PM Prayut chairs meeting to discuss economy stimulus packages

[webfact]

PM chairs meeting to discuss economy stimulus packages



BANGKOK: -- Prime Minister Gen Prayut Chan-o-cha today presided over a meeting of his cabinet to discuss economic stimulus packages.

The packages were proposed by his finance minister Sommai Phasee.

The packages which are aimed to stimulate GDP growth thus year to 3.2% included speeding up implementation of mega projects, namely rail, road and airport projects worth a combined investment of 40 billion baht, and rural road projects worth 25 billion baht, promotion of investments in special economic zones, assistance to farmers affected by drought, employment, and people from drought.

(Photo : Thai PBS File)

Source: http://englishnews.thaipbs.or.th/pm-chairs-meeting-to-discuss-economy-stimulus-packages


-- Thai PBS 2015-08-04

[JoePai]

The packages which are aimed to stimulate GDP growth thus year to 3.2%

[worgeordie]

Throw money at it, it might work!

regards Worgeordie

[Snig27]

Wouldn't a smarter thing to do be to pick up the phone and ring Vietnam, South Korea or Singapore and say "We're a little bit hopeless, can you help?"

[DLock]

It's August.

The Thai fiscal year ends on 30th September.

Or, you could be talking calendar year.

Your pick.

Regardless, I'd be interested in how "speeding up implementation of mega projects, namely rail, road and airport projects worth a combined investment of 40 billion baht, and rural road projects worth 25 billion baht, promotion of investments in special economic zones, assistance to farmers affected by drought, employment, and people from drought."

...will stimulate GDP in either "year". Most of these are long term projects...except employment, of which I understand there is no unemployment in Thailand...

Weak.

[Reigntax]

Wouldn't the director general be better off appointing a chairperson who knew what they were doing or having a reasonable level of intelligence.

[bamnutsak]

Maybe they could just make it rain money during the Bike for Mom event? Give each Junta cabinet member a bike and a huge bag o' cash, and then let them hand it out throughout the route. Seems like a better way to stimulate the economy than some questionable "mega project". And you save on the skim/graft/corruption overhead (20%), assuming the cabinet members do not keep any for their fees.

[cornishcarlos]

At least he is chairing meetings, unlike the previous PM ! This guy hasn't been on a shopping trip yet, give him a break...

[lildragon]

What do a bunch Of military generals know about economics anyway?

[bamnutsak]

At least he is chairing meetings, unlike the previous PM ! This guy hasn't been on a shopping trip yet, give him a break...

Well a shopping trip would at least stimulate the economy.

Not sure how much he can stimulate the economy while sitting on his butt chairing meetings?

I bet he goes shopping; he wears some wonderful costumes.

[Down the rabbit hole]

At least he is chairing meetings, unlike the previous PM !

Oh I don't know. Yingluck chaired lots of meetings, she just didn't make a press release for them all and make it compulsory to publish. That's because she was the elected PM

This guy hasn't been on a shopping trip yet, give him a break...

I bet every begging-bowl trip to another country has had a shopping component. Sod all other benefit to anyone because nobody 'understands Thais', they're all too stupid.

Edited August 4, 2015 by Down the rabbit hole

[dageurreotype]

Wouldn't the director general be better off appointing a chairperson who knew what they were doing or having a reasonable level of intelligence.

Oh heaven forfend. I'm enjoying all this Thailand economy going tits up, as should the rest of you living on funds from overseas. Weren't too cheerful at 44 to the GBP were we in this third world country with first world prices and we whities forever getting the short end of the stick here. No. I'm definitely warming to this man. Keep it up General!

Love and best wishes,

Dageurreotype

Edited August 4, 2015 by dageurreotype

[SOUTHERNSTAR]

Throw money at the shrinking GDP and see it evaporate or have an election and see the magic working.

[Lupatria]

I wonder how they manage to always find the best skilled people to chair these meetings on specific subjects.

[tajtom]

A good old fashioned Stimulus........................ Well all in order wheres the Som Tum

! : Forget the high tech rail for the monment

- We must take action with our brain dead high ranking immigratiion associates. They are bending us over with there bad attitudes towards our foriegn WHITE long term visitors ! And in turn sending our people home with no baht to feed there familys

2 - Most of our opulation is poor and relies strongly on the revenue of happy white tourists and expats

3 - We must first master the basics to conquer the world

[Eric Loh]

Reality check time. Meeting chaired by the General who knows nothing about economic discussing a stimulus package proposed by FM Sommai who was the previous coup Deputy FM and really have no distinguishable or notable achievements to show. The package is the same old stuffs like speeding up the projects and budget release and farmers reliefs. Nothing new and things that could have done in a regular cabinet meeting. This cabinet is in dire need of better qualified and experience ministers that dare to proposed new & bold ideas to stimulate the economy or Thailand is doomed.

