TCC: Thai economy already passed the lowest point

[Lite Beer]

TCC: Thai economy already passed the lowest point

BANGKOK, 24 May 2015 (NNT) – The Thai Chamber of Commerce (TCC) indicated Thailand’s economy has already recovered from the lowest point, while urging entrepreneurs to look for new market in neighbouring nations.

TCC President Issara Wongkusonkit backed his opinion with recent evidence showing rapid economic recovering signs, such as the 20 percent increase in the number of tourists during the first quarter of this year. Other signs include the number of factory permits approved and the increased amount of Value Added Tax collected.

Mr. Issara however viewed that Thai exports are still facing a rocky situation, due to the global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China. Another factor hindering export growth is the baht which is still strong compared to the neighboring currencies, although it has been depreciating.

In order to remain relevant, he urged entrepreneurs to develop competitive potential and search for new markets. He strongly nominated Cambodia, Laos, Myanmar and Vietnam for the purpose, citing their high economic growth of more than 10 percent.

-- NNT 2015-05-24

[NeverSure]

"Mr. Issara however viewed that Thai exports are still facing a rocky situation, due to the global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China."

So if this is the real cause, why are other SE countries growing so much faster than Thailand? Vietnam's current growth is in multiples of Thailand's if Thailand has any.

Should I say what I really think or should I just point out that Cambodia, Laos, The Philippines and Vietnam are growing at a much faster pace than Thailand?

"...global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China."

China slowdown? Tell me it isn't so, LOL. Thailand thinks that China is bulletproof and is The Next Big Deal. Rather that call it a slowdown, call it what it is and say that China is falling onto its lips.

[shirtless]

I think this is just the beginning of Thailands demise

[morrobay]

"Mr. Issara however viewed that Thai exports are still facing a rocky situation, due to the global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China."

So if this is the real cause, why are other SE countries growing so much faster than Thailand? Vietnam's current growth is in multiples of Thailand's if Thailand has any.

Should I say what I really think or should I just point out that Cambodia, Laos, The Philippines and Vietnam are growing at a much faster pace than Thailand?

"...global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China."

China slowdown? Tell me it isn't so, LOL. Thailand thinks that China is bulletproof and is The Next Big Deal. Rather that call it a slowdown, call it what it is and say that China is falling onto its lips.

Regarding -" Should I say what I really think". Yes, can you elaborate on this ?

[konying]

Rising debt is a clear indicator to support TCC point of view

[quandow]

Every time a member of the TTC opens their mouth, a lie falls out.

[Srikcir]

"Mr. Issara however viewed that Thai exports are still facing a rocky situation, due to the global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China."

So if this is the real cause, why are other SE countries growing so much faster than Thailand? Vietnam's current growth is in multiples of Thailand's if Thailand has any.

Should I say what I really think or should I just point out that Cambodia, Laos, The Philippines and Vietnam are growing at a much faster pace than Thailand?

"...global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China."

China slowdown? Tell me it isn't so, LOL. Thailand thinks that China is bulletproof and is The Next Big Deal. Rather that call it a slowdown, call it what it is and say that China is falling onto its lips.

LOL

Maybe that's why the Chamber of Commerce is telling Thai businesses to look for new markets in neighboring nations. There's nothing hopeful in Thailand for economic success.

[Srikcir]

The TCC has repeatedly failed to correctly predict Thailand’s economic performance but always succeeded in agreeing with government predictions.

- The Joint Standing Committee on Commerce, Industry and Banking (includes the TCC) predicted that the economy will grow 4.2 percent during the second half of 2014.

- According to the Thai Chamber of Commerce's estimates, the economy next year (2015) could grow in the range of 3-5 per cent, compared to the average Asean growth forecast of 5.4 per cent and global growth of 4 per cent.

- The Center for International Trade Studies of the University of the Thai Chamber of Commerce said the Thai export sector could grow 3.1% this year (2015)

- The JSCC still believes that gross domestic product can expand by 3.5 per cent this year (2015), as the rebound of tourism and the expected increase in private and public spending in the second half should be able to compensate for the slump in exports.

All failed predictions.

But when the Junta has taken the Thai economy to a 40-year low, almost anything can be predictably positive.

Yet still, the 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. That would be more indicative of a collapsing economy.

[Shiver]

blah blah ... and statistics.

All the points suggested are nothing to do with them ('up to you' syndrome). Entrepreneurs come up with an innovative idea to boost our economy please. Glad they needed that pointing out to them. We'll print more factory permits and take more taxes to show how things are growing.

[Emster23]

If they want economic growth, need to lower "corruption tax", which is essentially what corruption is like in regards to slowing growth: adds no value to item, distorts true cost, stifles competition and makes Thailand less attractive to invest in. Better to invest in countries with better managed corruption.

[h90]

Economic is recovering, as supplier for machine parts we fell it.

But rapid? I guess he is the champion the snail race competition....

[wowfactor10]

Just waiting to see the place going bankrupt...Especially with the Jungta in charge..

[meltingpot2015]

Is this article some kind of joke?.

TCC President Issara Wongkusonkit backed his opinion with recent evidence showing rapid economic recovering signs, such as the 20 percent increase in the number of tourists during the first quarter of this year.

How is that evidence of rapid economic recovery?. A 20% increase in tourist. Tourism only accounts for something like 5%-20% (this figure is somewhat disputed). See ThaiVisa post from 2008 here. I heard recently that tourism contributes 10% of GDP.

Mr. Issara however viewed that Thai exports are still facing a rocky situation, due to the global economic slowdown, especially the Kingdom’s trading partners, such as the European Union and China.

Here is what the Thai Economy used to look like, even when other countries and regions were experiencing economic slowdown:

http://money.cnn.com/2013/02/18/news/economy/thailand-gdp/index.html

[falkan]

SET dipped pretty good today

[spidermike007]

This guy is a comedian. He could take his routing to the laugh factory, and he might be a hit. Does he have a crystal ball? He is using presumptions that assume all is honky dory in the world, the EU will not decline any further, China will remain strong, the US will remain strong, and there will be no additional crisis anywhere in the world, in the foreseeable future. No wars, no famine, no outbreaks of a major disease, no collapses of any stock market, bond markets, etc, etc. Only children make these kinds of assumptions. Or man children.

[Cake Monster]

Does this guy Isarra not realize, that the very reason the neighbouring countries of Myanmar, Laos, Cambodia and Vietnam have economies that are growing at an annual rate of 10% or more, is that these countries are starting to take the food out of the " Tiger of Asia,s " mouth.

The Tiger is now a pussy cat, and it will take more than a few Thai business,s to turn the sentiment around.

There is a specific reason that the SET has been the only bourse with capital outflows in SE Asia, - there is very little confidence in the ability of the nation to turn the situation around any time soon.

Nowhere near the lowest point yet IMHO

Edited May 27, 2015 by Cake Monster