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Energy Minister expects full economic recovery in 2 years


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Energy Minister expects full economic recovery in 2 years

Tanakorn Sangiam

 

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BANGKOK(NNT)-Thailand’s Deputy Prime Minister for economic affairs and Minister of Energy has revealed an outlook for Thailand’s economy to fully recover from the COVID-19 crisis in 2 years, with the debt-to-GDP ratio maintained below 60 percent.

 

The Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow gave a lecture on options and the survival of Thailand, in which he has forecast that the Thai economy will recover from the COVID-19 crisis in two years, or at the earliest by the end of 2021, thanks to the government’s measures.

 

He said the government has issued assistance measures for 33 million people, using about 800 billion baht, while at the same time promoted access to soft loans for the general public and businesses to maintain their fluidity, along with debt restructuring campaigns.

 

Mr. Supattanapong said some 13 million people and businesses have already applied for these measures, for a total debt amount of 7 trillion baht. He said the government will be issuing new economic stimuli before the end of this year, to increase employment and boost the economies of individual sectors.

 

The National Economic and Social Development Council (NESDC) Deputy Secretary General Danucha Pichayanan said the country’s current public debt to GDP ratio is now 47 percent. This ratio will be raised to 57 percent with the 1 trillion baht loan campaign, which is still below the 60 percent ceiling.

 

He said the public debt ratio is of no serious concern, adding into consideration that majority of this loan will be for investments and economic stimulation. However, the government must, in the long run, review the budgeting balance to ensure the country’s stability.

 

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-- © Copyright NNT 2020-09-27
 
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10 minutes ago, rooster59 said:

He said the government has issued assistance measures for 33 million people, using about 800 billion baht,

That equates to 24,242 baht for each of those 33m people over a six-month period. Not enough to save the economy, but at least it’s something. 

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16 minutes ago, rooster59 said:

Thailand’s Deputy Prime Minister for economic affairs

I am pretty sure I am missing something here. How can somebody be a deputy prime minister for economic affairs. As I see it you are either a minister for something, or a prime minister for everything.

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2 hours ago, rooster59 said:

The Deputy Prime Minister and Minister of Energy...forecast that the Thai economy will recover from the COVID-19 crisis in two years, or at the earliest by the end of 2021, thanks to the government’s measures.

Once a vaccine is widely available this is certainly possible...maybe 3 years is more likely. 

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One thing for sure, economies like this will recover much quicker than the money printing ones of Europe.

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4 hours ago, Matzzon said:

I am pretty sure I am missing something here. How can somebody be a deputy prime minister for economic affairs. As I see it you are either a minister for something, or a prime minister for everything.

TIT

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An announcement a day won't magically bring the economic crisis back to normal. The Governor of Phuket has said that 70% of local businesses in Phuket have closed down and without tourism returning to normal 2019 levels another 10% of businesses will close down. It will take more than 2 years for confidence to return to Thailand. Tourism Businesses were suffering in 2019 anyway as the Chinese tourists get huge hotel room discounts and most pay for their stay in advance in China on so called zero dollar tours. The local small businesses don't ever see any of their money. It's the same in places like Pattaya but Pattaya is not quite as badly affected as Phuket. 

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7 hours ago, steven100 said:

All the economic support approved by Khun Prayut Chan O Cha no doubt. As I mentioned previously, it is jobs jobs and more jobs needed to get the Thai economy back on track. If folks have an income then the economy clicks over because they spend on food and household items.

Good work from the Thai government and specifically Khun Prayut Chan O Cha.

228763887_KhunPrayut4.PNG.61504d3853a77db89f618eacce7b4e51.PNG

Comedian !

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4 hours ago, sungod said:

One thing for sure, economies like this will recover much quicker than the money printing ones of Europe.

Sorry to burst your bubble but Thailand started its crash in 2016 and was becoming harder and harder to cover up then Covid his so the blame shifted. The only cure for Thailand is the vaccine that kills off the treasonous criminals who stole the country by the end of a gun. Oh and watch the USA, UK, Europe soar now their economies have been reset by the convenient Covid hoax pandemic.

Edited by Scot123
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8 hours ago, rooster59 said:

The Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow gave a lecture on options and the survival of Thailand, in which he has forecast that the Thai economy will recover from the COVID-19 crisis in two years, or at the earliest by the end of 2021, thanks to the government’s measures.

That's to recover from Covid... what about recovering to normality, the economy was sliding long before Covid came along for a good excuse.

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8 hours ago, rooster59 said:

Energy Minister expects full economic recovery in 2 years

I want whatever he's having.  :thumbsup:

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800 billion to help 33 million people . But how many will actually see this or benefit from it as I’m sure a lot will go unclaimed or lost in the system.

As for two years full recovery, absolutely deluded !!

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