[Srikcir]

The stimulus packages were proposed by finance minister Sommai Phasee.

Maybe Prayut has finally muzzled MR Pridiyathorn Devakula, deputy prime minister (allegedly) in charge of the economy.

Since last year the Thai business sector has been pleading for massive government economic stimulus to jump start the economy. But Devakula has consistently opposed such action:

"the government will not be implementing a second round of economic stimulus package in light of indications that previous budgetary injections have made a significant impact on the country’s economy....the government has found it unnecessary for a second round of economic stimulus package to be implemented as the economy has reacted favourably to the initial injection of funds." 2015-02-07

"Implementation of economic stimulation programme under the current situation when the world is experiencing economic slump which has the tendency to drag on for 2-3 years will not work and will be a waste of budget" 2015-07-12

It's clear that Prayut had sided with Devakula throughout most of the 2015 fiscal year by delaying disbursement of 43% of the budget with only two months remaining in the fiscal year.

MISTAKE.

Considering that exports account for about 80% of GDP and government spending 20%, zero export growth through 2015 will mean any government spending through 2015 is unlikely to have any significant affect on GDP growth. Maybe in 2016 but that's another day.

[nojoma]

highlights of this meeting can be seen in 4 days.......saturday night live

[elgordo38]

What do a bunch Of military generals know about economics anyway?

Chance to drink fine whiskey and smoke Cuban cigars. Its a Nero thing.

[Thai at Heart]

At least he is chairing meetings, unlike the previous PM ! This guy hasn't been on a shopping trip yet, give him a break...

Well a shopping trip would at least stimulate the economy.

Not sure how much he can stimulate the economy while sitting on his butt chairing meetings?

I bet he goes shopping; he wears some wonderful costumes.

Punch and Judy?

[SantiSuk]

Only a depression will bring down the illegal regime. Bring on a depression!

[jayboy]

Bloomberg article suggests with some force that the Junta's inexperience and incompetence in economic matters could result in a lost decade.

http://www.bloombergview.com/articles/2015-08-04/thailand-s-generals-don-t-have-an-economic-plan

[dbrenn]

What does a bunch of old generals (who have never even had to fight a war) know about anything, really?

[realfunster]

Bloomberg article suggests with some force that the Junta's inexperience and incompetence in economic matters could result in a lost decade.

http://www.bloombergview.com/articles/2015-08-04/thailand-s-generals-don-t-have-an-economic-plan

Indeed, an interesting read.

I would argue that we have already 'lost' a decade since 2006 and the continuous instability & resulting lack of strategy, policy & development, since then.

One of the key justifications for the Military government was to address this - they are not impressing so far, other than keeping the peace.

It's actually amazing that the Thai economy has been relatively resilient over the last decade but I do see the cracks appearing and am concerned something will give soon.

[SoilSpoil]

What do a bunch Of military generals know about economics anyway?

I am afraid you could say that about the majority of politicians and previous governments in this 'developing nation'. Except for home economics of course.

Riding the economic tides on cheap labor and an abundance of natural resources is hardly a challenge in the global economy. How to progress further as a society through education, an innovative workforce and moral fiber rather than to implode due to corruption, strife and capitalist greed, is the real challenge. Thailand is at its crossroads again and I am afraid that nor this military government nor the next 'elected' government, can move the country forward.

http://www.newsweek.com/corrupt-countries-are-teetering-edge-violent-upheaval-study-336815

[jayboy]

What do a bunch Of military generals know about economics anyway?

I am afraid you could say that about the majority of politicians and previous governments in this 'developing nation'. Except for home economics of course.

Riding the economic tides on cheap labor and an abundance of natural resources is hardly a challenge in the global economy. How to progress further as a society through education, an innovative workforce and moral fiber rather than to implode due to corruption, strife and capitalist greed, is the real challenge. Thailand is at its crossroads again and I am afraid that nor this military government nor the next 'elected' government, can move the country forward.

http://www.newsweek.com/corrupt-countries-are-teetering-edge-violent-upheaval-study-336815

You are referring I think to Thailand's middle income trap.This is a reality but it's wrong to believe there is no hope.Thailand is a resilient country and at least twice in the last 50 years has utterly transformed its economy with beneficial effects.Personally I think Thailand needs more "capitalist greed" not lesss, but better distributed.

I don't believe that there is no difference between a military government and democratically elected government.It is beyond argument that a leader like Thaksin or Abhisit would not face the challenge better than a bunch of self appointed generals.