Thread: Thailand 'safe for the moment'

Thailand 'safe for the moment'
Officials confident, but still set up control plans

CHATRUDEE THEPARAT Bangkok Post




Senior financial officials announce measures to cope with the economic sideeffects of theUS financial storm. From right are SET president Patareeya Benjapolchai, central bank governor Tarisa Watanagase, Deputy Prime Minister Olarn Chaipravat, Finance Minister Suchart Thadathamrongvech, and finance permanent secretary Suparat Khawatkul. APICHIT JINAKUL



Thailand is well-insulated from the turmoil in the global financial markets, economic policymakers say.

Deputy Prime Minister Olarn Chaipravat said the Thai financial sector had been little affected by the events of the past month, and that the local economy remained fundamentally stable.

But the government nevertheless was preparing new short-term and long-term measures to minimise any impact the volatility in global markets might have on the Thai economy.

Finance Minister Suchart Thada-Thamrongvech said civil service salaries and the government's SML community grant programme could be given a boost to help stimulate economic growth.

Thailand had ample room to expand spending considering public debt was quite low at just 36% of gross domestic product, he said.

Other measures being considered include speeding up public investment and spending, implementing new tax incentives to encourage investors to increase contributions to retirement funds and making renewed efforts to strengthen regional economic cooperation.

The programme comes as financial markets across the world plunged yesterday after the US Congress rejected a US$700 billion bailout plan for US banks.

The vote on Monday led the Dow Jones Industrial index to its largest one-day points drop in history and spurred sharp declines in markets across the world on investor fears that more bank failures would soon lead to corporate bankruptcies and slower economic growth.

Asian and European markets yesterday posted sharp falls upon opening but later regained ground amid nervous trade.

Thai stocks closed down 0.79% following a strong rebound after dropping more than 5% in the first few minutes of trade.

Oil prices slumped to less than $100 a barrel on fears of lower demand as global economic activity falls.

Analysts said although there were hopes the US government would eventually approve a rescue package, sentiment remained poor over the prospects for the US and global economy.

Mr Olarn, who chaired a crisis meeting yesterday with economic policymakers, took pains to stress Thai banks were not affected by the problems in the US housing market that have already claimed some of the largest institutions on Wall Street as casualties.

Thailand's economic fundamentals remain solid, and the declines in local share prices offer a good opportunity for long-term investors, he said.

The Stock Exchange of Thailand (SET) index has fallen by nearly 30% from the beginning of the year due largely to foreign selling as a result of the US sub-prime mortgage crisis and the credit crunch.

Domestic political instability and high oil prices and inflation have also affected investor sentiment.

Mr Olarn said the Thai stock market would urge investors to take advantage of the price declines to boost their contributions to long-term savings funds.

The Finance Ministry would also consider boosting tax incentives for contributions to retirement mutual funds and long-term equity funds made over the next several months.

Other ministries would also accelerate spending programmes, including work on 1.7 trillion baht worth of infrastructure mega-projects, to help support economic growth.

The Finance Ministry will ensure that sufficient credit is available for small businesses, consumers and farmers to meet demand, particularly in the harvest season over the next several months.

New bond issues by the government could be delayed to ease any funding constraints in the local market.

Tarisa Watanagase, the governor of the Bank of Thailand (BoT), said authorities were monitoring liquidity conditions closely and indicated monetary policy could be eased to help support growth as inflation had now eased.

Mr Olarn said Thailand would also hold talks with other Asean members to boost economic cooperation to help buffer the region against turmoil in the US and European markets.

But while policymakers sought to reassure investors the local impact from the global crisis would only be modest, analysts and economists said it was inevitable Thailand would be affected by a world economic slowdown.

Economic data released yesterday by the BoT showed investment, consumption and exports all slowed in August from the first half of the year, in part due to business and consumer concerns about domestic politics as well as worries about trends abroad.

Well I certainly think that Taksins billions are being used to keep the wolves away.

Thailand is well-insulated from the turmoil in the global financial markets, economic policymakers say.

not .................

Falling Price of Rubber Hits Burmese Migrants
By LAWI WENG
Monday, October 13, 2008

The global financial crisis has hit Burmese migrants working on rubber plantations, with concerns that a reduced US demand for tires severely affecting rubber prices in Thailand.

