Thai economy signals recovery, says Chamber of Commerce

[webfact]

Thai economy signals recovery, says Chamber of Commerce

BANGKOK, 19 May 2015 (NNT) – The Chamber of Commerce and the Board of Trade of Thailand has revealed that the country's economy has shown signs of recovery and has retained this year's growth rate forecast at 3.5 percent.

The Thailand Chamber of Commerce (TCC) Chairman Isara Vongkusolkij has revealed the chamber's overview of the Thai economy during the first quarter of 2015. He said Thailand is maintaining its position in sequence with last year's figures.

According to the TCC Chairman, exports in all categories have decreased, except for exports to the CLMV countries. These increased by 10 percent along with an increase to the United States market. The nation's unemployment rate was as low as 1 percent after the Bank of Thailand was successful in controlling a negative inflation value.

He said it is unlikely the Thai economy will face deflation at this point, as the economy has shown potential for recovery. In addition, tourism is expanding, with 15 percent more tourists from all regions, resulting in an income increase of 18 percent.

The investment sector has also exhibited positive signals, due to a larger investment budget from the government and the growth of real estate investment.

Policies enacted by the government and the government's 1.4 trillion baht budget have helped stabilize the nation's economy, while the TCC Chairman added that the recovery of the global economy will contribute to more investment in Thailand. The private sector is also positive that the 2015 GDP rate will remain at 3.5 percent.

-- NNT 2015-05-19

[trogers]

Now to work on the sustaining part - education, skills and work attitude.

[MrJohnson]

Is anybody else having difficulty hiring people? I am. I'm not sure what that signals really. There must be a huge amount of under-employment and un-reported unemployment out there.

[trogers]

Is anybody else having difficulty hiring people? I am. I'm not sure what that signals really. There must be a huge amount of under-employment and un-reported unemployment out there.

There are still plenty of unskilled labour living off friends and relatives out there, now that handouts have been severely cut.

[whatawonderfulday]

Is anybody else having difficulty hiring people? I am. I'm not sure what that signals really. There must be a huge amount of under-employment and un-reported unemployment out there.

There are no official registers to list job seekers nor any transparent data to indicate people out of work which is the way this and other successive governments likes it. They can sprout garbage which is indisputable and almost gives some form of credibility to the illegal employment of Burmese and/or Cambodians and Laos people to "fill the labour shortfall".. More like exploitation and paying them 80 to 100 Baht per day rather than the legal minimum if they employ Thais

[samtam]

TCC and the Board of Trade obviously have a different spin on the National Economic & Social Development Board NESDB forecast:

Thailand's Economic Growth Slowed last quarter on Export decline.

http://www.bloomberg.com/news/articles/2015-05-18/thailand-s-economic-growth-slowed-last-quarter-on-export-decline

[nakhonandy]

Tourism is up, where?

Certainly must have missed out Pattaya other than coachloads of Chinese that spend very little. Saame in Phuket according to friends.

The first quarter was very quiet, nowhere near the old levels, going back 3 years there were a lot of western and australian tourists that actually spend money. they will probably not be back!

Exports are extremely hit by the (falsely) strong Baht.

No idea how the forecast is good!

[catweazle]

Never trust a report or statistic that hasn't been falsified by yourself

Keep up the great work, pals!!!

Meanwhile I will be on the lookout for those masses of extra tourists... "Hellooooo, anyone out there? Helloooohhh...???

[Fat Haggis]

double post

Edited May 19, 2015 by Fat Haggis

[Fat Haggis]

The unemployment figures of being so low are manipulated, anyone that works even 1 hour a week is technically employed, Bloomberg did an article a while back to show how the very low rate of 1% is achieved, very clever really.

Indeed some people can't see past their own noses ?

[Srikcir]

The economy has more potential to continue its collapse than its recovery.

“country's economy … has retained this year's growth rate forecast at 3.5 percent.”

Counterpoint

“Year-on-year first quarter growth came in at three percent, the NESB said.”

