Economic recovery sluggish as exports continue to shrink

BANGKOK, 31 December 2015 (NNT) - According to the Bank of Thailand (BOT), the country’s economic recovery in November remained sluggish as exports continued to shrink.

Senior Director of BOT’s Economic Policy Department Thailand, Roong Mallikamas has disclosed that consumer spending nevertheless helped boost the economy a little in November, while the government’s irrigation and transportation projects, increased spending by the state by 17 percent. In addition, the scheduled tax hike on automobiles next year prompted car purchases in 2015 to increase by 3.3 percent. The economy also benefited from a rise in tourism, as 2.5 million visitors traveled to Thailand in November, a 2.5 percent increase from the previous month and a 5.1 percent increase from the same period last year.

However, Thailand’s export sector contracted by 6.6 percent compared to the same period last year due to the drop in commodity prices and demand, as well as the slowdown of the Chinese and ASEAN economies. The low price of oil on the world market has put pressure on export prices of various products and has slowed industrial production and private investment, with inflation down 0.97 percent.

Various stimulus measures to boost spending such as tax breaks for shoppers has had a positive effect on spending in the country. However, the full impact of the policy will not be clear until after December 31. The country’s gross domestic product (GDP) grew by 2.8 percent this year and is expected to grow by 3.5 percent next year.

-- NNT 2015-12-31

Welcome to the rest of The World.

normal, thai are broke and full of debt. they can not pay back their new shiny car at 1 million baht and their new condo at 1.8 million at Pattaya Hill.

all they want is to get out of debt and bank will seize cars & condo.

As we all know, Thais can't do anything wrong, so external factors must be behind the slowdown!!

Take your pick:

High oil prices

Low oil prices

Thaksin

Islam

As we all know, Thais can't do anything wrong, so external factors must be behind the slowdown!!

Take your pick:

High oil prices

Low oil prices

Thaksin

Islam

My money is on Thaksin!

normal, thai are broke and full of debt. they can not pay back their new shiny car at 1 million baht and their new condo at 1.8 million at Pattaya Hill.

all they want is to get out of debt and bank will seize cars & condo.

Tell me, how many thais have a 1.8 million thb condo at Pattaya Hill?

normal, thai are broke and full of debt. they can not pay back their new shiny car at 1 million baht and their new condo at 1.8 million at Pattaya Hill.

all they want is to get out of debt and bank will seize cars & condo.

Tell me, how many thais have a 1.8 million thb condo at Pattaya Hill?

I can't speak for Pattaya, but there must be tens of thousands who have been suckered into buying a dog kennel sized condo at these prices along current and proposed Bangkok skytrain routes. And, of course, they will also feel the need to have the million baht car!

.....talk about denial.....

...no meaningful statistics to be found.....

"Thailand’s planning agency expects this year’s growth to be between 2.7 and 3.2 per cent ...Some independent economists have suggested growth could be as low as 2.5 per cent." The Nation 2015-12-25

Unless tourism rises to over 45 million next year, 3% looks like the best Thailand will see in GDP growth. Well behind the rest of ASEAN.

Expect another cabinet reshuffle for 2017.

normal, thai are broke and full of debt. they can not pay back their new shiny car at 1 million baht and their new condo at 1.8 million at Pattaya Hill.

all they want is to get out of debt and bank will seize cars & condo.

Tell me, how many thais have a 1.8 million thb condo at Pattaya Hill?

normal, thai are broke and full of debt. they can not pay back their new shiny car at 1 million baht and their new condo at 1.8 million at Pattaya Hill.

all they want is to get out of debt and bank will seize cars & condo.

Tell me, how many thais have a 1.8 million thb condo at Pattaya Hill?

51%

Not too long ago, a new house buying scheme was announced that would finance a house up to 1 million Bht for people who made 15,000 Bht a month. If income was 30,000 then bigger house could be purchased.

The problem is that it is the Thai middle class that it in debt up to their eyeballs. People with kids making 10,000 Bht a month bearly have enough to eat, but if they are a farmer then credit is provided even if they cannot pay it back. The question is why does anyone think this would help?

2.5 million tourists. That's 300 flights a day with 300 passengers on board. ??

2.5 million tourists. That's 300 flights a day with 300 passengers on board. ??

You obviously haven't heard. Along with cures for cancer, AIDS & ebola, Thai scientists have invented the first ever teleportation machines.

The fact that a large number get lost in the process or get turned inside out didn't perturb the government from endorsing it.

normal, thai are broke and full of debt. they can not pay back their new shiny car at 1 million baht and their new condo at 1.8 million at Pattaya Hill.

all they want is to get out of debt and bank will seize cars & condo.

Tell me, how many thais have a 1.8 million thb condo at Pattaya Hill?

I can't speak for Pattaya, but there must be tens of thousands who have been suckered into buying a dog kennel sized condo at these prices along current and proposed Bangkok skytrain routes. And, of course, they will also feel the need to have the million baht car!

How many % of the population is that?

2.5 million tourists. That's 300 flights a day with 300 passengers on board. ??

Maybe so, if they all arrived by air!

Are our bank deposits safe here?

Would appreciate some input from the pool of knowledge on TVF.

My knowledge of the Thai economy is limited, but with a 6.6% reduction in exports, shouldn't the GDP be shrinking as well?

Or is the manipulation of statistics i.e. using percentages, hiding the truth of poor figures?

2.5 million tourists. That's 300 flights a day with 300 passengers on board. ??

Suvarnabhumi alone has a capacity of 76 flights per hour and operates near capacity during operation hours.

Are our bank deposits safe here?

Of course they are......but don't expect to earn much interest, and the government will take 15% of that as well.