Rubber is currently selling at 52 baht a kilo, falling from 98 baht a kilo within two weeks, according to rubber plantation owners in Ranong Province in southern Thailand.

Win Kyaw, a Burmese migrant worker at a rubber plantation in southern Thailand, told The Irrawaddy on Monday that his wages have gone down from 1,800 baht (US $52) a day to just 1,000 baht ($29) a day.

“Usually I can send money to my family during the dry season, but now I can’t,” he said.

Surat Pansuwannakee, a logistics officer at rubber exporters Sri Trang Agro-Industry, said Thailand’s rubber companies have been hit by the global financial crisis and many shipments have been cancelled or delayed.

Thailand is the world’s largest manufacturer and exporter of rubber, with an average of 200,000 tons exported monthly, mainly to China, Japan and the US.

Burmese rubber plantation workers usually transfer a large percentage of their wages back to their families in Burma using the informal “hundi” money transfer agencies.

However, according to one “hundi” agent in Mon State, he has transferred only 2 million kyat ($1,650) in the last two weeks, compared to a usual figure of 20 million kyat ($16,500) every month.

irrawaddymedia.com

Originally Posted by Mid

Win Kyaw, a Burmese migrant worker at a rubber plantation in southern Thailand, told The Irrawaddy on Monday that his wages have gone down from 1,800 baht (US $52) a day to just 1,000 baht ($29) a day.

"a day"???? surely some mistake......

^
Probably explains the drop-off in Ajarn contributors.

^ hehe

Yeah, nice to know a Burmese rubber plantation worker is capable of making B54,000 a month while schools bitch and moan over B30,000 for a qualified foreign English teacher. Go figure.

Thailand 'safe for the moment'



Safe as houses.

Sub-prime houses?

Originally Posted by Mid

Win Kyaw

Any relation to Kyaw Kyaw Win aka Duckman?

Originally Posted by gjbkk

Thailand is well-insulated from the turmoil in the global financial markets, economic policymakers say.

just like its safe from global warming
fucking retards one and all
head up arse completely

Originally Posted by BugginOut

Yeah, nice to know a Burmese rubber plantation worker is capable of making B54,000 a month while schools bitch and moan over B30,000 for a qualified foreign English teacher. Go figure.

There's no way a tapper will earn that much . . . great reporting.

now we know how long a moment is ..................


Global crisis begins to affect Thailand's real economic sector



BANGKOK, Oct 27 (TNA) – Thailand's real economic sector has begun to receive a heavier impact from the global economic crisis, according to a veteran stock analyst.

Kongkiat Opaswongkarn, president of the Securities Analysts Association, said the ongoing financial crisis is regarded the world's most severe bubble burst in 70 years.

He said he believed there would not be a similar eonomic upheavel of the same severity in the next 20-30 years.

Mr. Kongkiat conceded that the financial institutions crisis in the United States had already spread extensively to the real economic sector on a global basis.

Thailand is no exception as its real economic sector had begun to take the impact with a heavier toll of the crisis.

It is a worrying situation to which the state sector must pay close attention, said Dr. Kongkiat. (TNA)

enews.mcot.net

Originally Posted by Mid

Thailand is no exception as its real economic sector

Can someone explain that please

Does Thailand have real and unreal sectors ?

1k a day would be the profit from 50-100 rai of mature trees

Originally Posted by Thetyim

Originally Posted by Mid

Thailand is no exception as its real economic sector

Can someone explain that please

Does Thailand have real and unreal sectors ?

terminology that's been in recent favor in the financial media .

would appear that the real economy is the goods and services one where things are actually produced and consumed as opposed to the financial markets ...........

^ But not for the labourers who generally receive either a flat amount or a percentage.

70 rai equals roughly 500 trees. If they tap daily, as many are wont to do, their DRC will be in the low 20's, if that.

Originally Posted by panama hat

...70 rai equals roughly 500 trees...

Check those figures...70 trees per rai??

Originally Posted by keda

Originally Posted by panama hat

...70 rai equals roughly 500 trees...

Check those figures...70 trees per rai??

I believe so, yes, for adult trees. It bis about 300 trees per hectare, 120 per acre.