Thai Finance Min boasts visible economic improvement over the past 6 months

[webfact]

Finance Min boasts visible economic improvement over the past 6 months

BANGKOK, 21 April 2015, (NNT) - The Ministry of Finance's Permanent Secretary Rangsan Sriworasart, claims his agency's 6-month performance report, scheduled to be released on Wednesday, would show the public visible improvement in Thailand's economy under its management, saying that the only recent matter of concern is the slowing growth of exports.

He said the government's stimulus package helped the recovery of local spending, citing the amount of Value Added Tax (VAT) collected during the first quarter of this year had increased by 1%. The figure consists of a 10.5% increase in domestic VAT on spending, Mr. Rangsan indicated, adding however that the VAT on imports was at a negative 11%, due to the lower global fuel price.

Meanwhile, the Permanent Secretary pointed out that local investment has also shown signs of recovery, with March cement sales growing 0.6%, adding that capital goods imports during the period also expanded 5.9%.

Mr. Rangsan said, although export growth figures to China, Japan and the European Union in February are still negative, the figures were positive for the U.S., ASEAN member countries and the CLMV nations, which are Cambodia, Laos, Myanmar and Vietnam.

He concluded that Thailand's overall economic outlook remains strong with a high volume of foreign exchange reserves. Permanent Secretary Rangsan also disclosed that last month's tourism sector grew 23%, while adding the international community still viewed the Kingdom as favorable for investment.


-- NNT 2015-04-21

[chainarong]

It would seem that the only visible improvement is Thailand never knows what it's right hand is doing from the left , how come last week we were all told the Thai economy was the worst in 40 years and now we have these figures from the finance Ministry , I don't mind BS figures but can we get the situation right , is Thailand improving or is it getting worse , I am inclined to believe that story of the boy who called wolf once too often, the Junta's economic approach and along with several other subjects can be taken for what they are BS.

[Srikcir]

"the only recent matter of concern is the slowing growth of exports"

Try ZERO growth for 2015 that was just predicted yesterday by the Kasikorn Research Centre!!!

Exports contribute 70% of Thailand's GDP. Remove that from GDP and you have a serious economic problem. Big deal about the VAT revenues. Thailand has the world's worse tax collection percentage, has had to revoke new tax measures, and slowing of expensive imports further decreases tax.

The downward slide of Thailand's GDP began with interruption of the government operations from the Democrats and PDRC in 2013 and continuing into 2014 with the coup. Since the coup the economcy has continued to worsen, partly beyond the Junta's control and partly to belated and failed Junta economic policies. It is not a recent matter for slowing of exports nor will the slide of the GDP abate anytime soon.

[Cake Monster]

I,ll have a pint or two of the lash this guy Rangsan,s drinking. Then maybe my performance report will be better