Finance Minister expects Thailand recession this quarter

[PattayaMale]

The following was in today's Bangkok Post. I really am beginning to wonder if any stimulus in any country will work. But how bad will it really become. Nothing has seemed to have worked yet.

 

 

"Thailand will experience negative economic growth during the first quarter this year, Finance Minister Korn Chatikavanij revealed yesterday.

 

This was due to the poor performance of the economy in the last quarter of 2008, Mr Korn said at the Post Today Investment Expo 2009 yesterday.

 

However, he expected the situation to pick up by the end of the first quarter and the beginning of the second quarter this year.

 

The economic recovery would be a result of easing political tension coupled with the effect of the government's economic stimulus package worth over 116 billion baht. The package is pending parliament's approval on Wednesday, Mr Korn said.

 

In April, when money injected into the economy reached consumers, overall purchasing power was expected to sharply increase and tourism and industry would improve a few months later, he said.

 

Mr Korn added the Finance Ministry would seek approval from the economic ministerial committee next week on plans to offer a loan guarantee measure to commercial banks, to encourage institutions to provide loans in the private sector.

 

Mr Korn said his government was also focused on mobilising resources from both the public and private sector to stimulate the country's sluggish economy.

 

The government was giving priority to tackling unemployment as the Labour Ministry had estimated that up to one million workers could lose their jobs this year."

[Guest Astrrro]

I really am beginning to wonder if any stimulus in any country will work. But how bad will it really become. Nothing has seemed to have worked yet.

 

I agree with you PM. I think there's going to be a worldwide depression.

 

A deflationary recession but without institutional failure where counterparties are wiped out wouldn't be so bad for me. But preventing institutional collapse requires worldwide cooperation.

 

If my savings is secure without hyperflation that's an OK outcome.

 

But the poor bloke without a job, savings, or credit will be up the creek without a paddle.

 

A stimulus package may mitigate the damage but it's not going to be pretty for some folks.

[Guest shebavon]

Contrary to revisionist history, it was Roosevelt's New Deal proposals which gave the common man hope, and put them back to work creating needed things like schools, roads, rural electrification etc...

 

Although they bandy about figures like $300,000 per job in the US, those figures fail to account for the hidden values to society of a new building, more teachers for youth, hi-tech training, energy efficiency.

 

I can only hope that the Thai government is taking a cue from the Obama admin on getting the stimulus to the neediest Americans.

 

I understand the price extracted from the Dems for the 3 Repubs voting with the majority was a floor on HOW LOW your income was before being eligible for a tax credit.

 

How repulsive can you get.

[Guest GaySacGuy]

If all the economic problems continue to build in the US, Europe, and Australia, then there is no getting around the fact that Thai is going to have major economical problems. The gays, on average, have more money available for trips etc., but the average family tourist is going to have to stay close to home, or not travel at all.

 

Let's hope that the stimulus plan...whatever it turns out to be..turns this economy around or at least stops the fall toward the bottom of the cliff!!

[Guest buckeroo2]

Contrary to revisionist history, it was Roosevelt's New Deal proposals which gave the common man hope, and put them back to work creating needed things like schools, roads, rural electrification etc...

 

Although they bandy about figures like $300,000 per job in the US, those figures fail to account for the hidden values to society of a new building, more teachers for youth, hi-tech training, energy efficiency.

 

I can only hope that the Thai government is taking a cue from the Obama admin on getting the stimulus to the neediest Americans.

 

I understand the price extracted from the Dems for the 3 Repubs voting with the majority was a floor on HOW LOW your income was before being eligible for a tax credit.

 

How repulsive can you get.

 

The unemployment rate in the US 8 yrs after the 1929 Great Depression was 25% - the same as it was when the New Deal was enacted - government spending resolves nothing - the best governement is the smallest and least intrusive. The US stimulus bill as proposed is an abomination -with interest it totals more than 1 trillion dollars - without studies, hearings - proposed and enacted in just a few weeks. And giving tax breaks to people who do not pay income taxes is called welfare - if you do not pay income taxes you should not be receiving a tax rebate - sheer folly.

[PattayaMale]

Contrary to revisionist history, it was Roosevelt's New Deal proposals which gave the common man hope, and put them back to work creating needed things like schools, roads, rural electrification etc...

 

Although they bandy about figures like $300,000 per job in the US, those figures fail to account for the hidden values to society of a new building, more teachers for youth, hi-tech training, energy efficiency.

 

I can only hope that the Thai government is taking a cue from the Obama admin on getting the stimulus to the neediest Americans.

 

I understand the price extracted from the Dems for the 3 Repubs voting with the majority was a floor on HOW LOW your income was before being eligible for a tax credit.

 

How repulsive can you get.

 

I think you are correct on revisionist history. Many would say the new deal was not the stimulus. It was WWII that actually turned things around.

 

I hope it doesn't take WWIII to get through this one.