Deputy PM: Thai economy shows signs of better growth

BANGKOK, 22 April 2016 (NNT) - Deputy Prime Minister Somkid Chatusripitak has expressed his confidence that the Thai economy has started to improve following growth in the export sector.

The deputy PM on Thursday presided over the Innovation & Startup Meeting. The event was also attended by the Minister of Finance, the Minister of Industry, the Minister of Commerce, the Minister of Information and Communication Technology and representatives of the private sector.

Mr.Somkid said the Thai economy had a tendency to grow gradually with higher industrial confidence. Increasing sales of cement and exports were also indicative of the better economy, said the deputy PM.

The deputy premier suggested that Thailand should urgently create innovation in the business sector and promote startups in five industries. The five industries include agriculture and food, health and beauty, high-tech and smart technology, digital industry and creative industry.


-- NNT 2016-04-22

"Increasing sales of cement and exports were also indicative of the better economy, said the deputy PM."

People like to build during the dry season, so more cement is certain to be sold. Also many are gambling on the hope that the property market will pick up, so now there is an over abundance of empty houses and buildings up for sale everywhere. So the economy is not improving at all, the property market is in serious financial trouble as too much money has been invested in it. Contractors have borrowed thousands of millions with no ability to repay their debts, abandon construction sites and a huge number of unsold buildings can now be seen in most towns and cities.

As for exports, also not growing, just the odd lucky sale of rice to Hong Kong which does not indicate a growing export trade.

Edited April 22, 201610 yr by Hawk

This is as apposed to what? The day before? There are so many protected industries and foreign investment is on the way out. Who will invest with no objective and fair rule of law?

ASEAN's Hub of Self-delusion.

Against all odds.

Against all odds.

And against most of the evidence.

Obviously they didn't warn at staff college about the dangers of trying to extrapolate from single data points.

More bullshit from the Ministry of silly talks.

I find the Prayut's government projections of economic growth are directly proportional to the time remaning for the draft charter referendum.

It was just 2 days ago that Director of the Center for Economic and Business Forecasting of the University of the Thai Chamber of Commerce Thanawat Phonwichai stated:

"Given an estimated 119 billion baht in enormous damage due to droughts, we expect economic growth to drop to only 2.7-2.9 percent this year, compared to a 3-3.5 percent growth previously forecast"

The growth for 2015 was reported by the government as 2.8% and by the World Bank as 2.5%. So for all the government's spending there will be no improvement in the gowth rate for 2016 and perhaps even a contraction, largely because of the drought, contracting export growth, flight of foreign capital and political uncertainty.

Last year Somkid showed innovation (aka Thaksin/Yingluck populist policies) to invigorate the economy. But what gains were made didn't carryover into 2016. Now Somkid's job term seems questionable and he has returned to Prayut's fold of "yes" men.

The only growth is that the Thai government is spending more baht to make this growth possible. No rain, no rice, no tourist just the Chinese. Paid to much for new railway project with the Chinese. Maybe because they will pay for there Chinese tourist to visit Thailand for free. Scratch my back and i will scratch yours. Even if the Thai people do not like the ignorant Chinese coming to Thailand!

"Increasing sales of cement and exports were also indicative of the better economy, said the deputy PM."

People like to build during the dry season, so more cement is certain to be sold. Also many are gambling on the hope that the property market will pick up, so now there is an over abundance of empty houses and buildings up for sale everywhere. So the economy is not improving at all, the property market is in serious financial trouble as too much money has been invested in it. Contractors have borrowed thousands of millions with no ability to repay their debts, abandon construction sites and a huge number of unsold buildings can now be seen in most towns and cities.

As for exports, also not growing, just the odd lucky sale of rice to Hong Kong which does not indicate a growing export trade.

This is what is happening in China at the present time. Cement companies can not pay back there debt because the builders can not pay them. Will Thailand fall because the are not as big or wealthy as China.Yes!