Economic heart failure is all PM’s fault, says opposition

[snoop1130]

Economic heart failure is all PM’s fault, says opposition

By The Nation

 

Sutin Klungsang

 

The government’s policies are destined to widen the social gap and slow the economy further, resulting in zero exports and higher household debt amounting to 80 per cent of gross domestic product (GDP), the second-highest in the world, opposition whip Sutin Klungsang said on Wednesday (February 24).

 

Speaking on the first day of the censure debate, Sutin said the economy was stalled and the Legal Execution Department’s boast that asset seizures in criminal cases were at a five-year high had negligible effect on GDP.

 

Without mentioning a source, Sutin said the failure to solve economic issues had been attributed to a prime minister who was shunned by other world leaders because he had seized power by force in 2014.

 

In recent years, 70 per cent of GDP has come from overseas in the form of tourism and investment, but Thailand is now losing that income because foreigners have lost confidence in the premier, he said.

 

Exports are contracting and some businesses are shutting down and the Bt3.2-trillion budget for fiscal 2020 was long delayed, resulting in a negative effect on the stock market.

 

Sutin said the government blames global trade disputes and other factors, but the problems were spawned by the prime minister himself, he insisted, noting how the government is a proud supporter of capitalism.

 

By way of evidence, he said large corporations command 95 per cent of all business income, leaving the balance as crumbs for small-scale companies, and they always get pride of place on government task forces established to shape Thailand’s future direction.

 

Source: https://www.nationthailand.com/news/30382896

 

-- © Copyright The Nation Thailand 2020-02-26

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[unamazedloso]

Pretty common knowledge but rarely spoken. Promote this man!

[BobbyL]

Not sure little P can take all the blame, the people above him are calling the real shots, but the last few years have been pretty disastrous in all aspects.

 

I really couldn't think of many positives at all. 

[FritsSikkink]

8 minutes ago, unamazedloso said:

Pretty common knowledge but rarely spoken. Promote this man!

Utter BS, high THB and Corona, most tourist never heard of the man.

[4MyEgo]

16 minutes ago, snoop1130 said:

Sutin said the failure to solve economic issues had been attributed to a prime minister who was shunned by other world leaders because he had seized power by force in 2014.

Spot on there !

[Mavideol]

16 minutes ago, snoop1130 said:

he said large corporations command 95 per cent of all business income, leaving the balance as crumbs for small-scale companies

life is good for the Prayut's gang "elite"..... the average small business is lucky to have some left over crums

[ParkerN]

1 hour ago, snoop1130 said:

Without mentioning a source, Sutin said the failure to solve economic issues had been attributed to a prime minister who was shunned by other world leaders because he had seized power by force in 2014.

 

Indeed. I've been saying that world leaders shun this pretender for some time, based on watching their body language and other non-verbal communication. Sorry to say 'I told you so' but I told you so...

 

So much for his fatuous and self-serving claims of increasing world influence and the closeness of his relationship to other world leaders that he and the perfectly awful Foreign Minister have lied about....

 

Busted.

Edited February 26, 2020 by ParkerN

[ParkerN]

1 hour ago, FritsSikkink said:

Utter BS, high THB and Corona, most tourist never heard of the man.

Not knowing the man's name has no impact whatever upon whether or not what he says is correct. I believe it to be correct and I didn't recognise his name, but then I don't hang on every world uttered by self-styled 'celebrities'.

 

Prayuth is a pretender; he thought that staus and position would enhance his barami; the dunderhead didn't even know that exactly the reverse is true. And neither does his Foreign Secretary who is also ridiculed in foreign government circles.

 

As for the causes of the poor economic performance, the exchange rate of the THB and the coronavirus most certainly have had an impact, but this has been a trend for 9 months and both factors only came to light more recently than that.

 

This gentleman (even though is is a Thai SS, with all that implies) seems to me to be propounding lucid and correct assessments of Mr Prayuth's performance, one of only a very few Thais who have been able or prepared to do that.

 

 

 

Edited February 26, 2020 by ParkerN

[JimGant]

Quote

higher household debt amounting to 80 per cent of gross domestic product (GDP), the second-highest in the world,

Yeah, due to that lady that had to be impeached Thai style -- remember, give every peasant a loan to buy a car? Household debt would be even higher without the coup. Prayut at least has hired some sharp advisers, like Somkid. That the world's economy is sinking, and Thailand is part of the world, is just the way it is. How would things be today under Thaksin, brother or sister, do you think? Maybe fewer drug dealers..... Doubtful a more robust economy.

