Thai govt to inject 100 bln baht into economy by mid-2016

[webfact]

Govt to inject 100 bln baht into economy by mid-2016

BANGKOK, 8 March 2016 (NNT) - Deputy Prime Minister for economy Somkid Jatusripitak expects the government to inject 100 billion baht into the economy within the first half of 2016.

Dr. Somkid said after attending a meeting with high-ranking officials from the Ministry of Finance that budget disbursements must meet their targets.

The first disbursements totaling 100 billion baht have been allocated for several projects. They include the government's broadband internet developments valued at 10 billion baht, the One Tambon One SME program at 20 billion baht, and the village fund program at 30 billion baht, to name a few.

The Deputy Prime Minister has instructed the ministry to ask governments units to return any unspent funds. The money will be used to reinforce the nation's economy.

Despite Thailand's export volume recording an 8% contraction in January, Dr. Somkid noted that the figure was much better compared to other nations in the region.


-- NNT 2016-03-08

[trainman34014]

Lost count of the number of times i have read about all these billion and trillion Baht 'injections' into the economy since the Coup. Can't say i have seen any evidence of something 'actually happening' with this money though !

[colinneil]

Yes easy 1 billion for you, 1 billion for me. Ohh lets not forget 1 billion for a project, give me a while whilst i try to think of 1.

[inaktive]

so instead of fixing whats wrong they just inject more money ( they not really have ) into a broken system to keep it running a bit longer

[carstenp]

so instead of fixing whats wrong they just inject more money ( they not really have ) into a broken system to keep it running a bit l

Im agree with you. For more than 1,5 year the have injected money all over the place, without the economy boost the want

For a year ago....

Finance Ministry to propose law amendment, inject more money to boost economy

BANGKOK, 31 March 2015 (NNT) – The Finance Ministry will propose law amendment and inject more money in to the local system to boost economy.

Finance Minister Sommai Phasee said that the ministry will propose to the Prime Minister’s Office a plan to amend the law governing the administration of the national village and urban community fund.

Mr. Sommai said that the PM’s Office will be asked to add another 40 billion baht to the village fund after 200 billion baht has already been poured into it, with an aim to help boost the economy and consumption of the grassroots.

September 2015

IF THE RECENT rejection of the charter draft means the Prayut Chan-o-cha administration can stay in power for at least another six months, it should also give enough time to the economic team led by Deputy Prime Minister Somkid Jatusripitak to fix the economy and pave the way for a recovery.

February 2016

More cash to be injected to stimulate economy

The government will inject several hundred billion baht to stimulate economy in the first half of this year, deputy prime minister Somkid Jatusripitak said yesterday.

He assured of the cash injection as worries about both the sluggish domestic and world economies have caused the industrial confidence level to lower.

Dr Somkid said the government has planned to inject billions of baht worth of budget into the domestic economy to reform all economic aspects in order to sustain it in the first half of the year, including the provision of a budget of 35 billion baht to the village funds.

And today they are doing actually the same thing

Edited March 8, 2016 by carstenp

[toybits]

Kind of like what the Chinese Government is doing right now to prop up their dwindling economy. Throw money at the problem and with a more auspicious position of Uranus, hope the problems will fade away.

Edited March 8, 2016 by toybits

[CoreanoOzzie]

Quantitative easing should only be done as a drastic measure.

[shirtless]

First real question where is the money going,?

[terryp]

Better get moving then as there is only 10 weeks left

[JonnyF]

Better get moving then as there is only 10 weeks left

That's only 10 billion a week. A billion here, a billion there, it soon goes. Things aren't cheap these days you know...

[ratcatcher]

Quantitative easing should only be done as a drastic measure.

Quantitative easing or in plain English, a bowel movement.

[lostinisaan]

It's great that we foreigners are warmly welcome to spend all our money that they can come up with such plans.

A Fourth World country that acts like it's developed?

[jphantom]

Simplistic, topical remedies will not cure the deeper and broader issues facing Thailand…. For sure.

[zyphodb]

100 billion brown envelopes for the 50 families... that'll be nice for them...

[jerojero]

Where are all these billions and billions and billions baht coming from? Almost daily news of massive spending by the Government in multiple sectors. Didn't think the tax revenue was that much considering the low incomes of majority working citizens, millions of destitute farmers and lots of daily transactions done in cash.

[connda]

The race to the bottom: Keynesian economics in action. Will we see 40THB/$1?

[metisdead]

A post in violation of fair use policy has been removed.

