Admin_2 Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. "Thailand's gross domestic product (GDP) fell 7.1 per cent year-on-year in the first quarter of 2009, with the consumer spending index falling for the first time since the Asian financial crisis of 1997, a government think tank revealed Monday. The National Economic and Social Developpment Board (NESDB) predicted that GDP will fall 2.5 to 3.5 per cent for all of 2009, should the political situation "stabilise." Thailand's GDP declined 4.2 per cent in the last quarter of 2008 and 7.1 per cent in the first quarter of this year, NESDB secretary-general Ampon Kittiampon said. During the first three months of 2009, the consumer spending index fell 2.6 per cent, the first dip since the Asian financial crisis started in Thailand in 1997. Thailand's GDP fell about 11 per cent in 1998.//DPA" http://www.nationmultimedia.com/breakingnews/30103579/Thailands-economy-declines-7.1-per-cent-in-first-q Link to comment Share on other sites More sharing options...
Neo Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. If the bottom falls out of the baht things might liven up a little (why is it so high anyway?). Thailand could become as cheap as it was in 98. That would encourage investment and tourism, improve export earnings, and make life for farangs living in Thailand a little easier. Link to comment Share on other sites More sharing options...
Dave40 Posted May 26, 2009 Report Share Posted May 26, 2009 (why is it so high anyway?). Because the US dollar is weak at the moment, the feds are printing money!!!!!! Link to comment Share on other sites More sharing options...
thaibel Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. If the bottom falls out of the baht things might liven up a little (why is it so high anyway?). Thailand could become as cheap as it was in 98. That would encourage investment and tourism, improve export earnings, and make life for farangs living in Thailand a little easier. And what about the poor people of Thailand. Lots of all day things (for instance food) will be even more difficult for them to pay now. Link to comment Share on other sites More sharing options...
thaibel Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. If the bottom falls out of the baht things might liven up a little (why is it so high anyway?). Thailand could become as cheap as it was in 98. That would encourage investment and tourism, improve export earnings, and make life for farangs living in Thailand a little easier. And what about the poor people of Thailand. Lots of all day things (for instance food) will be even more difficult for them to pay now. Link to comment Share on other sites More sharing options...
Neo Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. If the bottom falls out of the baht things might liven up a little (why is it so high anyway?). Thailand could become as cheap as it was in 98. That would encourage investment and tourism, improve export earnings, and make life for farangs living in Thailand a little easier. And what about the poor people of Thailand. Lots of all day things (for instance food) will be even more difficult for them to pay now. Most of the poor people rely on farming. That's mostly an export industry, so they would theoretically get *more* money if the baht is low. Also, poor people only spend money in Thailand, so it doesn't matter how low the baht goes, it can only be good for them. The only problem with that is the government corruption of selling rice to other countries (which Abhisit is against but can't fix). Link to comment Share on other sites More sharing options...
CiaranM Posted May 26, 2009 Report Share Posted May 26, 2009 (why is it so high anyway?). Because the US dollar is weak at the moment, the feds are printing money!!!!!! the US dollar has been pretty stable against the thai baht recently .... unlike the British pound which is down about 20% in the last 12 months !!! Link to comment Share on other sites More sharing options...
zeusbheld Posted May 26, 2009 Report Share Posted May 26, 2009 (why is it so high anyway?). Because the US dollar is weak at the moment, the feds are printing money!!!!!! the US dollar has been pretty stable against the thai baht recently .... unlike the British pound which is down about 20% in the last 12 months !!! true. difference being that although the dollar has achieved a stable orbit, it's basically circling the bowl. Link to comment Share on other sites More sharing options...
