Thai govt forecasts 3.7% economic growth this year

[webfact]

Govt forecasts 3.7% economic growth this year

BANGKOK, 11 May 2015 (NNT)-The government of Thailand has forecast that the nation's economy is likely to grow by 3.7% this year, as growth of the country’s household debt has slowed down.

According to a spokesman for the Prime Minister’s Office Dr. Yongyuth Maiyalap, Thailand’s household debt is currently at 87% of the GDP.

The growth of household debt has been slower since mid-2014. It is increasing at the rate of 5% at present compared to 18% in 2012.

The spokesperson said this indicated that more people have earned more money through various government economic stimulus programs, allowing them to pay down their debts.

He added that accumulated household debt was due in part to the first car policy of 2013 and the widespread floods in 2011.

The Ministry of Finance, the Bank of Thailand and the Office of the National Economic and Social Development Board will continue to keep an eye on household debt.

Dr. Yongyuth believes that household debt will gradually become lower as a result of various economic stimulus programs.

-- NNT 2015-05-11

[trogers]

Before or after inflation?

[clockman]

More figures, pulled out of the hat!

[angiolo]

Not likely , even with Thai baht falling

[Snig27]

Given that the "economic czar", as he likes to style himself, has been kilometres out on every prediction since he found himself miraculously back in charge of an economy he almost destroyed a decade ago, about the only person on planet earth who will find this credible is our DjJamie. He will hail it as the second coming of course - and have a graph to support it.

[tullynagardy]

The spokesperson said this indicated that more people have earned more money through various government economic stimulus programs

Such as!?

There is only so long they can blame the previous government for and that time has passed.

Their efforts to stimulate the economy have been lackluster at best.

[elgordo38]

More figures, pulled out of the hat!

I was going to use another word but hat works for me. Its a gentlemen's term and well are we not all gentlemen?

[DM07]

More figures, pulled out of the hat!

I was going to use another word but hat works for me. Its a gentlemen's term and well are we not all gentlemen?

You beat me to it!

[SOUTHERNSTAR]

More figures, pulled out of the hat!

I think it was a rabbit in camo.

[SOUTHERNSTAR]

With exports decreasing in value, internal deflation for the last 4 months and tourist numbers at best the same as 2013, how do you grow 3,7% ? More than 50% of the government budget have been spend in the first 7 months of the financial year, but none of the mega projects have started. The small hand outs to farmers is nothing compared to the lower commodity prices they are getting and the loss of the second rice crop. When you dig a grave for someone you must be careful not to fall into it yourself.

[soalbundy]

Before or after inflation?

Before or after the earthquake ?

[Jimbo2014]

3 for three lucky elephants and 7 for 7 tea leaves stuck to the cup. Or did this come from the astrologers?

[arthurwait]

They should give him his own show.

[ExPratt]

"The growth of household debt has been slower since mid-2014. It is increasing at the rate of 5% at present compared to 18% in 2012.'

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With exports decreasing in value, internal deflation for the last 4 months and tourist numbers at best the same as 2013, how do you grow 3,7% ? More than 50% of the government budget have been spend in the first 7 months of the financial year, but none of the mega projects have started. The small hand outs to farmers is nothing compared to the lower commodity prices they are getting and the loss of the second rice crop. When you dig a grave for someone you must be careful not to fall into it yourself.

Don't forget the possible bar on Slave fish from the EU and a ban of Thai air operators and no second rice crop, Rubber must be about to go through the roof , if you'll excuse the pun

[Prbkk]

Harry Potter level of fantasy

[realenglish1]

Yes and I forecast that the 7 millionth Visitor to Thailand will find a pot of gold at the end of the rainbow

[lewy67]

Generals / ministers berating astrologers for astrologising, no one in the army involved in the shenanigans with the Rohinga and economic growth progressing in great leaps and bounds despite that shambles that is the economy. These truly are halcyon days

[phoenixdoglover]

New theory of the economy: People totally tapped out with debt = Prospect of growing economy.

8 ball says.........No.

[Srikcir]

"Dr. Yongyuth believes that household debt will gradually become lower as a result of various economic stimulus programs."

Programs from where?

Deputy PM for economy M.R. Pridiyathorn Devakula:

"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." (2015-05-06)

[Thai at Heart]

Everyone else is looking at less than 3%. Who do you believe. I have a feeling it will be sub 2% if their previous efforts are forecasting are anything to go by.

[ExPratt]

Are they announcing these kind of somewhat optimistic figures , " Household debt going down " a couple of days ago ,to stop the baht going through the floor. I know interest rate cuts , release on restrictions ect ect made the initial drop. But I cannot see why they are announcing things that are not going to happen