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Financial Crisis Beginning in Thailand


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16 hours ago, CNXexpat said:

I think you don´t know what a financial crisis is. It has nothing to do with some empty hotels. In Chiang Mai are so many tourists. The streets are full. 

Yes I agree. Have just returned from 3 day visit to the British Legion Remembrance Service in Chiang Mai and Loy Krahtong festivities and streets/roads very busy. Many tourists up at Doi Suthep as well.

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Western tourism In Thailand has declined to a negligible number of tourists with real money to spend. This is having a dramatic impact on millions of Thai people. The low baht Chinese and Indians are

It is not that we do not believe you...it is that we can not believe you found it necessary to post it...

I was in Phuket recently. Its been a few years since I was last there but I can honestly say that the last time I saw so many half built and clearly mothballed condo/hotel builds was following the 97

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Yeah the Thai economy is not doing well because of the Thai baht hurting tourism and especially their exports!!! Foreign currency pretty much runs their economy which revolves around exports and tourist dollars, pounds, Euros, or whatever. But there appears to be good news coming but it’s just happening real slow. The Thai baht is FINALLY starting to bottom out and decline and last month the USD was the lowest I’ve ever seen but still not too bad compared to pretty much ALL the other country’s currencies and the USD hasn’t really dropped that bad. But I’ve noticed that this month the USD is now slowly starting to do better again I emphasize SLOWLY but slow progress is better than none and DEFINITELY better than it decreasing any more which isn’t happening thank God. So next year and probably into 2021 these things are going to start getting better the way it’s currently looking which is good. 
 

The better foreign currencies do in Thailand the better the Thai economy does it’s as simple as that because Thailand depends on exports and tourism without those two things the Thai economy can’t sustain itself forever which is probably why the Thai baht is FINALLY starting to decline slowly. It’ll probably start improving faster for Thailand and for those of us living here within a year and then we’ll see all our exchange rates improve. I’m just thankful I get paid in USD because the USD is always worth something no matter how bad a country’s economy gets. $$$$$$$$😃

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Economic statistics is a delayed numbers game, we wont actually know until the end of this quarter what the true picture was one quarter prior. I don't believe we are at the star of a financial crisis, I think the numbers are and the fundamentals are still way too good for that, even if they aren't as good today as they were yesterday. A lot is made of the fact that Thailand's GDP growth is much less than Vietnam and Malaysia, what people overlook is that Thailand's GDP is significantly higher and larger than Vietnam or Malaysia and that Vietnam in particular is the johnny come lately into the SE Asian economic arena. Even at 2.8% GDP growth, that equates to a dollar total that is higher than Vietnam's GDP growth that is significantly higher.

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18 hours ago, bkk6060 said:

I disagree some empty hotels and restaurants at one location do not translate to your prognosis.

A "financial crisis"  ( I suggest you research the definition) is not beginning nor going to happen.

 

Having a load of unemployed plebs and some bankrupt hotels and restaurants isn't going to hurt the government until election time and wont hurt the economy at all not until investments get repatriated and some real big name companies fold.

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The country is in the toilet because the people in power are all billionaires, and will not do anything to correct the obvious problem with the currency because they care too much about their own personal wealth and couldn't give a rat's ass about the rest of the populace who are struggling to make ends meet. Having a military government seems to make intelligent decisions and actions even harder, if that were ever possible.

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So to summarize, its financial crisis, because at the time you went to a restaurant and it was almost empty it means its always empty and therefore financial crisis?

 

You went to a resort, did not see anyone while you stayed outside your room instantly translated into you were the only one there and it was financial crisis?

 

And as it turns out, Thai's are returning back home but not to farm their own land, but wait in queue to go farm someone else's?

 

Yup, totally rational and reasonable

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3 hours ago, SteveK said:

The country is in the toilet because the people in power are all billionaires, and will not do anything to correct the obvious problem with the currency because they care too much about their own personal wealth and couldn't give a rat's ass about the rest of the populace who are struggling to make ends meet. Having a military government seems to make intelligent decisions and actions even harder, if that were ever possible.

How can country be in toilet when all you see is brand new or nearly new cars on the roads.?

 

Yes there are fewer tourists and factories are closing down, but most certainly FAR from financial crisis.

 

Thailand's foreign reserves are one of if not the highest in the world, something like 300 BILLION dollars, country has been running budget surplus for years, ie no debt.

 

Almost non existent unemployment rate and ones who are unemployed simply do not want to work, as there is is work everywhere.

 

Compare financial position of your home country and Thailand is light year upfront.

 

Yes, it does not trickle down to the bottom, but most certainly no where near the financial crisis.

 

People making silly comments such as "i was the only customer in hotel"is beyond stupid, as these people have no idea what happens in other rooms, just because you do not see someone in reception, does not mean hotel is empty.

 

Being a hotel owner, i get this type of morons all the time, just because when they come or go they do not see someone it instantly means in their tiny brains they are the only ones.

 

As i type, have a moron, who is claiming he is the only customer, yet we are about 80% full. The reason why he does not see anyone, is because he goes out at 8:00am, all other rooms recovering from the night before and comes back at 19-20pm, all rooms have already gone out.

 

Same applies for same people making stupid comments about being the only customer in the restaurant. Yes at one particular moment in time, they may well be the only customers, it does not mean it was not packed earlier or will not be packed later.

 

 

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28 minutes ago, BestB said:

How can country be in toilet when all you see is brand new or nearly new cars on the roads.?

 

Yes there are fewer tourists and factories are closing down, but most certainly FAR from financial crisis.

 

Thailand's foreign reserves are one of if not the highest in the world, something like 300 BILLION dollars, country has been running budget surplus for years, ie no debt.

 

Almost non existent unemployment rate and ones who are unemployed simply do not want to work, as there is is work everywhere.

 

Compare financial position of your home country and Thailand is light year upfront.

 

Yes, it does not trickle down to the bottom, but most certainly no where near the financial crisis.

 

People making silly comments such as "i was the only customer in hotel"is beyond stupid, as these people have no idea what happens in other rooms, just because you do not see someone in reception, does not mean hotel is empty.

 

Being a hotel owner, i get this type of morons all the time, just because when they come or go they do not see someone it instantly means in their tiny brains they are the only ones.

 

As i type, have a moron, who is claiming he is the only customer, yet we are about 80% full. The reason why he does not see anyone, is because he goes out at 8:00am, all other rooms recovering from the night before and comes back at 19-20pm, all rooms have already gone out.

 

Same applies for same people making stupid comments about being the only customer in the restaurant. Yes at one particular moment in time, they may well be the only customers, it does not mean it was not packed earlier or will not be packed later.

 

 

Ehhh but now you’re saying things are going great here because u see several new cars on the roads??

With 1000 bht down payment u can have a new car here also !

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3 minutes ago, Destiny1990 said:

Ehhh but now you’re saying things are going great here because u see several new cars on the roads??

With 1000 bht down payment u can have a new car here also !

Total BS, you can not have a car with 1000 baht down payment

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11 hours ago, BritManToo said:

Stop Thai women selling themselves would seem the easiest option to get rid of the 'seedy reputation'.

And the only way that is going to happen, is if we see a China style massive raise in wages. Do you really think the government, and the elite that they work so hard to coddle and protect, want to see that happen? 

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