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Over 1,300 factories were up for sale or out of business in first 10 months of 2019

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Thailand's economic demise will be a footnote in world history.

 

The world economy is headed for a recession. China won’t be there to save it this time

 

https://www.scmp.com/comment/opinion/article/3037081/world-economy-headed-recession-china-wont-be-there-save-it-time

 

This has been coming for a while now.

 

https://www.bloomberg.com/news/articles/2019-08-14/recession-warnings-pile-up-for-the-battered-global-economy?

 

More recently,

 

https://edition.cnn.com/2019/11/10/investing/stocks-week-ahead/index.html

 

Germany may already be in a recession.

 

https://www.ft.com/content/effc1c60-f3f3-11e9-b018-3ef8794b17c6

 

Watch for their figures due out on Thursday.

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1 hour ago, Duck J Butters said:

I went to buy a used 2016 Mercedes SLK 200 ( 25,000 km mileage ) for my wife in Bangkok the other day. The asking price was 2.5 million. I offered a 2.3 million baht bank transfer right there on the spot. The dealership rejected my offer. I was stunned. I could buy this same exact car in the US for 700,000 baht. I felt sick paying 1.8 million baht extra for a car that's not all that special...but the wife wanted it.

 

Clearly the Thai car dealerships aren't struggling that much because they literally turned down a 2.3 million baht sale, a squabble of 200,000 baht. They clearly think they can get the 2.5 million from some other schmuck. I refused to cave to their pressure as this Mercedes dealership was extremely rude, pompous, and just didn't seem to care about my business.

And your wife's response was?

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15 hours ago, metisdead said:

Off topic posts about the UK and Brexit have been removed. 

Thank you. The focus is on Thailand and sone use any article as a springboard for other agendas.

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1 hour ago, Duck J Butters said:

I went to buy a used 2016 Mercedes SLK 200 ( 25,000 km mileage ) for my wife in Bangkok the other day. The asking price was 2.5 million. I offered a 2.3 million baht bank transfer right there on the spot. The dealership rejected my offer. I was stunned. I could buy this same exact car in the US for 700,000 baht. I felt sick paying 1.8 million baht extra for a car that's not all that special...but the wife wanted it.

 

Clearly the Thai car dealerships aren't struggling that much because they literally turned down a 2.3 million baht sale, a squabble of 200,000 baht. They clearly think they can get the 2.5 million from some other schmuck. I refused to cave to their pressure as this Mercedes dealership was extremely rude, pompous, and just didn't seem to care about my business.

Thai car dealerships are loath to deal with cash buyers regardless of what class of car they're after. It's been like that as long as I can recall. Even someone haggling for a price break on a new Suzuki Swift will see the salesperson's eyes glaze over before they drift back to their smartphone.

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16 hours ago, snoop1130 said:

There were 1,339 factories with 34,569 employees and a total investment of approximately Bt56.9 billion registered for sale or out of business in the first 10 months of 2019, according to the Industry Ministry.

The numbers say nothing if I can´t compare them with the years before and with the number of new factories. 

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3 minutes ago, CNXexpat said:

The numbers say nothing if I can´t compare them with the years before and with the number of new factories. 

I think it is safe to assume if this was not a reversal of the preceding year's growth trends, then the Industry Ministry wouldn't be mentioning it.

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16 hours ago, yogi100 said:

It's not just factories that are struggling and it's all because of the strong baht.

 

I got talked into buying a girl a bottle of San Miguel beer last night at a cost of 140 baht (nearly four quid in UK money) That's in an open air beer bar! I won't be doing that again in a hurry.

 

That same beer in the same bar was 130 baht the last time I was in Pattaya in July. It's now the start of high season and that bar is not much busier than it was back then.

 

Punters can't afford these prices any more than foreign importers can afford to buy Thai exports at such inflated prices.

Same with the Aussie dollar. Petrol is  near as damn it the same price as Australia.A cup of coffee in a coffee shop is about  same .

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3 hours ago, Guderian said:

Sheesh, another so-called story backed-up by ludicrous and irrelevant numbers. The Thai workforce is getting on for 40 million people, and we're supposed to get alarmed because some factories employing 35,000 people - around one-tenth of one percent of the workforce - might or might not be in trouble? Give us a break and get some meaningful statistics, please!

It would be interesting to know what proportion of the 40 million you talk about work in "conventional" manufacturing industries, as opposed to 1 or 2 man workshops, retail and service industries, education and civil service/police/military, and or are engaged in small scale essentially peasant farming. Once all those are taken into account I rather suspect that the pool of workers affected by these closures and job losses is very significantly smaller, and the percentage hit therefore much greater.

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5 hours ago, thailand49 said:

Don't worry the Chinese and Indians are coming to save the day!  One day it is good one day it is bad! 

 

Does this mean for retirees and others no more income verification, no more money in the bank, no more TM-30, reduce ATM Charges, no more duel pricing?🤣

I doubt it.The first time I saw the "thai way"was about 20 years ago in Pattaya.they was a big slowdown of tourists,so what happened? All the bar prices went up, to screw the fewer customers more.The logic defied me .I always thought more bums on seats lower the prices and  sell more but that's not the "Thai way" 

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16 hours ago, Yadon Toploy said:

There are dozens of major companies out on the Eastern Seaboard in trouble. Many are shuttering up for a few months and laying off staff. 

 

There's major trouble ahead.

Dont worry The Military men, the ex Army now running  Thailand  know what to do, They are learning From Burma, N. Vietnam, Cuba, its all under control

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