Three short-term measures to boost Thailand’s GDP by 3% this year approved

The cabinet’s economic ministers have adopted three short-term measures aimed at driving Thailand’s growth rate to 3% this year, from 2.4% as originally projected by the Fiscal Policy Office, said Finance Minister Pichai Chunhavajira today.


Speaking after a meeting of economic ministers at the Government House, Pichai said Thai GDP growth in the first quarter was a disappointing 1.5%, the lowest of all ten ASEAN member countries.


The first measure is to increase foreign arrivals in Thailand this year by another million, to 36.7 million, which will potentially increase GDP by 0.12%, said the minister.


The second is to accelerate the disbursement of the remaining Bt850 billion 2024 fiscal budget, of which 20% is for investment.


Pichai said that about 41% of the investment budget has already been disbursed, adding that, if 70% of the remaining investment budget can be disbursed throughout the rest of this year, it will contribute to a 0.24% increase in GDP.


The last measure is to urge private investors, who have received incentives from the Board of Investment, to speed up implementation of their projects, said the minister, adding that, if about Bt40 billion of investment can be made within this year, Thailand’s GDP could increase by 0.14%-0.15%.


Additionally, he said the economic ministers have considered assisting SMEs affected by the COVID pandemic three years ago by instructing the Government Savings Banks to extend low-interest credit to the affected businesses via commercial banks.


The cabinet is expected to introduce a measure tomorrow to guarantee the credit, estimated at about Bt50 billion, to be extended by the Thai Credit Guarantee Corp to help SMEs, said Pichai.


Regarding falling oil palm prices, the economic ministers have instructed the ministries of Agriculture, Commerce and Energy to conduct a market study, before calling a meeting with the palm oil producers to develop a solution to ensure fair prices for oil palm farmers.


Meanwhile, representatives of the farmers will be asked to hold talks with bio diesel producers to settle the oil palm prices.


The economic ministers also acknowledged a report from the Labour Ministry on unemployment, fuelled by mass layoffs from the many factories which are shutting down due to the sluggish economy.


As many as half a million employees have already lost their jobs and about 100,000 graduates are entering the job market this year, who may also end up jobless.

Three short-term measures to boost Thailand’s GDP by 3% this year approved - Thai PBS World

TheyÂ’re in trouble.

Their low intelligence, piss poor education based economy is unravelling as the West continues to exercise restraint and China loses markets and dumps their shit regionally.

The baht is too high but they still will not devalue, no doubt due to the cabals who own this wretched country wishing to retain their economic droit de seigneur.

The overmanning in the service sectors alone is increasingly absurd. In Bangkok, in the Central World shopping mallÂ’s small Haagen Daz concession we counted eight young staff serving customers who at the time numbered six including ourselves. Power Mall and shoe shops have a veritable army of assistants hanging around doing nothing except for the usual nose picking, zit squeezing, mirror gazing. I meandered around the TV section and managed to lure three young chaps from their reveries who tracked me as I pretended to show interest. Just as they closed in for the sawadee-krap overture I peeled off into a new direction leaving them to their futile inconsequence. ItÂ’s a little game I play in the malls. Petty, I know, but reallyÂ…Â….

Amusing that they think tourism is akin to a tap that can be turned off and on at will.

These are very uncertain times and spending disposable income in a third world holiday bazaar is not necessarily what folk can either afford or want.

The baht needs to be softened if GDP is to increase but the problem of domestic debt is becoming critical as it rises to 16% of GDP.

They conned too may serfs into buying cars and mortgages they could never have afforded and with this recession biting, overtime is evaporating and those debts are increasing in proportion.

Tough times ahead.

^and yet you seem determined to remain in Thailand, and go down with the sinking ship?

Don’t be so stupid, you silly old grunter.

A weakening Thai economy with pressure on the baht means we chaps dependent on £ sourced incomes will benefit from a more favourable exchange rate, you silly sausage.

And with a large Labour majority looming in the election, the markets are pricing in a strengthening £ to reflect the greater stability likely to flow from the destruction of the worst succession of Tory governments in British political history.

I'm becoming quite ebullient at the prospects. Hey, Chas, maybe even you might afford to come back!

Quote:

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Originally Posted by Switch

^and yet you seem determined to remain in Thailand, and go down with the sinking ship?

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He loves the poop deck too much to leave.

Quote:

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Originally Posted by Seekingasylum

Don’t be so stupid, you silly old grunter.

A weakening Thai economy with pressure on the baht means we chaps dependent on £ sourced incomes will benefit from a more favourable exchange rate, you silly sausage.

And with a large Labour majority looming in the election, the markets are pricing in a strengthening £ to reflect the greater stability likely to flow from the destruction of the worst succession of Tory governments in British political history.

I'm becoming quite ebullient at the prospects. Hey, Chas, maybe even you might afford to come back!

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My pensions are paid in the same currency and attract similar rates here. Wait and see if the BoE make any changes on 20 June.

I would not plan on going anywhere, least of all Thailand. You keep telling everyone it’s such a shitty country anyway. :)