Thailand Risks First Double-Dip Recession Since 1998 Asia Crisis

[NCC1701A]

“We see Thailand as a laggard in the region, penciling in the lowest GDP growth forecasts in Asean for both 2021 and 2022,” said Charnon Boonnuch, an economist at Nomura Holdings Inc. in Singapore. “Our forecast implies economic output will not return to pre-Covid levels before the third quarter of 2022, the slowest in Asean, partly reflecting the high dependence on foreign tourists.”

https://www.bloomberg.com/news/articles/2021-07-28/thailand-risks-first-double-dip-recession-since-1998-asia-crisis

[gummy]

Excellent news, as it was that crisis that allowed the skills of Thaksin and his democratically elected government to come to the fore and lift Thailand out of the shite. Let's hope history repeats itself although this time they will need to find a permanent solution to stop the corrupt and depraved Elite and their supporters ever allowed to breed and fester in Thailand again.

[longwood50]

A person has to only drive down the streets to see the shuttered businesses and lack of tourists.  A person has a chance of contracting Covid, a chance of becoming sick from it, and a chance of requiring hospitalization, and a chance of dying from it. Not to dismiss the risk of Covid but from a statistical standpoint, you are more likely to require hospitalization and die from driving on Thailand's roads, yet we do that each and every day. By contrast, there is a 100% certainty of a failing economy, business failures, and destitute people without a return of tourism.  

Those that think that tourism is only a fraction of the economy forget that the tourist monies is what primes the pump.  Without restaurants, hotels, condominium development, tourist attractions, bars, etc those monies do not make it to the economy.  As a result, the workers at those establishments have no money to spend on cars, clothing, food, hardware, etc which in turn depresses the earnings in on tourist businesses.  Workers in the building industry are impacted as restaurants don't build or remodel, hotels don't spring up, and condo projects don't happen.  

The measures the government has taken insures the destruction of the economy but does not insure the elimination of Covid.  At best, the measures kick the can down the road and when re-opening occurs the cycle of rising Covid starts again.  The one measure that the government should and can take is to get as much effective vaccine as possible, and inoculate the population.  They should also stop putting impediments on tourists arriving in Thailand.  Fully vaccinated and tested foreigners are not a threat to spread Covid.  They are more likely to contract it from unvaccinated Thai's than the other way around. 
 

[TobyAndrews]

I'm delighted. I hope they go on to have a treble dip recession.

They are keeping the tourists out with their money making rules and also keeping out the investors.

They will not change because the Thais continue their old ways of scamming the tourists, officially and in private enterprise. Plus the ones at the top who make the rules are unaffected by the country failing - their money is in the bank safe in a foreign countries.

Die Thailand die. You had it good but you killed the golden goose.

[Fester]

 

I'm delighted. I hope they go on to have a treble dip recession.

They are keeping the tourists out with their money making rules and also keeping out the investors.

They will not change because the Thais continue their old ways of scamming the tourists, officially and in private enterprise. Plus the ones at the top who make the rules are unaffected by the country failing - their money is in the bank safe in a foreign countries.

Die Thailand die. You had it good but you killed the golden goose.

What a miserable git.

[TobyAndrews]

I would be if I was in Thailand?

[AussieBob]

 

I'm delighted. I hope they go on to have a treble dip recession.

They are keeping the tourists out with their money making rules and also keeping out the investors.

They will not change because the Thais continue their old ways of scamming the tourists, officially and in private enterprise. Plus the ones at the top who make the rules are unaffected by the country failing - their money is in the bank safe in a foreign countries.

Die Thailand die. You had it good but you killed the golden goose.

I too hope the outcome from the Junta's mismanagement of both the economy and the pandemic will result in massive economic and social changes in Thailand. I certainly dont agree with your 'die' sentiment, but I certainly want change. That change will only happen if it is forced to happen, and I am hopeful that this is what will happen.  Things are bad in Thailand, but they are not yet bad enough to ensure the massive changes needed, do actually occur. 

[9S_]

Not surprised. They seemed to prioritize Phuket vaccination rather than the main driver of Thailand’s GDP: the manufacturing sector. I wonder how much does Phuket tourism add to Thailand’s GDP?

At my factory of at least 1,500 Thai employees we’ve only received vaccines to cover only 25% of our workforce…

[billybob]

On 7/29/2021 at 7:08 AM, TobyAndrews said:

I'm delighted. I hope they go on to have a treble dip recession.

They are keeping the tourists out with their money making rules and also keeping out the investors.

They will not change because the Thais continue their old ways of scamming the tourists, officially and in private enterprise. Plus the ones at the top who make the rules are unaffected by the country failing - their money is in the bank safe in a foreign countries.

Die Thailand die. You had it good but you killed the golden goose.

What a gratuitously nasty thing to say you obviously don't have family members in Thailand or if you do then you must 'hate them all the same' to paraphrase a phrase. Hate the elites with a vengeance no problem with that but wishing the country to die. No thankyou.