IMF admires Thailand for economic preparedness

[webfact]

IMF admires Thailand for economic preparedness

BANGKOK, 6 May 2015 (NNT) - The Deputy Managing Director of the International Monetary Fund (IMF) has admired Thailand for its economic preparedness.

During a meeting with Deputy PM for economy M.R. Pridiyathorn Devakula, IMF Deputy Managing Director Mitsuhiro Furusawa voiced his satisfaction with the government’s economic policy and schemes.

M.R. Pridiyathorn disclosed that the IMF Deputy Managing Director had suggested that the country speed up reforms in five areas including oil, tax, digital economy, modern industrial development and incentives for foreign investors.

The Deputy PM said that the government was working on new inheritance taxation but had suspended property taxation pending a thorough study. M.R. Pridiyathorn also denied that the economic slowdown was attributed to inflation.

He further explained that the country’s economy was in fact affected by the lackluster global economy caused by the dramatic oil price drop. Hence, there is no need for the government to issue an economic stimulus package to solve uncontrollable factors.


-- NNT 2015-05-06

[Snig27]

So this IMF guy sat and smiled whilst Pridiyathorn blamed his mismanagement on just about everybody else. Ok ...

You gotta love the way these people announce loudly exactly what someone has said. Of course when what was actually said comes out a little later, it never matches.

What exactly is "economic preparedness"?

[clockman]

The enigma, that is Thai.

[Suffinator]

Who came up with this crap? More propaganda that's meaningless and worthless.

Let's see how they economy fairs when the EU slaps a fishing ban on it and it other countries follow suit considering the human trafficking issues.

[fareastguy]

Quote:

M.R. Pridiyathorn disclosed that the IMF Deputy Managing Director had suggested that the country speed up reforms in five areas including oil, tax, digital economy, modern industrial development and incentives for foreign investors.

Just about everything then..

[SOUTHERNSTAR]

Yes we are prepared for a 20% to 40% decline in exports, we are prepared to lure a 100 million more Chinese to visit the country, we are prepared to root out slavery as long as we don't need to arrest any well connected officers, we are prepared to lower lottery tickets prices, we are prepared to make everyone happy as long as you don't ask too many questions. Please just tell us how to do this. (This is not an anti Thai rant, just an anti-oppression one).

[Baerboxer]

Quote:

M.R. Pridiyathorn disclosed that the IMF Deputy Managing Director had suggested that the country speed up reforms in five areas including oil, tax, digital economy, modern industrial development and incentives for foreign investors.

Just about everything then..

Yep - makes you wonder what the previous Shin regimes were up to, Certainly not reforms or good management according to this IMF grandee.

[soalbundy]

So this IMF guy sat and smiled whilst Pridiyathorn blamed his mismanagement on just about everybody else. Ok ...

You gotta love the way these people announce loudly exactly what someone has said. Of course when what was actually said comes out a little later, it never matches.

What exactly is "economic preparedness"?

preparing for economic collapse, Pridiyathorn probably explained how he has just put all his money in a Swiss bank account.

[emilymat]

Admired (verb)

"To regard with wonder, pleasure or approval"

I doubt the IMF meant that.

[Oziex1]

I'm sure the IMF will be happy to assist the Thais when the bottom drops out, with a nice big loan with a nice big interest rate.

[djjamie]

When IMF, who being a respected international entity, say this then that is certainly positive news, but of no surprise as official economic indicators that the Junta do not control reinforce what IMF are saying now and it shows the Junta are heading in the right direction economically. Of course it goes directly against Peace TV propaganda and the narrative the UDD would like to have you believe.

I remember the last time the IMF said something in stark contrast of to the UDD narrative which was on the 12th November 2013. This was when the IMF highlighted the rice scheme was a failure and to ditch it ASAP as the costs would come into the billions of baht. On the 13th of November the predictable response from the UDD supporters was "Who came up with this crap? More propaganda that's meaningless and worthless" What a pearl of wisdom and intellect that response was heay!? Turns out the IMF were right then and I have no doubt they will be right today especially when looking at official figures (that the Junta cannot control).

The bitter and twisted must hate this fact that the Thailand has an encouraging future ergo the Thai people may be better off than they were before.

