Short-term stimulus package is urgent to surge grassroots economy, Somkid says



BANGKOK, 24 August 2015 (NNT) - Somkid Jatusripitak, a newly appointed Deputy Prime Minister in charge of economic affairs, revealed on his first day in office at the Government House that he intended to help solve national problems, especially the economy which is now under influence of the global recession.

He was optimistic that the strong fundamentals of the Thai economy would allow the country to overcome this crisis. He vowed his readiness to cooperatively work with all ministries and believed to get good response from them.

In his opinion, economic slowdown in Thailand was partly caused by global economy and partly by internal factors. He indicated that the early falling prices of agricultural products have lowered purchasing power of farmers, resulting in less confidence among investors.

He said the urgent solution would be made to stimulate grassroots economy, to raise the purchasing power of farmers. Towards that goal, short-term measures would be expedited to revolve the economic flow. He would propose his initiative to the cabinet as soon as possible.

In his opinion, Mr. Somkid said, economic problems in the country involved structural issues such as less competitiveness and productivity. He continued to say that although the country’s economic fundamentals were healthy, they needed reforms in some particular areas. He aimed to spend one year to push forward the reforms by coordinating with National Reform Council (NRC).

Mr. Somkid hoped to see everything running smoothly and also a higher public confidence in the newly appointed cabinet. Otherwise, he stressed, it would be hard to achieve the planned results of the development.

-- NNT 2015-08-24

Yes help the farmers, we all know what happened last time !

regards worgeordie

"In his opinion, economic slowdown in Thailand was partly caused by global economy"

The US, UK and German economies are weathering the storm pretty well. Isn't it really that you hooked your cart up to the China horse, and the horse is dragging you through the river?

It was only the economy that was 'under the influence', there might be hope. Reshuffling the cabinet = rearranging the deck chairs on the Titanic. Too bad dear leader doesn't have more brothers then everything would be peachy keen!

Somkid seems to have a realistic idea of the problems the nation faces to start an economic recovery - the nation despite its industrialization is still in large part (40%+) and agarian nation. This makes it difficult to use domestic consumption to revitalize the economy.

Unlike global prices for metals, prices for agricultural products do not change quickly, especially for price increases with very basic agarian crops. So his goal to spend one year to push forward the reforms by coordinating with National Reform Council is fine in concept but too optimistic a timeline.

Thailand is looking at 2017 and beyond for any significant economic recovery, especially IF the Junta continues to delay major infrastructure investments as it has for the last 14 months. Unfortunately for Somkid, Prayut put him in as a quick remedy and will not allow him the same time he allowed Devakula and et al to effect a significant economic recovery.

Somkid has SIX MONTHS to show results or he'll be offered another "advisory" position like Devakula.

Too late...........!!!. Much too late.

"solution would be made to stimulate grassroots economy, to raise the purchasing power of farmers." and "short-term measures would be expedited to revolve the economic flow." whatever that means. My guess is won't go route of paying above market price for rice, and corruption of fake sales and rotting rice in warehouses. Easier "short term measure" for "economic flow" (?!?) is just give them money outright. Can't be accused of buying votes either, as there are no votes to buy.....