Lite Beer Posted July 31, 2015 Share Posted July 31, 2015 Economic ministers 'complete failures'THE NATION BANGKOK: -- FORMER foreign minister Kasit Piromya yesterday suggested that all economic ministers of the Prayut Chan-o-cha government be removed because of their "complete failure" to solve the country's economic problems."They have completely failed to deliver. It's just empty talk and no concrete achievements," he said.He suggested that the National Council for Peace and Order consult with former prime ministers about running the country. Source: http://www.nationmultimedia.com/politics/Economic-ministers-complete-failures-30265655.html -- The Nation 2015-08-01 Link to comment Share on other sites More sharing options...
englishoak Posted July 31, 2015 Share Posted July 31, 2015 (edited) didnt take long for Suthep and co to start advising Edited July 31, 2015 by englishoak Link to comment Share on other sites More sharing options...
impulse Posted July 31, 2015 Share Posted July 31, 2015 He suggested that the National Council for Peace and Order consult with former prime ministers about running the country. 'Cause they did so much better? Link to comment Share on other sites More sharing options...
lovetotravel Posted July 31, 2015 Share Posted July 31, 2015 "He suggested that the National Council for Peace and Order consult with former prime ministers about running the country." Former PMs and their finance ministers are mostly to blame for the mess they are in right now! Too funny. Link to comment Share on other sites More sharing options...
lovelomsak Posted July 31, 2015 Share Posted July 31, 2015 It doesnot take a political science major to understand whats going in now..Suthep and company worked with the military as he said to bring down the last government. Suthep did a year of merit for mentioning it in public. Now he is back paving the way for the Democrats to take over government leadership again with the help of the military. This is just to easy to predict. Link to comment Share on other sites More sharing options...
Thai at Heart Posted August 1, 2015 Share Posted August 1, 2015 Kasit is a numpty. Link to comment Share on other sites More sharing options...
MZurf Posted August 1, 2015 Share Posted August 1, 2015 Seems like this non-political movement is already very busy doing non-political political stuff. Wonder how long it will take the junta to lock them up just like they did the students? Ohhh.....that's right...forget I said that. Link to comment Share on other sites More sharing options...
Charlie Croker Posted August 1, 2015 Share Posted August 1, 2015 (edited) An interesting point of view, considering the country's economy was in worse shape as a result of political turmoil directly related to the political unrest caused by the PAD. (not that it didn't need to be said). Let's not forget the mess the economy was in with Yingsy refusing to pay farmers and confirm disbursement of government funds for much anticipated infrastructure projects. Which would have given finances and a confidence boost to domestic industries. The tourism industry took a massive hit because of the Suthep/Yingsy spat. And the country was crawling along, mainly on the back of exports. Exports, reliant on China and Europe are down now (not as a result of the current economic policies but because the world in general teeters on the brink of a very large depression). Since the current government came to power, there has been a rebound in tourism, but they can't do a lot to affect the export sector as that relies on trade partner economies being in good shape. The Baht has been high and that discourages manufacturing in the country. The baht has now fallen in value. The domestic economy is mired by household debt. But career diplomat Kasit (not an economist) has the answer which is... Edited August 1, 2015 by Charlie Croker Link to comment Share on other sites More sharing options...
lovetotravel Posted August 1, 2015 Share Posted August 1, 2015 I think they are overstating the impact of tourism. A relative few benefit from the current crop. Cheap Chinese tourists on packaged "no/low cost" tours primarily stopping at Chinese owned businesses. Link to comment Share on other sites More sharing options...
CNXTim Posted August 1, 2015 Share Posted August 1, 2015 Chinese tourists #1 in visitors, #9 in daily spend per capita. Link to comment Share on other sites More sharing options...
ColdSingha Posted August 1, 2015 Share Posted August 1, 2015 Chinese tourists #1 in visitors, #9 in daily spend per capita. do you have a source for this? (not trolling you i am genuinely interested) Link to comment Share on other sites More sharing options...
jacko45k Posted August 1, 2015 Share Posted August 1, 2015 Since he removed 'Former Ministers' due to their inability to keep peace I doubt he will consider consulting them now. Link to comment Share on other sites More sharing options...
bluebluewater Posted August 1, 2015 Share Posted August 1, 2015 I just want that goof ball "Plod" whatshisname back. That 'ol boy was a piece of work! Link to comment Share on other sites More sharing options...
kingalfred Posted August 1, 2015 Share Posted August 1, 2015 All Thai ministers have been "a failure" since I can remember. They havent a clue how to revive an economy. Now go and count your personal fortunes because thats all politics is about in LOS Link to comment Share on other sites More sharing options...
Pinot Posted August 1, 2015 Share Posted August 1, 2015 He suggested that the National Council for Peace and Order consult with former prime ministers about running the country. 'Cause they did so much better? "He suggested that the National Council for Peace and Order consult with former prime ministers about running the country." Former PMs and their finance ministers are mostly to blame for the mess they are in right now! Too funny. Yeah, you guys nailed it. Link to comment Share on other sites More sharing options...