“He said it is unlikely the Thai economy will face deflation at this point”

Counterpoint

“inflation is expected to be minus 0.3 per cent or expand by only 0.7 per cent.” The Office of National Economic and Social Development Board (NESB)

[Cake Monster]

" Thailand is maintaining its position in sequence to last years figures "

Now if memory serves me correctly, was last years growth not 0.7% P.A.

What are these people on ?

[Fat Haggis]

Not according to the WSJ 3 days ago.

http://www.wsj.com/articles/thai-economy-struggles-to-grow-as-exports-wilt-1431938353

[trogers]

Not according to the WSJ 3 days ago.

http://www.wsj.com/articles/thai-economy-struggles-to-grow-as-exports-wilt-1431938353

WSJ looked at exports. Locals took the pickup in tourism into consideration. Locals are more up to date with their projection.

[Jip99]

Thailand - the hub for the positive spin!

[Fat Haggis]

Not according to the WSJ 3 days ago.

http://www.wsj.com/articles/thai-economy-struggles-to-grow-as-exports-wilt-1431938353

WSJ looked at exports. Locals took the pickup in tourism into consideration. Locals are more up to date with their projection.

Locals as in the NESDB?

http://www.thailand-business-news.com/economics/50773-thailands-gdp-growth-forecast-cut-to-3-4.html

You mean the Finance Ministry are using the increase in tourism numbers, and are predicting an increase and recovery, despite the fact these tourists don't seem to be generating much cash into the Thai economy?

[GarryP]

Is anybody else having difficulty hiring people? I am. I'm not sure what that signals really. There must be a huge amount of under-employment and un-reported unemployment out there.

There is a great oversupply. Unemployment is a huge issue, especially for university graduates. Employers really can pick and choose. There are reports of students with reasonable grades (not great) who have been unemployed for 2 or more years. My son has been looking for work since February and been to numerous interviews but very few are calling back (he has a good GPA). Also, employers are really squeezing starting salaries because they know they can pick and choose. It is really quite disheartening.

Job offers of 8,000 Baht a month for uni graduates. High school graduates are getting that or more in factory and sales jobs.

[Fat Haggis]

I feel for you and your son Gary, but welcome to the real world, where reality is a lot tougher on the kids with an education these days.

The last thing you want your son to do, and probably himself is to throw away the qualifications he received in school and uni, by having to accept a job where there is no relation to his qualifications, he will develop skill fade, and will see less opportunities come his way, based on said qualifications if he seeks employment elsewhere.

The problem isn't unique to Thailand it's a global issue, I had a family friend, several years ago who had completed a business management degree, and applied for a store managers position with a prestigious retail outlet in Scotland, at the age of 23, with zero retail experience, but a great degree behind him, they said he lacked experience in the retail trade, and that the only position for his experience was to start on the shop floor, of which they said he was over qualified educationally, but he needed to get a foot in the door, so he accepted that position, he hated it, as he wasn't getting to use his knowledge, but it was an income. He stayed there and worked his way up to become the department manager, and now has the experience necessary to compete for the Store Managers position if it becomes available again.

I've been in similar positions between contracts, having said I'd never accept a wage below X, but when the work isn't forthcoming, personal goalposts have to change, eventually I got back to where I wanted, but had to start from the bottom all over again, to be honest, it's not always a bad thing, as in less responsibilities means less blame when things to tits up!!

Your son has to have the motivation mate to take the first step, his first job might not be the one he's after, but it starts him earning, and giving him independence and boosts his self esteem and confidence big time.

Interestingly there was a similar thread about this on the minimum wage thread, apparently there are people here in TVF who know where to hire office cleaners for 13-15K a month in Bangkok, as this is what they said about poor farmers not able to make ends meet.

How would your son feel about that advice ? that cleaning an office for 13-15K a month isn't something to be sneered at?

I know what my son would have said, and he's got a very good education too, but didn't go to Uni, at the end of the day, only your son can make the choice of whether to hold out earning nothing, whilst waiting for the right job to come along, or he bites the bullet and earns a wage, again waiting for the right job to come along.

Best of luck to you and your son.