Thai finance minister assures 3.5% growth

[webfact]

Finance minister assures 3.5% growth
The Nation

BANGKOK: -- Finance Minister Sommai Phasee reiterated his confidence that the Thai economy would expand by 3.5 per cent this year.

He said that growth is apparent compared to the 0.7 per cent expansion last year.

He admitted that global economic activities in 2015 are slower than last year. But as many countries like Malaysia, South Korea and China are bracing for slower growth, Thailand has resurrected.

He also said that deflation is not Thailand’s problem, but lower inflation rate indicates the slowdown in economic activities.

He further revealed that stimulus measures for the agricultural sector and SME operators should be launched within this year.

Yesterday, Krungthai Bank lowered Thailand’s growth forecast in 2015 from 3.9 per cent to 3.25 per cent.

The Bank of Thailand’s forecast is now 4.8 per cent with the likelihood that the target would be revised down some time in June.

Source: http://www.nationmultimedia.com/business/Finance-minister-assures-3-5-growth-30260067.html

-- The Nation 2015-05-14

[toybits]

Will he fall on his own sword if the economy fares worse than his prediction or will he need encouragement from Mr. P to SERIOUSLY fall on his own sword?

[dcutman]

The only time anybody needs to pay attention to these predictions is the latter half of the fourth quarter. Because up until that point it is all BS. I am gonna predict 0 growth this year based on 2 previous years economic conditions and comparing conditions we are experiencing this year with consumer spending and exports. We will see who is closer with their predictions.

[clockman]

Another figure, out of the hat!

[Tatsujin]

Another figure, out of the hat!

... out of the place where the sun don't shine actually ... and with these guys, it's not behind them, it's between the ears (empty) ...

[elgordo38]

Will he fall on his own sword if the economy fares worse than his prediction or will he need encouragement from Mr. P to SERIOUSLY fall on his own sword?

He will be hoisted on his own petard says this Knight of the Round Fables. I am Sir Laugh A Lot. We will slay the dragon that is dragging our economy down. The 3.5% economy will rise from the ashes of doom and gloom and happiness shall return to the land. Ah fair maiden willst thou have me as your champion?

[elgordo38]

The only time anybody needs to pay attention to these predictions is the latter half of the fourth quarter. Because up until that point it is all BS. I am gonna predict 0 growth this year based on 2 previous years economic conditions and comparing conditions we are experiencing this year with consumer spending and exports. We will see who is closer with their predictions.

Sounds like a football game.

[NongKhaiKid]

Like all officialdom here he can afford to spot nonsense as who is going to challenge him later on ?

The press doesn't really get into it and if they did ' the boss man ' will ream them out and warn not to criticise.

[Thailand]

We predict this years growth will be be between not much and very little.

[realenglish1]

ZERO "0" growth for the year is a realy possabilty . 3.5 % is not a real number eand wishfull thinking Actually a big wish if you ask me

[soalbundy]

''Thailand has resurrected'', we are speaking about the Thai economy and not Jesus Christ, i think his calculations are on viagra.

Edited May 14, 2015 by soalbundy

[quandow]

"Finance Minister Sommai Phasee reiterated his confidence that the Thai economy would expand by 3.5 per cent this year."

I reiterate my confidence that my waistline will shrink by 3.5% this year. 5555555555

[ratcatcher]

The only time anybody needs to pay attention to these predictions is the latter half of the fourth quarter. Because up until that point it is all BS. I am gonna predict 0 growth this year based on 2 previous years economic conditions and comparing conditions we are experiencing this year with consumer spending and exports. We will see who is closer with their predictions.

Sounds like a football game.

I believe football matches have two halves. The first half and the second half, after which there is stoppage time. Or are you referring to armored rugby where they handle the ball?

[ExPratt]

I think they are bang in trouble and these announcements about Tourism ,household debt, Thai Airlines and GDP all being nice Rosey are just to cover up the real mess. Contradicting statements and articles on a daily basis and most who live here can see that all is not well with Tourism and so the economy. This is all smoke and mirrors I believe for outside investors and of course for Face

[jaaaason]

Most politicians are the same. We all think 0 is the most likely. But remember the famous George Bush speech about how strong the U.S. markets were.....just one week before the massive collapse.....all smoke and mirrors.

