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DPM: Tourism income helps compensate exports

BANGKOK, 17 August 2015 (NNT) – The Deputy Prime Minsiter has disclosed that the national tourism revenue has helped to compensate the export sector's income, adding that the overall export situation is not worrisome.

The Deputy Prime Minister for Economic Affairs Pridiyathorn Devakula has said that he is not worried about the export situation of Thailand, as many countries have experienced a decrease in exports and imports this year. He added that Thailand exports have receded at a lower rate comparatively with other countries.

He has said that Thailand is fortunate that the nation's income from tourism has helped in compensating the decline in exports, as well as the government's investments, which have contributed to 2.8 percent growth of GDP. He suggested that the government should keep on pursuing the policy on the investment and disbursement from both the government and the private sector.

The DPM has said that the Bureau of the Budget was reminded to proceed according to strict budget allocation principles, that calls for transparency and swiftness in execution.

Regarding farmer's decreasing incomes, the DMP has said that the government will enforce relief measures that will help farmers shoulder their manufacturing costs, while the government will also expedite the release of in-stock rice. He assured that the government's relief measures have considered the actual situation the farmers have been experiencing.


-- NNT 2015-08-17

[worgeordie]

If tourism is helping Thailand so much,they need to look after the tourists a lot better,

regards worgeordie

[PatOngo]

Bailed out by foreigners...............time to show some respect!

[bangkokfrog]

I think we should teach all government ministers to play the violin so they can play together as Thai economy burns.

[Jimlove]

Makes you wonder why they dont try to treat tourists more friendly than they do now if they depend so much on tourism but they will not know what hit them until they are down for the count ....

[MZurf]

The DPM says he is not worried about falling exports as other countries are also experiencing a slump. Wow! It's like saying you're not worried about your cancer since some other people have it too.

Good to know the economy is in such good hands!!

[landtrout]

As long as these tourists who've been propping up the economy don't find massive explosions and scattered body parts in the Central Business District of the capital city "worrisome", then I guess that the fact that nobody wants to buy the slave caught seafood is neither here nor there.

At any rate, there are always the mountains of rotting rice to be sold if push comes to shove.

[Thai at Heart]

How can he say he isn't concerned?

[soalbundy]

How can he say he isn't concerned?

He is a Thai minister with a big fat bank account, ''What, me worry''?

[h90]

Bailed out by foreigners...............time to show some respect!

3-6 % tourist income with a 2-7 % economic grow.......not a bail out

[TBWG]

Blowing them up at BKK tourist attractions should certainly get the tourists attention, as they peruse the internet for alternative destinations.

TBWG

[Srikcir]

Seeing as exports are experiencing NEGATIVE growth, almost any industry will contribute to economic GROWTH. But with the export industry amounting to 70% of the GDP and tourism 10% of the GDP, 100% of the nation's enterprises would have to be engaged in tourism to make up the loss of high value revenues from exports.

But you can expect Devakula to say anything that will cast favorably on Prayut's regime - he's one of the Insiders.

[rubl]

Seeing as exports are experiencing NEGATIVE growth, almost any industry will contribute to economic GROWTH. But with the export industry amounting to 70% of the GDP and tourism 10% of the GDP, 100% of the nation's enterprises would have to be engaged in tourism to make up the loss of high value revenues from exports.

But you can expect Devakula to say anything that will cast favorably on Prayut's regime - he's one of the Insiders.

Well, something wrong with your figures I think.

If import as about as big as export, Thailands GDP is 150% ?

[englishoak]

Well there goes this years high season Brucy bonus for the economy, the Asian tours will disappear after this, just like they do everytime it kicks off.

[cocopops]

Seeing as exports are experiencing NEGATIVE growth, almost any industry will contribute to economic GROWTH. But with the export industry amounting to 70% of the GDP and tourism 10% of the GDP, 100% of the nation's enterprises would have to be engaged in tourism to make up the loss of high value revenues from exports.

But you can expect Devakula to say anything that will cast favorably on Prayut's regime - he's one of the Insiders.

Well, something wrong with your figures I think.

If import as about as big as export, Thailands GDP is 150% ?

Why would imports count towards Domestic Product?

Interestingly, not all exports are part of GDP either, as some things that are exported are not produced locally. Trading hubs like Hong Kong and Singapore have export/gdp ratios well over 100%.

http://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?order=wbapi_data_value_2014+wbapi_data_value+wbapi_data_value-last&sort=desc

Edited August 17, 2015 by cocopops

[ryguy]

That was bad timing on his part after today's Bombing!

[shirtless]

It wont worry the politicians as all over the world they are over paid with no accountability, only the poor will suffer .

[umbanda]

The video showing a foreigner running for his life, just 50 meters from the explosion...will help a lot!

Seriously. Very sad event. Thailand's people deserves better!

[lostmebike]

I wonder how many thousands will now keep away because of the BKK bombing?

[lostmebike]

The video showing a foreigner running for his life, just 50 meters from the explosion...will help a lot!

Seriously. Very sad event. Thailand's people deserves better!

Agree with you completely.

But not just relevant to Thailand I fear. There are thousands, hundreds of thousands being blown up all around the world, every year.

[rubl]

That was bad timing on his part after today's Bombing!

The topic was posted 17:18, the bomb exploded around 19:00

[Nobb]

Tourism was still slow by Thai standards but now after bomb blast in Bangkok they better hope for another source of revenue to handle this matter. Tourist will see that tensions are rising in Thailand because there is no sight for Democracy in the near future. Chines currency dropping means less tourist. Russian currency the same but more excuses will help exports. BS!

Edited August 18, 2015 by Nobb