Barefoot Posted August 1, 2015 Share Posted August 1, 2015 Chinese tourists #1 in visitors, #9 in daily spend per capita. I'm not doubting the veracity of your claim, but could you point us to a source for your statistics? Link to comment Share on other sites More sharing options...
sammygood Posted August 1, 2015 Share Posted August 1, 2015 hahaha that is what you get when you put people in place that are you friends in stead of some people with knowledge Link to comment Share on other sites More sharing options...
ramrod711 Posted August 1, 2015 Share Posted August 1, 2015 Strange how a "bad economy" causes a currency to drop, which allegedly helps exports, but exports are damaged by proposed bans by governments that import Thailand's products....because of decades old human trafficking and fishing practices....which have little or nothing to do with the current one year government. Probably more to do with those "other countries" punishing Thailand for the military government. Just a thought. Link to comment Share on other sites More sharing options...
Bpuumike Posted August 1, 2015 Share Posted August 1, 2015 I think they are overstating the impact of tourism. A relative few benefit from the current crop. Cheap Chinese tourists on packaged "no/low cost" tours primarily stopping at Chinese owned businesses. The locals around Sukhumvit are telling me that business is pretty dead and what farang tourists there are don't have money to spend. Link to comment Share on other sites More sharing options...
Srikcir Posted August 1, 2015 Share Posted August 1, 2015 He suggested that the National Council for Peace and Order consult with former prime ministers about running the country. 'Cause they did so much better? "All the economic engines appear to have stopped functioning rendering Thailand’s economic outlook the worst in 40 years, said Mr Thanawat Polvichai, director of the Economic and Business Forecast Centre of the University of Thai Chamber of Commerce." 2015-04-17 The Prayut regime has not only the worst economic track record of previous civilian governments, but also the worst compared to previous military governments. Maybe you can provide economic statistical data to support the idea that previous governments did worse. Link to comment Share on other sites More sharing options...
Anthony5 Posted August 1, 2015 Share Posted August 1, 2015 Strange how a "bad economy" causes a currency to drop, which allegedly helps exports, but exports are damaged by proposed bans by governments that import Thailand's products....because of decades old human trafficking and fishing practices....which have little or nothing to do with the current one year government. Probably more to do with those "other countries" punishing Thailand for the military government. Just a thought. And right they are, those foreign governments. Link to comment Share on other sites More sharing options...
chainarong Posted August 1, 2015 Share Posted August 1, 2015 Christ, talk about calling the pot black, any previous Ministers from right back to Khun Chuan's day should keep a low profile and tend to their roses , there are too many skeletons in the proverbial closet and too many ready to send it all back in kind, twice over. Link to comment Share on other sites More sharing options...
dageurreotype Posted August 1, 2015 Share Posted August 1, 2015 Christ, talk about calling the pot black, any previous Ministers from right back to Khun Chuan's day should keep a low profile and tend to their roses , there are too many skeletons in the proverbial closet and too many ready to send it all back in kind, twice over. Excepting Korn. They should definitely bring back Korn Link to comment Share on other sites More sharing options...
Valentine Posted August 1, 2015 Share Posted August 1, 2015 Christ, talk about calling the pot black, any previous Ministers from right back to Khun Chuan's day should keep a low profile and tend to their roses , there are too many skeletons in the proverbial closet and too many ready to send it all back in kind, twice over. Mr Chuan's govt had the unenviable task of getting back on track after the "som tum" crisis & putting policies in place to pay back the IMF. They did so quite successfully even though a certain desert dweller claimed all the credit simply because his govt made the last payment. Generally Thai govts are strewn with cronies & political lackeys in positions of power some of whom fail simply because they don't like their portfolio but have been given a position as part of the quota. I suppose there have been the odd well credentialed minister, Korn springs to mind although the Dems were pretty hamstrung by the deal with Newin, I don't recall who was in Mr Chuan's cabinet. Link to comment Share on other sites More sharing options...
tigermoth Posted August 1, 2015 Share Posted August 1, 2015 An interesting point of view, considering the country's economy was in worse shape as a result of political turmoil directly related to the political unrest caused by the PAD. (not that it didn't need to be said). Let's not forget the mess the economy was in with Yingsy refusing to pay farmers and confirm disbursement of government funds for much anticipated infrastructure projects. Which would have given finances and a confidence boost to domestic industries. The tourism industry took a massive hit because of the Suthep/Yingsy spat. And the country was crawling along, mainly on the back of exports. Exports, reliant on China and Europe are down now (not as a result of the current economic policies but because the world in general teeters on the brink of a very large depression). Since the current government came to power, there has been a rebound in tourism, but they can't do a lot to affect the export sector as that relies on trade partner economies being in good shape. The Baht has been high and that discourages manufacturing in the country. The baht has now fallen in value. The domestic economy is mired by household debt. But career diplomat Kasit (not an economist) has the answer which is... "Since the current government came to power there has been a rebound in tourism" Are you kidding??? Speak to any Thai involved in the tourism industry and there has been an enormous fall in Tourism. Get your facts right don't rely on government properganda misleading all, or so they think. Link to comment Share on other sites More sharing options...