[smartpant]

where the money go? easy loans and corruption.

like the USA they printed 70 billion every month.

did it help people.? no

did nothing except the National debt get higher. people just get more in debt and there are less jobs available.

[GAZZPA]

Where are all these billions and billions and billions baht coming from? Almost daily news of massive spending by the Government in multiple sectors. Didn't think the tax revenue was that much considering the low incomes of majority working citizens, millions of destitute farmers and lots of daily transactions done in cash.

The Government still collect huge tax revenues. There is a "withheld" tax system in place for employees and businesses all over Thailand.

I did hear once (although I dont know if true) that over 60% of Thai people do not pay any personal income tax and are off the radar.

I do know one Thai lady who married an American, both are retired but she has never paid any personal income tax and has never had any dealings with the tax office or any official government body in her entire life.

Shocked me a bit when she told me..

[TheLobster]

Where are all these billions and billions and billions baht coming from? Almost daily news of massive spending by the Government in multiple sectors. Didn't think the tax revenue was that much considering the low incomes of majority working citizens, millions of destitute farmers and lots of daily transactions done in cash.

Increased tax on cigarettes again, this time PR release said 5 - 10 THB per pack, in reality about 20 THB per pack. So let's just say an increase in revenue of about 20% from cigarette sales. Alcohol will be next ........ again

[elgordo38]

so instead of fixing whats wrong they just inject more money ( they not really have ) into a broken system to keep it running a bit longer

No different than the rest of the world. I think they picked this up from their Chinese buddies who are doing the same thing.

[elgordo38]

Quantitative easing should only be done as a drastic measure.

Yes as a drastic measure to make things far worse. Central banks world wide are into a whole different type of game in QE. They keep throwing your money and mine at the problem hoping some S will stick.

[elgordo38]

First real question where is the money going,?

Into the pockets of the rich and powerful and Wall Street and via Wall Street into the moon shot stock market. Reminds me of the old song "When will they ever learn"

[elgordo38]

It's great that we foreigners are warmly welcome to spend all our money that they can come up with such plans.

A Fourth World country that acts like it's developed?

Don't sell it short. They are developing into what I do not know but time will tell. The baht and the SET are on a roll. Just a little off topic I see an add at the top of the page for Toll Brothers houses. Who on earth in Thailand would be interested in a house built by Toll Brothers?? in the USA

Edited March 8, 2016 by elgordo38

[chiang mai]

Way too many posters here wandering around with their eyes shut or maybe never leaving the bar stool! Open your eyes and what do you see, massive amounts of infrastructure building taking place, every large government hospital in Chiang Mai seems to be adding buildings/beds, Nakorn Ping, Suan Dok, San Sai and others. New roads are being built, two major major projects up here, one in Hang Dong. 100 billion, I'd guess they're already close to that.

[PaulBraveheart]

They have done the same thing in America and Europe, it is called quantative easing with out letting the economy have its correction, it just makes bubbles in the economy that pop and do worse damage. A.K.A printing money out of thin air. As for the injecting of large about of money into the economy, it just helps crony corporations who give large kickbacks in campaign contributions to the donors politicians who secure it for them. At least that is how it works in my country, I am sure it is all honorable here in Thailand.

[chiang mai]

Building roads, hospitals and schools using money in the bank is not QE, not even slightly.

[KMartinHandyman]

Asking for unspent monies to be returned was the funniest part.

Sending a kid to the store with $1 for candy and asking for your change if there's any,lol.

They'll come home saying you owe the store 7 cents more for the tax.

[Coota]

Lost count of the number of times i have read about all these billion and trillion Baht 'injections' into the economy since the Coup. Can't say i have seen any evidence of something 'actually happening' with this money though !

I live in a small village in rural Surin, people are very poor here. Our village received funding for a new water supply and after about 4 months of work we have chlorinated tap water and plenty of it. We have a filtration plant, a brand new concrete tower and state of the art pumps. You probably won't see the results of the cash injection if you live in big cities.

[Assurancetourix]

Where are all these billions and billions and billions baht coming from? Almost daily news of massive spending by the Government in multiple sectors. Didn't think the tax revenue was that much considering the low incomes of majority working citizens, millions of destitute farmers and lots of daily transactions done in cash.

Increased tax on cigarettes again, this time PR release said 5 - 10 THB per pack, in reality about 20 THB per pack. So let's just say an increase in revenue of about 20% from cigarette sales. Alcohol will be next ........ again

Do as I do,

I don't drink alcool and I don't smoke ;