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Thai economy faces severe shocks, slow recovery - central bank chief


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Thai economy faces severe shocks, slow recovery - central bank chief

 

2020-10-20T034408Z_1_LYNXMPEG9J07Q_RTROPTP_4_THAILAND-ECONOMY-CENBANK.JPG

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva/File Photo

 

BANGKOK (Reuters) - Thailand's economy faces severe shocks from the coronavirus pandemic and a recovery is expected to take at least two years to get back to pre-pandemic levels, the country's new central bank governor said on Tuesday.

 

Economic problems can be solved but it will take time as there are "no magic bullets", Bank of Thailand Governor Sethaput Suthiwartnarueput told a briefing.

 

The country had a strong external position to withstand any shocks, said Sethaput, who took office this month.

 

Southeast Asia's second-largest economy could contract a record 7.8% this year, with the important tourism sector badly hit, the central bank has predicted.

 

(Reporting by Orathai Sriring, Kitphong Thaichareon and Satawasin Staporncharnchai,; Editing by Ed Davies)

 

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-- © Copyright Reuters 2020-10-20
 
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I suspect the decline is going to significantly exceed -7.8%. Just the announced falls in int'l tourism and exports suggest at least a 10% decline. As export contracts mature, what is the likelihood t

What I cannot understand is why the 'stimulus' packages are so measly, especially as they say they have huge foreign currency reserves?

And that, ladies and gentlemen, is why we NEED highly paid experts! Nobody but they would be capable of coming up with such earth-shattering revelations.    I mean, who else could possibly h

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37 minutes ago, PatOngo said:

Well that's shocking news! Will the rich hiso's be affected?🤔

Yes, they will be affected. First they will see less buying power from the people, that leads to lesser profit and income. Many are also working with international affairs, and they will also feel the effect of the global pandemic and closings of many businesses world wide.

However, they are of course in a better position. Just take the CP-guy as an example. even as he distributed masks and gave away he invested in the right places and actually gained ground this year. So, it is like always. Where ever you are in the world, the ones that are or has been successful will have money. The ones that have money will have a better position to withstand a negative trend than the ones with no money.

Nothing specific about Thailand. This is something that will be seen in a global perspective.

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37 minutes ago, Walker88 said:

As for FX Reserves, that is a confusing concept, because it isn't as if those reserves are just sitting in a box somewhere. They're fungible and already placed somewhere at work. Most are funding the federal budget. They are not just available to be tossed at newly arisen problems.

So in other words they are not reserves?

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14 minutes ago, robblok said:

 

 

Just like those people thinking that expats are keeping Thailand afloat 🤣

I don't think anyone thinks that but still people keep repeating it

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