Brexit's impact on Thailand still unclear, but will also not be sudden



BANGKOK, 30 June 2016 (NNT) - The results of the Brexit referendum has sparked concern regarding the economic implications of the move, as the UK and the EU are both entities with high purchasing power.

As soon as the results of the referendum were made official, gold and equity markets experienced high volatility, while the sterling fell 3 percent against the US dollar, the sharpest decline in 30 years.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN.

Director-General of the Department of Trade Negotiations Sirinart Chaimun explained that ASEAN member nations still maintain autonomy over their governance, do not use a central currency, and do not contribute money to aid less-developed member nations, as is the case with the EU. Due to these structural differences, Ms. Sirinart concluded that ASEAN will continue to function with its members intact, but emphasized the importance of attracting foreign investment.

As for the Brexit’s impacts on Thailand, the department head said the impacts remains ambiguous but expects them to unfold gradually, as the process of actually leaving the EU can take up to two years. Therefore, Thailand will have the opportunity to brace for potential changes and enhance its competitiveness, productivity, and domestic infrastructure.

-- NNT 2016-06-30

Fewer Brits will visit due to less money, though I'm sure that will please the UK-bashing community on here.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

I'm sure all will be fine. Just don't get dragged down the path of de-sovereigntisation under false pretenses and let others tell you what to do and who you can let in.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

The PM won't step down though if so

What do you mean unclear? Just last week some hand announed there will be next to no impact whatsoever on Thailand...c'mon other hands, get your stuff right.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

The PM won't step down though if so

if he was Cameron Thailand would be in complete mess by now

Of course they have no idea how brexit will affect Thailand.

They still have no idea of the damage 18 coups and 70 years of military interference has done.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

The PM won't step down though if so

if he was Cameron Thailand would be in complete mess by now

No. Democratic countries wouldnt let the military continually stuff up a country by doing the same thing over and over, expecting a different result.

Democratic people wouldnt stand for it also. Some governments may be bad but the voters at least have a say in whether they stay or get the boot.

The only thing it's affected so far is the England punters in Thailand.

Sorry that was England's exit from Euro not Europe .

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN.

Of course they should be worried.

Singapore trading with Laos? Soon Singapore will leave the Asean and call a Sexit referendum.

As for tourism, little effect from Brexit. All tourists are Chinese now and look similar to Thai people, but aren't Thai people, they're Chinese.

oh another thing is only the elite will be affected by a slight ripple on the stock market the 99% of Thai's will stay the same, poor.

Edited June 30, 201610 yr by Wilsonandson

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

The PM won't step down though if so

if he was Cameron Thailand would be in complete mess by now

Thailand is in a complete mess now or are you sleeping? Look at the people and the laws or so called laws and the way rules are brought in day by day using anything at all to justify things.

This is the EXACT definition of FASCISM

So what do you mean? At least Cameron gave the people a choice.

What choice do people have here?

Looks like 'brace' is the new hub

What choice do people have here?

Somtum or Kaw Pad....and you know that's about as important as it gets when making decisions.

What do you mean unclear? Just last week some hand announed there will be next to no impact whatsoever on Thailand...c'mon other hands, get your stuff right.

Hasn't the National Shippers' Council downgraded their exports growth projection to -2% because of Brexit ?

Right hand and left hand !

With the projected 20 million chinese on their way here, does it really matter ?

What do you mean unclear? Just last week some hand announed there will be next to no impact whatsoever on Thailand...c'mon other hands, get your stuff right.

Hasn't the National Shippers' Council downgraded their exports growth projection to -2% because of Brexit ?

Right hand and left hand !

Also on June 28th from Director of the University of the Thai Chamber of Commerce’s Center (UTCC) for Economic and Business Forecasting Thanawat Polwichai has assessed that the Brexit will negatively affect investor confidence and draw down investment in the stock market, slowing down the world’s economic recovery and ultimately impacting demand for Thai exports. Overall, the center expects Thai export growth to be -2 percent this year.

Of course they have no idea how brexit will affect Thailand.

They still have no idea of the damage 18 coups and 70 years of military interference has done.

What do you mean? Pattaya and Nana Plaza seem to be in working order.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN.

Of course they should be worried.

Singapore trading with Laos? Soon Singapore will leave the Asean and call a Sexit referendum.

As for tourism, little effect from Brexit. All tourists are Chinese now and look similar to Thai people, but aren't Thai people, they're Chinese.

oh another thing is only the elite will be affected by a slight ripple on the stock market the 99% of Thai's will stay the same, poor.

I would put the chance of an ASEAN breakup as zero for these reasons.

Unlike EU, ASEAN agreements seldom touched the life and livelihood of the man in the street. It's still a long way to go in making ASEAN a single regional market. ASEAN don't have the stress like EU for freedom of movement, work or residency. No stress on intra-regional migration or influx of refugees. Thank god we are far away from the conflict zones and not have to deal with refugees. Lastly ASEAN don't have a domineering central body like EU that issue and impose legal binding regulation that could irritate some members. No EU type parliament, just a ASEAN secretariat and I doubt anyone know who is the current secretary general. ASEAN not as imposing on common people as the EU.

ASEAN member nations still maintain autonomy over their governance, do not use a central currency, and do not contribute money to aid less-developed member nations, as is the case with the EU.

So everybody is in it for themselves. No ambition of moving the region forward as a whole. Burmese and Lao will stay as servants to Thais as Labor Minister Sirichai Ditthaku so nicely put it.

