News Forum - Thailand’s economy to grow 2.7% this year

[Thaiger]

Thailand’s economy is projected to grow 2.7% this year, an increase from the previous forecast of 2.4%, driven by higher foreign tourist arrivals and stronger exports, according to the Ministry of Finance. Deputy Finance Minister Paopoom Rojanasakul highlighted the positive outlook, attributing it to improving economic conditions among trading partners. He noted that growth could … …

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[Pinetree]

The West would kill for that kind of number, especially Europe. Oh how the once mighty have fallen. 

[ChrisS]

Good figures but remember they were starting from a lower than usual base due to covid effects.

[AussieBob]

Lies, Damn Lies, and Statistics - the same sort of BS comes out of TAT every other week.

The Thai economy is failing - the biggest Thai export is cars and production numbers declined by 17% in the first half of the year - and domestic sales dropped 26%.

Thailand's auto production declines further in June-Xinhua (news.cn)

 

The other exports (electrical goods, food, etc) has been 'attacked' by more efficient and cheaper producers in Malaysia, Indonesia and Vietnam for many years - especially after Covid when Thailand 'stalled' and took far too long to get things moving again. Foreign investments have been a negative number for a long time - despite the Chinese, Myanmars and Russians buying property.  This story from CSB in March states 10% decline overall - and it has not slowed since then and it will not stop for a while. 

Flash / Thai exports in March 2024 | SCBEIC

 

Doing things like handing out 10K to each person, changing Visas and basically throwing open the borders, hitting up taxpayers (including Expats) for income taxes, demanding the BOT lower rates, and all those other announcements about public sector construction projects (land bridge, F1 track, bridge to Samui, etc etc etc)  are all desperate moves by a desperate Govt trying to 'save' the economy.  But the problems have been already detailed by BOT in press announcements and statements - they are fundamental and require structural change. That is double speak for take away the system that allows the wealthy to remain wealthy, and do things like decrease the Baht's value to attract more tourists and to make exports cheaper (despite the fact that it would mean that the wealthy pay more for their imports). 

 

Thailand is at a crossroads - it must change or it will continue to decline. Thailand started the last Asian Crisis collapse in the late 1990s due to their corrupted financial systems, and a smart investor taking advantage of their idiocy. China is much more active now, and other Asean countries are no longer going to allow Thailand to become so big that they can drag them down again. The fact that Thailand banks have been warned to stop supporting the illegal Myanmar regime, when the others all pulled out and stopped being used for their purchases of arms, speaks volumes about what is really going on in this country. 

[Metoo]

@Aussie Bob....Spot on. Nail on the head.

Thanks to the Junta/Chinese Thai business's, and the thing that rhymes with sting, Thailand is going backwards while the world marches on. It will take years to turn around.

Corruption destroys countries.