 

Quote

In recent years, 70 per cent of GDP has come from overseas in the form of tourism and investment, but Thailand is now losing that income because foreigners have lost confidence in the premier,

Oh barf. Tourism, in spite of viruses, hasn't tanked, even with a strong baht. And FDI was up 69% at the end of 2019. Hardly a loss of confidence in the premier -- more like thank you for bringing stability to Thailand: Much easier to invest without blood and bickering in the streets.

 

Quote

FDI flows in the first nine months of 2019 increased 69% from the year earlier period to USD 6.7 billion. This recovery is due to increased investment from Japan, Hong Kong and Mauritius. The stock of FDI edged down slightly to USD 222.7 billion in 2018, or 48.9% of the country's GDP. Japan and Singapore are by far the largest investors in the country and account for slightly more than half of FDI inflows. Hong Kong, the Netherlands, Germany, Mauritius and the United Kingdom are also among the major investors. Manufacturing and financial and insurance activities attract nearly 70% of all FDI inflows. Investments in real estate, commerce and information and communication are important.

https://www.nordeatrade.com/dk/explore-new-market/thailand/investment

All this fake news gets a little tiring. And the hard-on against generals can be somewhat perplexing, at least viewed by this American.  I mean, when it comes to superior leadership, first there was General George Washington, later Grant, then Eisenhower -- who led a huge jump in the economy, plus 8 years of no foreign involvement in overseas conflicts. General Marshal? The Europeans can thank him for their recovery, 'tho they never repaid us (just pay your share of NATO and we'll forgive the debt, how's that?). Recently, civilian Trump was kept in check by generals Mattis, Kelley, McMaster, and VAdm Maquire. I certainly feel less secure with their overseeing now absent. So why is it that Americans can appreciate the leadership ability of their flag officers -- but many Thais, particularly younger ones, cannot? I guess the history of bloody coups...... But the last coup was an easy (and warranted) transition, certainly less noisy than a similar removal process recently in the US Congress.

 

But, oh well. As a Yank, I can now ponder deciding between a Communist and a egomaniacal comb-over. What a choice? If only we had coups in America -- plenty of generals out there, none with twitter accounts, that would do a great job. Maybe there's something to say about the Thai system after all.........

[ParkerN]

25 minutes ago, JimGant said:

Yeah, due to that lady that had to be impeached Thai style -- remember, give every peasant a loan to buy a car? Household debt would be even higher without the coup. Prayut at least has hired some sharp advisers, like Somkid. That the world's economy is sinking, and Thailand is part of the world, is just the way it is. How would things be today under Thaksin, brother or sister, do you think? Maybe fewer drug dealers..... Doubtful a more robust economy.

 

Oh barf. Tourism, in spite of viruses, hasn't tanked, even with a strong baht. And FDI was up 69% at the end of 2019. Hardly a loss of confidence in the premier -- more like thank you for bringing stability to Thailand: Much easier to invest without blood and bickering in the streets.

 

All this fake news gets a little tiring. And the hard-on against generals can be somewhat perplexing, at least viewed by this American.  I mean, when it comes to superior leadership, first there was General George Washington, later Grant, then Eisenhower -- who led a huge jump in the economy, plus 8 years of no foreign involvement in overseas conflicts. General Marshal? The Europeans can thank him for their recovery, 'tho they never repaid us (just pay your share of NATO and we'll forgive the debt, how's that?). Recently, civilian Trump was kept in check by generals Mattis, Kelley, McMaster, and VAdm Maquire. I certainly feel less secure with their overseeing now absent. So why is it that Americans can appreciate the leadership ability of their flag officers -- but many Thais, particularly younger ones, cannot? I guess the history of bloody coups...... But the last coup was an easy (and warranted) transition, certainly less noisy than a similar removal process recently in the US Congress.

 

But, oh well. As a Yank, I can now ponder deciding between a Communist and a egomaniacal comb-over. What a choice? If only we had coups in America -- plenty of generals out there, none with twitter accounts, that would do a great job. Maybe there's something to say about the Thai system after all.........

 

Don't agree. Not even a little bit.

[JimGant]

51 minutes ago, ParkerN said:

Don't agree. Not even a little bit.

I guess I should have included Benedict Arnold.......

[ParkerN]

19 minutes ago, JimGant said:

I guess I should have included Benedict Arnold.......

 

Perhaps better if you hadn't bothered at all, but I appreciate you have an agenda to peddle. Good luck.

