that will trigger a devaluation of the currency. Good for exports if Thailand can find substitutes for the US and EU. But in the face of out of control growing household debt, domestic consumption will cease as a contributing factor to GDP.

[SoilSpoil]

I hope the good man is right and that the Baht will get stronger. An exchange rate of 1 Baht = 1 euro would be ideal. I will purchase a couple of apartments in Europe then and rent them out,

[Lupatria]

Looks like another "expert" who fell for the ad:

"Forget about expertise and education"

It's a trap!

Start a new career - become a fortune teller

Limited special offer -Glass bowls discounted to 3,000 Thb only!

[wabothai]

Yeah, Prajuth's christal balls are almost sold out.

[quandow]

It doesn't matter how loudly or how many times you tell a lie, it will never become truth.

Wake up, smell the coffee, take a deep breath and have a good, long look in the mirror. The freaking emporer is naked!!!

Drop the façade and LOSE a little face! It's the only possible choice Thailand has to create a positive solution. These kind of lies won't feed the nation.

[Tonawatchee]

Discreet sessions with the fortune teller again.

[Baerboxer]

This whole government business isn't quite as easy as Thaksin made it look, is it? Thank Buddha you can't get voted out.

Thaksin made it look easy - you're taking the proverbial unless lying, cheating and stealing are your benchmarks.

Although to be fair he did vastly increase his families wealth and tucked most of it safely away.

Now, go on then, please tell us how the majority of Thais benefited from Thaksin's governments.

Edited April 18, 2015 by Baerboxer

[yellowboat]

This whole government business isn't quite as easy as Thaksin made it look, is it? Thank Buddha you can't get voted out.

Thaksin made it look easy - you're taking the proverbial unless lying, cheating and stealing are your benchmarks.

Although to be fair he did vastly increase his families wealth and tucked most of it safely away.

Now, go on then, please tell us how the majority of Thais benefited from Thaksin's governments.

Thaksin could have been one of Asia's great leaders, but he was too easily corrupted. Economically and business wise, things looked better under his administration. He is purportedly helping Cambodia. Let's see how they do a year from now. I would invest in Cambodia long before Thailand

[Baerboxer]

Just imagine for a minute if the PTP where still in control where the economy would be during this global economic downturn. No doubt calling protestors garbage, trying to get a convicted criminal back and the PM in the Maldives using Facebook to give assurances to the majority that the economy downturn is a figment of their imagination and is due to the hot weather.

Below is another official economic indicator from the same place I get tourist numbers from that some denounce. Apparently the Junta didn't censor this indicator, but only censor the official tourist numbers…I guess the red apologists won't argue with this official data right? So predictable.

With that said the exports have certainly nose dived and this needs to be addressed. Thank god the PM is in Thailand and not addicted to Facebook allowing him to actually address the issue and lead the government!!

Good luck Thailand…Remember a good economy is beneficial for the majority. Not beneficial to 7% of the population..

Do you support the majority of make excuses for 7% of the population.

Calling anyone with a better grasp of the real world than you (which seems to be most people) a red apologist doesn't make you any more credible I'm afraid. PTP did have control of the economy over much of the major GFC as you may recall if you find a way to loosen those blinkers that continually seem to afflict you - and the economy did far far better pretty much through to 2014 whilst the rest of the planet struggled.

Trying to blame it all now another Global Downturn is - well - just another Jamie-half-truth post. Seen what's happening in Singapore? In Vietnam? In Indonesia? They're booming. I was with the HR manager of a very large HK based Italian firm last week and they've just pulled back from opening a new factory in Chonburi and are moving their other factory to Java. 1200 jobs gone. Why? Because of the messed up political system and the economic future for Thailand. Part of their problem is that their (major) Chinese bank wants them out of Thailand as its internal forecast for the nation's economic health is pretty dire.

Tweak those blinkers Jamie and you'll perhaps get an inkling of how the current "Economic Czar" (as they bizarrely tag him) is regarded globally.

Nice graph, but it only tells a part of the story doesn't it? Still, taking a part of the story, ignoring the rest and then claiming to have some sort of insight seems to be de rigour for you.

Tourist numbers may be up (there are wildly conflicting sets of data out there) but the type of tourist is the problem - unless the figures released by your junta a couple of weeks back are errant - they ain't spending. Chinese bus tours rarely do.

Grasp of the real world - like recognizing PTP's idea of controlling the economy was to make sure nothing happened without their cut, or without them taking full advantage of whatever circumstances came up?

The owning family controlling PTP increased their wealth 450% during the period of the PTP regime. Their boss of all bosses bragged openly to Forbes about it.

How much did the Thai economy improve during the same period? How much did the wealth of the general population increase during the same period?

Would you, or anyone of sound mind, believe any figures given out my a former government whose Finance Minister admits to lying when it suits, and whose PM/DM and several other cabinet ministers were all caught lying again, and again and again? Remember when dear Yingluck told everyone that prices weren't going up it was just your imagination? And she should know, being a single mum doing the weekly shop (hahaha). Or the multiple of different and conflicting figures constantly being issued by the finance and commerce ministries about the rice scheme, mixed in with lies and apparent fraud?

The only thing for sure is that under a PTP government, Thaksin and his Shin clan got incredibly, vastly, gigantically more wealthy. Just ask Forbes.

[Baerboxer]

This whole government business isn't quite as easy as Thaksin made it look, is it? Thank Buddha you can't get voted out.

Thaksin made it look easy - you're taking the proverbial unless lying, cheating and stealing are your benchmarks.

Although to be fair he did vastly increase his families wealth and tucked most of it safely away.

Now, go on then, please tell us how the majority of Thais benefited from Thaksin's governments.

Thaksin could have been one of Asia's great leaders, but he was too easily corrupted. Economically and business wise, things looked better under his administration. He is purportedly helping Cambodia. Let's see how they do a year from now. I would invest in Cambodia long before Thailand

He could have indeed. But once corrupted, the greed for wealth power and total control became insatiable, Now you see a man prepared to turn Thailand into a Zimbabwe to get his own way, rather than a Singapore.

Not sure his "eternal" buddy still retains his services as economic adviser. He's probably learnt all the necessary fiddles by now.

[Baerboxer]

Just imagine for a minute if the PTP where still in control where the economy would be during this global economic downturn.

No. It is your lot that are in charge now. You constantly assert what a great job they are doing so there is no need for deflection.

True enough - but 6 months in office after nearly 3 years of misrule isn't going to cure things instantaneously, especially when we still have what is in effect the military running the country.

But quite frankly, do you see lots of talented politicians and civil servants waiting in the wings to transform Thailand economically and socially?

Whatever happens the ultra rich elites will still be in control, one gang or another. Unless there are major, bold reforms.

Get rid of the monopolies, the 49% foreign ownership rule, the unhelpful immigration, visa and work permit rules. Make it attractive for foreign companies to invest and come and they will. The MOU with Germany on improving apprenticeships, on-job training and education, and improving technical colleges is a good step. But look to other countries too. Encourage a move away from Thai defensiveness, create real awareness of quality, service and do away with the Thai crap quality goods, warranty jokes and indifferent service.

Thailand is miles behind on quality, service, fair trading, competition, workers rights etc etc etc. Nothing will really change unless Thailand makes it change - the rich will simply ride the economic ups and downs by turning the screw on the poor as they've always done.

[NoshowJones]

You only need to spend a few minutes on google to find out what the rest of the world thinks of this man's grasp on all matters economic. It was about a decade back when he almost took down the whole Thai economy.

Incompetent is one if the more charitable words oft cast in his direction by wiser minds.

Would this chap be Thailands answer to Gordon Brown?