What is the point of ASEAN?

Handy dual purpose here, deny Brexit will affect Thailand as nothing ever does but keep it handy as an excuse if something negative needs to be explained away and it avoids saying something went wrong at home.

The point is in the ASEAN declaration.

Guys be clear Brexit will certainly damage Brits. The U.K. economy is due to shrink over the coming years, immediately as the pound falls and Brits get less for the pound making travel, holidays , property abroad, and imports, petrol , goods , some food more expensive so inflation is inevitable. On a larger scale less investment in Britain, less jobs , moves to the EU cities by some banks, falls in UK assets. Within two years of article 50 massive problems with tariffs as Brits pay more. When they buy and sell to the other 27 countries. Basically all this will shrink the UK economy. Now you know why Boris Johnson was booed in London last weekend. Most Brits do grasp any of this as the media or tabliods miss old it to the voters.

Britain will be fine. They will get more tourists now with the slight devaluation, and I think businesses will be alright. The EU seemed to be a lead weight around their neck.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

The PM won't step down though if so

if he was Cameron Thailand would be in complete mess by now

No. Democratic countries wouldnt let the military continually stuff up a country by doing the same thing over and over, expecting a different result.

Democratic people wouldnt stand for it also. Some governments may be bad but the voters at least have a say in whether they stay or get the boot.

Definitely: in democratic countries, it is the democratic government that continually stuff up the country by doing the same thing over and over, expecting a different result...

And the voter have a say to elect the other side (with a different color speech) to do the same thing over and over, expecting a different result...

Same same but different

Pink, blue, red or white, a pig remains a pig and the governments all over the world seems to be full of those....

Edited July 1, 201610 yr by CantSpell

Fewer Brits will visit due to less money, though I'm sure that will please the UK-bashing community on here.

The recent decision to withdraw from the EU has also raised questions of whether a similar incident could occur for ASEAN

I'm sure all will be fine. Just don't get dragged down the path of de-sovereigntisation under false pretenses and let others tell you what to do and who you can let in.

Why will Brits have less money?

I don't think it will make any difference at all to Thailand. Thailand is not important to the UK or indeed Europe.

Guys be clear Brexit will certainly damage Brits. The U.K. economy is due to shrink over the coming years, immediately as the pound falls and Brits get less for the pound making travel, holidays , property abroad, and imports, petrol , goods , some food more expensive so inflation is inevitable. On a larger scale less investment in Britain, less jobs , moves to the EU cities by some banks, falls in UK assets. Within two years of article 50 massive problems with tariffs as Brits pay more. When they buy and sell to the other 27 countries. Basically all this will shrink the UK economy. Now you know why Boris Johnson was booed in London last weekend. Most Brits do grasp any of this as the media or tabliods miss old it to the voters.

The damage to the currency will be short lived, the stock market has already recovered.

The banks will absolutely not abandon London, this scaremongering happened during the financial crisis and the city has continued to grow. As for the banks moving to Europe, get real. So, they will abandon the pound and adopt the Euro?

As for investment, why would investment stop? The UK will continue to trade with Europe, the deal has to be done as both sides have no choice, this is a definite not a maybe. Looking further, without EU legislation the UK can strike its own trade deals with China and the Asean on it's own terms, I believe this could increase investment and potentially boost the economy where it is currently stifled by the EU regulations.

At the end of the day nobody knows for sure, there will ups and downs and although I would have preferred for the UK to stay in I can see the potential huge opportunity available.

As for you statement most Brits grasp this, well actually they don't agree with you which is why the vote results were to leave.

It will hardly be noticed in comparison to the self inflicted impact.

Guys be clear Brexit will certainly damage Brits. The U.K. economy is due to shrink over the coming years, immediately as the pound falls and Brits get less for the pound making travel, holidays , property abroad, and imports, petrol , goods , some food more expensive so inflation is inevitable. On a larger scale less investment in Britain, less jobs , moves to the EU cities by some banks, falls in UK assets. Within two years of article 50 massive problems with tariffs as Brits pay more. When they buy and sell to the other 27 countries. Basically all this will shrink the UK economy. Now you know why Boris Johnson was booed in London last weekend. Most Brits do grasp any of this as the media or tabliods miss old it to the voters.

Your comments look like those of a 'Remain' loser, not a single positive thing to say about the UK leaving the EU. For a start there is TTIP which would allow the US to buy such things as the NHS for instance and privatise it for their own benefit. The EU is more dependent on selling its products to the UK than vice versa as there is a massive trade imbalance, applying trade tariffs to imports as anyone with half a brain will know, damages your exports. Will they want to damage their own manufacturers and and economies? The UK also has a positive trade balance with the rest of the world and furthermore will set up new trade agreements around the world on their own terms, and not those arranged and dictated to by the Brussels elite, and with the remaining Commonwealth countries too. You may not have noticed the UK has the FIFTH largest economy in the world and the second largest in the EU and therefore makes a good potential trading partner. It would appear on the balance of probabilities that the EU will suffer far more, despite their massive PR and propaganda output to try and convince everyone that despite high unemployment and a poor economic outlook that all will be well. Additionally they have massive problems with the PIGS, Portugal, Italy, Greece and Spain of which there may not prove to be a solution. The euro may not survive! Would you buy into an organisation, run by unelected bureaucrats, who have never during their existence produced and submitted a set of accounts for audit? What a fantastic system to belong to for lining your own pockets as you can see by the number of poor ex commissioners!

Edited July 18, 20169 yr by Anon999