Edited February 26, 2020 by ParkerN

[FritsSikkink]

3 hours ago, ParkerN said:

Not knowing the man's name has no impact whatever upon whether or not what he says is correct. I believe it to be correct and I didn't recognise his name, but then I don't hang on every world uttered by self-styled 'celebrities'.

 

Prayuth is a pretender; he thought that staus and position would enhance his barami; the dunderhead didn't even know that exactly the reverse is true. And neither does his Foreign Secretary who is also ridiculed in foreign government circles.

 

As for the causes of the poor economic performance, the exchange rate of the THB and the coronavirus most certainly have had an impact, but this has been a trend for 9 months and both factors only came to light more recently than that.

 

This gentleman (even though is is a Thai SS, with all that implies) seems to me to be propounding lucid and correct assessments of Mr Prayuth's performance, one of only a very few Thais who have been able or prepared to do that.

 

 

 

We are talking why tourism is declining, what ever you think of him, he isn't the reason for that.

[BestB]

5 hours ago, BobbyL said:

Not sure little P can take all the blame, the people above him are calling the real shots, but the last few years have been pretty disastrous in all aspects.

 

I really couldn't think of many positives at all. 

You can not think of any because there are none and just like you I am failing to see the benefits for the ones destroying the country .

 

unless it done to make sure most are poor and in debt and such easily controlled but then when people are poor crime always goes up.

 

it is of course also a possibility that he/they just incapable

[ParkerN]

1 hour ago, FritsSikkink said:

We are talking why tourism is declining, what ever you think of him, he isn't the reason for that.

In the sense that he is the person charged with managing the country, it seems to me he is indeed responsible for Thailand becoming un-cool and that tourism is in decline. If we start making exceptions, he isn't in fact going go be responsible for anything.

 

Not responsible for health because he's not a doctor even though he appointed Anutin who isn't a doctor either.

 

Not responsible for the drought because he's not a climatologist

 

Not responsible for the debt because he's not an accountant.

 

See? He is ultimately responsible for the country in all of it's aspects. That's why he is allowed to have a cabinet. If he can't take a joke then he shouldn't have joined, and perhaps we'd all be better off.

 

Edited February 26, 2020 by ParkerN

[PatOngo]

6 hours ago, snoop1130 said:

because foreigners have lost confidence in the premier, he said.

Not entirely true, I know of at least ONE foreigner who has total confidence in the General!

[khunpa]

Overall, I think the biggest change since Prayut took over, is that only very few Thais and Steven100 actually likes him.

 

Out of the hundreds of Thais I know, I only know 1 person that likes and believes in him. Not a good starting point to move a country forward.

 

 

Edited February 26, 2020 by khunpa

[saengd]

Politics is great is it not, politicians arguments can blame everything under the sun on a single person if they structure the argument and their timing correctly, a few points however:

 

Thailand consumer debt is the twelfth largest in the world, not the second! 

https://en.wikipedia.org/wiki/List_of_countries_by_household_debt

 

70% of income has come from overseas but reductions in that income result from the trade war between China and the US, not any factors under the direct control of government and I think almost everyone on the planet understands this!

 

Exports probably are contracting in February but we wont know for sure until next month. We do know however that exports grew by 3.5% in January and that exports to some countries grew substantially, Taiwan in particular was up by 13%. And even if they do shrink in February, at USD 19.5 bill./month they are still at a level last seen in 2016, a rate of growth most people understand was not sustainable.

 

 

 

 

 

 

[balo]

Good man, let's hope he does not end up in prison or even worse. 

[hotchilli]

15 hours ago, 4MyEgo said:

Spot on there !

And with the dissolution of the FFP party, many nations will give him a cold shoulder at any up and coming trade talks.

[tomauasia]

15 hours ago, BobbyL said:

Not sure little P can take all the blame, the people above him are calling the real shots, but the last few years have been pretty disastrous in all aspects.

 

I really couldn't think of many positives at all. 

Absolute rubbish your in wonderland

[tomauasia]

14 hours ago, ParkerN said:

 

Indeed. I've been saying that world leaders shun this pretender for some time, based on watching their body language and other non-verbal communication. Sorry to say 'I told you so' but I told you so...

 

So much for his fatuous and self-serving claims of increasing world influence and the closeness of his relationship to other world leaders that he and the perfectly awful Foreign Minister have lied about....

 

Busted.

Criminals 

[madmitch]

2 hours ago, saengd said:

Politics is great is it not, politicians arguments can blame everything under the sun on a single person if they structure the argument and their timing correctly, a few points however:

 

Thailand consumer debt is the twelfth largest in the world, not the second! 

https://en.wikipedia.org/wiki/List_of_countries_by_household_debt

 

70% of income has come from overseas but reductions in that income result from the trade war between China and the US, not any factors under the direct control of government and I think almost everyone on the planet understands this!