Time to forget who made Thailand prepared, but to remember who it will benefit. The majority.

Well done to the Junta and especially to IMF for highlighting this. Lets hope stability holds up so this obvious progress that international entities are highlighting does not get derailed by a small cross section of the population.

Edited May 6, 2015 by djjamie

[elgordo38]

So this IMF guy sat and smiled whilst Pridiyathorn blamed his mismanagement on just about everybody else. Ok ...

You gotta love the way these people announce loudly exactly what someone has said. Of course when what was actually said comes out a little later, it never matches.

What exactly is "economic preparedness"?

What exactly is "economic preparedness"? Raising taxes silly. VAT, property tax broaden the tax base, educate more people to pay income tax, inheritance tax (oops scratch that one it will affect the rich)

[Pib]

Please note the source of the news story: the National News Bureau of Thailand (NNT) which is part of the government's Public Relations Department. Enough said.

[Srikcir]

“there is no need for the government to issue an economic stimulus package to solve uncontrollable factors.”

Deputy PM for economy M.R. Pridiyathorn Devakula has a very scary and conflicting viewpoint of the Thai economy with the Ministry of Finance Sommai Phasee:

2015-03-31

The Ministry of Finance [Sommai Phasee] has urged the government to stimulate economy through investment not domestic spending, pointing to the highest level of the current household debts.

And with the entire Thai business sector:

2015-04-27

Business operators urged government to escalate spendings in both consumers and investors to drive economy and shore up industrial confidence

The Nation 2015-04-24

The chairman and chief executive officer of Asia Wealth Securities, Pichit Akrathit, said capital from government investment was still not there and investors were waiting to see clarity in the government's investment plans

Tim Leelahaphan, Maybank Kim Eng Securities (Thailand) economist and assistant vice president of its Research Department, said the worst-case scenario for the economy could happen if government investment does not occur

THE RISKS to the economy from now until the end of the year are mostly internal factors such as the slower than expected recovery of the grassroots section of society and the possibility of further delays to the government's investment plans, economists warned.

2015-04-17

The contraction of economic growth, the shrinking of export and domestic consumption, farm price slump and delayed disbursement of government’s spending budget have combined to make the private sector feel not confident with the state of the economy, he explained.

2015-04-15

Economists are advising the government to step up its stimulus measures in order to gain consumer confidence and encourage spending. The advice came as director of the Center of Economics and Business Forecast of the Thai Chamber of Commerce University Mr Thanawat Polwichai warned that the Thai economy could be headed towards a state of deflation.

PM Prayut needs to do an Article 44 on Pridiyathorn and appoint someone who understands the solutions that can save Thailand’s collapsing economy. Unfortunately PM Prayut may be part of the problem as the NCPO has never believed that an eocnomic stimulus was necessary.

Edited May 6, 2015 by Srikcir

[candide]

Usually foreign or international representatives show "understanding", this time it's admiration! Word inflation?

[Snig27]

Quote:

M.R. Pridiyathorn disclosed that the IMF Deputy Managing Director had suggested that the country speed up reforms in five areas including oil, tax, digital economy, modern industrial development and incentives for foreign investors.

Just about everything then..

Yep - makes you wonder what the previous Shin regimes were up to, Certainly not reforms or good management according to this IMF grandee.

Ahh - you have to make the wild assumption that the IMF guy said anything of the sort. Now, I know you wave an uncritical flag for this stumbling junta, but even you don't believe that a somebody with even an ounce of fiscal suss (ie. more than Pridiyathorn) would say such a thing, surely?

Maybe you do ...

[Godders]

If the IMF told me my government was doing a good job I'd be really worried.

[Thai at Heart]

What exactly are they prepared for?

[Nickymaster]

Guys, I suggest you to have a look at the IMF website before making comments.

https://www.imf.org/external/np/sec/pr/2015/pr15166.htm

[jerojero]

Utter BS. Prepared for what?

[billd766]

So this IMF guy sat and smiled whilst Pridiyathorn blamed his mismanagement on just about everybody else. Ok ...

You gotta love the way these people announce loudly exactly what someone has said. Of course when what was actually said comes out a little later, it never matches.

What exactly is "economic preparedness"?

Were you at the meeting to know exactly what was said or was it something the guy on the next bar stool told you?