Fat Haggis Posted August 1, 2015 Share Posted August 1, 2015 Today's BP are reporting another cut to the growth prediction to "just under 3%" according to the BOT. Big change from last months predictions that it would increase. Link to comment Share on other sites More sharing options...
phoenixdoglover Posted August 1, 2015 Share Posted August 1, 2015 I think the current leadership has a blind spot for economic issues, and of course the emphasis of the Junta has been on "pacifying" the opposition, asserting broad control, and making a show of addressing corruption . In addition, they've been largely reacting to issues related to airline safety, the migrant crisis, and slavery in the fishing industry. All of this keeps them away from addressing the growing problems of the Thai economy. Here's what I consider to be the major items over the past 18 months with respect to probable economic impact: 1. The amnesty bill - the catalyst (or excuse) for protests - probably not an economic factor 2. Mass demonstrations and reactionary violence - disruption of the local (Bangkok) economy and a reduction in tourism revenues 3. Delayed payments to rice farmers - lack of economic stimulus, reduction in farm activity 4. The coup - introduced uncertainty both internally and externally - a general negative effect 5. Stoppage of demonstrations - restoration of normal business in Bangkok and better conditions for tourism 6. Payments and financial aid to rice farmers - stimulus for farming regions 7. Various highly publicized corruption cases (DSI chief, etc) - probably no effect on economy 8. Ongoing issues with airline safety oversight - clearly an economic issue for local airlines 9. Price controls for lottery tickets - probably not a big economic item, but approach showed lack of understanding of middle markets 10. Forest encroachment - reduction in economic activity on the disputed lands 11. G2G Rail Deals - so far, lack of transparency makes it hard to judge if net economic benefits will accrue to Thailand 12. Delayed government projects - clearly a major item highlighted by international economists, and a lack of short term stimulus 13. Human trafficking - major threat to Thai fishing industry, reduced economic activity 14. Oil price reduction - should be a benefit for Thailand 15. Faltering global economy - a negative factor for Thailand and many other countries 16. Liquor sales restrictions (rescinded) - would have created significant economic disruption, if enforced 17. Submarine purchase (on hold) - probably no economic impact, but gives strong impression of lack of spending priorities 18. Loss of manufacturing businesses - negative impact 19. Drought - negative impact I probably missed some items; it's been an eventful time for Thailand. Overall, I get the impression the current government is: - weak in focus and understanding - reactionary, not anticipating problems in the economy - slow; not using the tools they have (such as project spending) - mute; not articulating an economic strategy for Thailand (if manufacturing goes, kiss this baby goodbye) Is this surprising? Let's ask the Generals. Link to comment Share on other sites More sharing options...
soalbundy Posted August 1, 2015 Share Posted August 1, 2015 Christ, talk about calling the pot black, any previous Ministers from right back to Khun Chuan's day should keep a low profile and tend to their roses , there are too many skeletons in the proverbial closet and too many ready to send it all back in kind, twice over. Excepting Korn. They should definitely bring back Korn What about old ear drops, not heard any stupid remarks from him in a long time Link to comment Share on other sites More sharing options...
Time Traveller Posted August 1, 2015 Share Posted August 1, 2015 (edited) Kasit is a numpty. Kasit is speaking the truth......Pridiyathorn Devakula is the biggest failure of all the failed ministers. In fact, he could be the biggest failure of all finance ministers in the world. If you can't remember what he did in the last coup, let me remind you from his wikipedia entry "Pridiyathorn instituted capital controls to attempt to reverse a strengthening of the baht, but reversed the measure after the Thai stock market crashed (down 15% in one day - my comment), destroying US$20 billion of market value in one day. Pridiyathorn later noted that “This was not a mistake. Measures always have side effects. Once we knew the side effects, we quickly fixed it.... (he fixed it by removing the controls less than 24 hours later resulting in stocks rallying 9% the next day- my comment) Just one day of stocks falling is not considered much damage.”[14] He came under harsh criticism. Bratin Sanyal, head of Asian equity investments at ING in Hong Kong noted, "The one thing worse than an incompetent central bank is an incompetent central bank that flip-flops." Source: https://en.wikipedia.org/wiki/Pridiyathorn_Devakula Edited August 1, 2015 by Time Traveller Link to comment Share on other sites More sharing options...
billd766 Posted August 1, 2015 Share Posted August 1, 2015 Christ, talk about calling the pot black, any previous Ministers from right back to Khun Chuan's day should keep a low profile and tend to their roses , there are too many skeletons in the proverbial closet and too many ready to send it all back in kind, twice over. Excepting Korn. They should definitely bring back Korn Oddly enough I was just going to mention Korn Chatikavanij as he was the best Minister of Finance of Thailand, certainly during the last 15 years. He was, and still is, vastly superior to Surapong and many others of that ilk, nor did he lie to the public as other FMs did. Link to comment Share on other sites More sharing options...
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