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  1. #1
    Mid
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    Thai business leaders pessimistic on economy after poll

    Thai business leaders pessimistic on economy after poll
    Mon, Dec 24, 2007
    AFP

    snip

    Thai markets were closed Monday for a national holiday, but with the shape of a new government still uncertain, business leaders said they had little confidence that the country's lacklustre economy would pick up next year.

    "We still have lots of political uncertainty after the election," said Pornsilp Patcharintanakul, deputy secretary-general of the Board of Trade, a major business body.

    "The next coalition government will not be able to ease political uncertainty because its foundation is shaky. I believe that the new government will last no more than one year," Pornsilp said.

    Thailand's economy is expected to grow by 4.5 percent this year, which ranks among the lowest in Southeast Asia, with business and consumer confidence plummeting to five-year lows due to prolonged political uncertainty.

    When the military ousted Thaksin in a bloodless coup in September 2006 after months of protests against him, hopes were high that the army-backed government would lift the country from its political morass and set the economy humming.

    But the junta made a series of policy blunders, including tough capital controls, and has failed to restore business confidence at home and abroad over the past 15 months.

    Adisak Rohitasune, vice chairman of the Federation of Thai Industries, the kingdom's largest business group, said he had little hope that the new elected government would do any better.

    "Stability of a new coalition government is questionable. We don't know how well the new government can unite (a divided country) and push forward economic policies," Adisak said.

    snip

    Supavud Saichua, a senior economist at Phatra Securities, said the economy would unlikely turn around after the election due to the country's polarised political landscape.

    "It is difficult for investors to regain confidence after the election because politics will remain intense" with struggles between pro- and anti-Thaksin forces, Supavud said.

    Promon Suthiwong, a former executive of Thai conglomerate Siam Cement and chairman of the Board of Trade, said he saw no end to the country's political uncertainty.

    "Nothing is clear at the moment in terms of who will be forming a new government. Politics has yet to stabilise due to lots of uncertainty," Promon said.

    news.asiaone.com

  2. #2
    watterinja
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    ^ Who owns Siam Cement, Thailand?

    Interesting comments from a very senior man.

  3. #3
    ding ding ding
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    Quote Originally Posted by Mid
    hopes were high that the army-backed government would lift the country from its political morass and set the economy humming.


    Whose hopes were these, I wanna know which people think that military people have any business acumen capable of moving a country forwards.

  4. #4
    ding ding ding
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    Quote Originally Posted by Mid
    hopes were high that the army-backed government would lift the country from its political morass and set the economy humming.


    Whose hopes were these?, I wanna know which people think that military people have any business acumen capable of moving a country forwards.

  5. #5
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    Yes as always from a Western view, the foundation of economy is shaky but do not forget that the Western World experienced the same problem in the past. So let's lose the sarcasm a bit here.

    Before the "takeover" the economy was indeed better and the smudgy situation did a lot of investors left the country or froze investments. On the other hand investments in real estate were downhill already.
    So many estate has been build.

    Thailand has to focus itself on technology investments besides the highly appreciated tourism. Score contracts again and try to get a piece of the cake from Singapore.

    I can only hope that there will come a wise government, which place Thailand's economy first before personal gain.

  6. #6
    Thailand Expat Texpat's Avatar
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    Quote Originally Posted by Spin View Post
    Quote Originally Posted by Mid
    hopes were high that the army-backed government would lift the country from its political morass and set the economy humming.
    Whose hopes were these?, I wanna know which people think that military people have any business acumen capable of moving a country forwards.
    North Korea is doing quite nicely now that the nuke-free payoffs are rolling in. I'm told Pyongyang's high-rise apartment blocks have heat every Thursday from 5 to 9 p.m. That's progress.

  7. #7
    I am in Jail

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    There are perks that come with being friends with America.

  8. #8
    watterinja
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    Quote Originally Posted by Mrwizard View Post
    I can only hope that there will come a wise government, which place Thailand's economy first before personal gain.
    .....

  9. #9
    Tax Consultant
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    Quote Originally Posted by Mrwizard View Post
    I can only hope that there will come a wise government, which place Thailand's economy first before personal gain.

    ....with a government headed by Thaksin Shinawatra the only hope Thailand has is that he is too busy trying to count the money he got from the Ample Rich debacle to swindle Thais out of even more money.

  10. #10
    watterinja
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    It may be a good time to introduce a super-ATM-system network in Thailand, & allow oldish falangs, or single men of means, a boudior visa which lasts as long as an amount of THB 5,000 is withdrawn from the ATM system per day, within Thailand.

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