[Praematura]

"An empirical analysis of the impact of coups on other national economies shows that growth slows, on average, by 2.1 percentage points in the year of a coup, 1.3 and 0.2 in the first and second year after the coup."

http://www.economist.com/blogs/banyan/2014/10/thailands-economy

China is their trading partner basically and the numbers look bad for China. The EU will probably ban seafood for a loss of another $500 million.

Meh. Waste of time speculating on Thai forecasts.[emoji21]

[shirtless]

I predict within 3 months these figures will come down in a gradual face saving way

[BigBadGeordie]

I wish you would all stop this, these silly responses to the anouncements by the Government of the Kingdom of Thailand.

For yea they speak verily the truth, you are all misinformed, given that you have access to the anti-government sources such as, internet, independent news sources, social media etc. Especially those B'stards at the World Bank, Bloomberg and the Financial Times.

They will continue to propergate their lies, the only truth comes from the mouth of our Dear General and Costas.

[Anthony5]

Are there any figures available about the first quarter?

[MZurf]

Most politicians are the same. We all think 0 is the most likely. But remember the famous George Bush speech about how strong the U.S. markets were.....just one week before the massive collapse.....all smoke and mirrors.

Well, to be fair, he was clueless about a number of things

Edited May 14, 2015 by MZurf

[hgma]

Does anyone offered to ' eat his hat' if it will be the wrong prediction?

[ExPratt]

http://www.reuters.com/article/2015/05/13/thailand-banks-debt-idUSL3N0Y21K620150513?rpc=401 Thai banks set for slower profit growth as consumers struggle to repay loans

* Bank sector profit forecasts rolled back to 4-6 pct growth

* Potential for jump in small business bad loans worrying

* Outlook for bad loans depends on pace of economic recovery

By Khettiya Jittapong and Manunphattr Dhanananphorn

BANGKOK, May 14 (Reuters) - An unexpected spike in bad loans at Thailand's banks in the latest quarter is set to crimp earnings growth in the sector, the latest symptom of a household debt malaise that also threatens consumer spending in Southeast Asia's second-largest economy.

Thailand's consumers are struggling to repay loans taken out on cars, homes and electronics amid easy credit and government stimulus measure in the three years to 2013 - splurging that has pushed the country's household debt to a record 85.9 percent of GDP.

A stagnant economy since Thailand's military junta seized power a year ago has kept a lid on income growth and sapped consumer confidence. Some banks have said they see bad loans climbing in the second quarter and possibly beyond if the economy recovers less than expected.

($1 = 33.6500 baht) (Additional reporting and writing by Nicholas Owen; Editing by Simon Webb and Edwina Gibbs)

Edited May 14, 2015 by metisdead
Edited as per fair use policy.

[NongKhaiKid]

At the end of the year when it doesn't work out nothing will be said and if the media follow up he'll blame he world economy etc which held Thailand back.

[ExPratt]

At the end of the year when it doesn't work out nothing will be said and if the media follow up he'll blame he world economy etc which held Thailand back.

The crap they are coming out with smacks of a bit of panic imo. I recon they are in bit of trouble. If the economic lies are as big as the tourist lies that is. As you say though they'll get away with it

[SABloke]

If I am confident that it's going to rain tomorrow I am NOT making a prediction set in stone. If I ASSURE everyone it will rain, I AM.

Once again the OP header does not reflect the actual information supplied in the article and so the TV members jump straight on the bashing bandwagon without, it seems, having read the article. Read slowly and you guys might notice that banks are also mentioned as giving growth forecasts.

Edited May 15, 2015 by SABloke

[Praematura]

Reality supported by international reviews of the economic situation = bashing? Some people get tired of the propaganda that relentlessly comes out. I question anything a military junta puts out, regardless of the ministry.

[LuckyLew]

I am sure if this target is not reached he will resign and never take a Govt post again

Surely he is such an honorable man

If this target is not reached he can go work for TAT, they are going at pulling numbers out of thin air

[SABloke]

ZERO "0" growth for the year is a realy possabilty . 3.5 % is not a real number eand wishfull thinking Actually a big wish if you ask me

Off topic, but I think you should change your name

[Orac]

Are there any figures available about the first quarter?

Due on Monday

Bloomberg consensus +3.4% YoY -0.7% QoQ

Edited May 15, 2015 by Orac

[ExPratt]

I cannot C+P it but have a look at Moody's report in a popular Anglo Thai Daily Newspaper. Not good reading for the country as suspected.

Can be found on Newsnow also

Edited May 16, 2015 by ExPratt