 

Exports probably are contracting in February but we wont know for sure until next month. We do know however that exports grew by 3.5% in January and that exports to some countries grew substantially, Taiwan in particular was up by 13%. And even if they do shrink in February, at USD 19.5 bill./month they are still at a level last seen in 2016, a rate of growth most people understand was not sustainable.

 

 

 

 

 

 

Most of the countries higher than Thailand on that list you linked to are there because a largee proportion of the population take out mortgages. That number in Thailand is small in comparison and the debts are for cars, bikes and smartphones. And remember those figures don't include loans from friends, family and loan sharks.

 

It's very different here.

[Stargeezr]

The Thiland leader and Canada's leader are two birds of a feather. They both think too

highly of themselves, 

Geezer

[ParkerN]

11 hours ago, FritsSikkink said:

We are talking why tourism is declining, what ever you think of him, he isn't the reason for that.

Then we disagree. I have no time for making excuses for a poor manager.

[saengd]

21 minutes ago, madmitch said:

Most of the countries higher than Thailand on that list you linked to are there because a largee proportion of the population take out mortgages. That number in Thailand is small in comparison and the debts are for cars, bikes and smartphones. And remember those figures don't include loans from friends, family and loan sharks.

 

It's very different here.

The theory sounds good but I doubt that you can support that argument with statistics. A quick glance suggests consumer debt is circa 8 trillion and mortgage debt from the nine major banks equals 3 trillion, that doesn't include credit union lending or finance houses etc or government lending to employees, I'm guessing perhaps 6 trillion in total mortgage lending - dunno how that stacks up against other countries consumer lending.

 

https://www.bot.or.th/Thai/Statistics/Graph/Chart_Pack/Chart Pack.pdf

 

https://thethaiger.com/hot-news/economy/thai-banks-report-strong-mortgage-growth-despite-aprils-new-loan-regulations

[madmitch]

20 minutes ago, saengd said:

The theory sounds good but I doubt that you can support that argument with statistics. A quick glance suggests consumer debt is circa 8 trillion and mortgage debt from the nine major banks equals 3 trillion, that doesn't include credit union lending or finance houses etc or government lending to employees, I'm guessing perhaps 6 trillion in total mortgage lending - dunno how that stacks up against other countries consumer lending.

 

https://www.bot.or.th/Thai/Statistics/Graph/Chart_Pack/Chart Pack.pdf

 

https://thethaiger.com/hot-news/economy/thai-banks-report-strong-mortgage-growth-despite-aprils-new-loan-regulations

You love your statistics saengd!

[TheAppletons]

3 hours ago, saengd said:

Politics is great is it not, politicians arguments can blame everything under the sun on a single person if they structure the argument and their timing correctly, a few points however:

 

Thailand consumer debt is the twelfth largest in the world, not the second! 

https://en.wikipedia.org/wiki/List_of_countries_by_household_debt

 

70% of income has come from overseas but reductions in that income result from the trade war between China and the US, not any factors under the direct control of government and I think almost everyone on the planet understands this!

 

Exports probably are contracting in February but we wont know for sure until next month. We do know however that exports grew by 3.5% in January and that exports to some countries grew substantially, Taiwan in particular was up by 13%. And even if they do shrink in February, at USD 19.5 bill./month they are still at a level last seen in 2016, a rate of growth most people understand was not sustainable.

 

 

 

 

 

 

  I'm not really understanding the point you're trying to make here.

 

  Yes, exports are most probably contracting.  Yes, Thais are (individually) up to their necks in debt mainly due to the large income inequality/equality gap in the country.  330 thb/day for a minimum wage?  As I told my friend Eileen - come on!  (I crack myself up....C'mon Eileen, lol.)

 

  The government, however, could reduce tariffs, enter into free trade agreements, promote competition to open domestic and international markets to local entrepreneurs that aren't born into wealth or have back room handshakes with the ruling elite.

 

  So yeah, I think the government - and that ultimately stops at the leader - has some culpability here due to its inaction in the face of economic "crisis".  I can't identify a single program or initiative that this government has enacted during its tenure to develop an economy that benefits more than the "chosen few".  

[saengd]

2 hours ago, madmitch said:

You love your statistics saengd!

I love fact, not rhetoric.

[Isaan sailor]

Why not simply limit the number of 30-day visas to a sustainable level—balance the needs of the industry, with the requirements of the environment?