Exploring Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. If the bottom falls out of the baht things might liven up a little (why is it so high anyway?). Thailand could become as cheap as it was in 98. That would encourage investment and tourism, improve export earnings, and make life for farangs living in Thailand a little easier. And what about the poor people of Thailand. Lots of all day things (for instance food) will be even more difficult for them to pay now. Most of the poor people rely on farming. That's mostly an export industry, so they would theoretically get *more* money if the baht is low. Also, poor people only spend money in Thailand, so it doesn't matter how low the baht goes, it can only be good for them. The only problem with that is the government corruption of selling rice to other countries (which Abhisit is against but can't fix). In case strong weakening Thai baht,it is more economic hurtful interm of lending side, you will never know that , we have a great amount of pubic debt in term of dollar usd and as well as private debt of leding aboard.If you let the bath weakening or atleast move in unstable (unsuitable-too weak) range not only do the poor will get nothing,but also the thai economy will face hard time of recovery.In conclusion, we have higher cost of funding.See! If the financial part can't get better( atleast good economic sign), then you can forget about the real sector and the stage of foreigner lliving like a king! Link to comment Share on other sites More sharing options...
thaibel Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash. If the bottom falls out of the baht things might liven up a little (why is it so high anyway?). Thailand could become as cheap as it was in 98. That would encourage investment and tourism, improve export earnings, and make life for farangs living in Thailand a little easier. And what about the poor people of Thailand. Lots of all day things (for instance food) will be even more difficult for them to pay now. Most of the poor people rely on farmers. That's mostly an export industry, so they would theoretically get *more* money if the baht is low. Also, poor people only spend money in Thailand, so it doesn't matter how low the baht goes, it can only be good for them. The only problem with that is the government corruption of selling rice to other countries (which Abhisit is against but can't fix). I don't think that all poor people are farming. A lot of people work for a minimum wage in factories and even in the tourist industry. The industry will have difficult times as people tend to spend less money on extras. they'll have to cut in expenses and probably as it happens still here, the first whose head is going to roll are that of the uneducated. Knowing that the social security for those people in Thailand is very low, if not non-existent, it's going to be hard times for a lot of them. Link to comment Share on other sites More sharing options...
robbie36 Posted May 26, 2009 Report Share Posted May 26, 2009 .... unlike the British pound which is down about 20% in the last 12 months !!! But up 17% against the US$ in the last 3 months.... Link to comment Share on other sites More sharing options...
Neo Posted May 26, 2009 Report Share Posted May 26, 2009 I don't think that all poor people are farming. A lot of people work for a minimum wage in factories and even in the tourist industry. The industry will have difficult times as people tend to spend less money on extras. they'll have to cut in expenses and probably as it happens still here, the first whose head is going to roll are that of the uneducated. Knowing that the social security for those people in Thailand is very low, if not non-existent, it's going to be hard times for a lot of them. More than 70% of Thailand's population live and work on farms. Most of the poor are in rural areas. Those working for minimum wage in factories get much more money than an average farmer. So weak baht = strong export profits = more money for farmers (if it wasn't for the corruption). Everyone else near the poverty line is buying local product anyway, so low baht has no direct effect on their standard of living. Increased export profits = more job opportunities. Seems like low baht is good for the poor people. Link to comment Share on other sites More sharing options...
CiaranM Posted May 26, 2009 Report Share Posted May 26, 2009 .... unlike the British pound which is down about 20% in the last 12 months !!! But up 17% against the US$ in the last 3 months.... but still nowehere near what is was 12 months ago ... i believe it hit around $2.15 to $2.20 last year !! Link to comment Share on other sites More sharing options...
CiaranM Posted May 26, 2009 Report Share Posted May 26, 2009 I don't think that all poor people are farming. A lot of people work for a minimum wage in factories and even in the tourist industry. The industry will have difficult times as people tend to spend less money on extras. they'll have to cut in expenses and probably as it happens still here, the first whose head is going to roll are that of the uneducated. Knowing that the social security for those people in Thailand is very low, if not non-existent, it's going to be hard times for a lot of them. More than 70% of Thailand's population live and work on farms. Most of the poor are in rural areas. Those working for minimum wage in factories get much more money than an average farmer. i thought BKK alone accounted for between 20-30% of Thailand's population !!! Link to comment Share on other sites More sharing options...
CherieAtwood Posted May 26, 2009 Report Share Posted May 26, 2009 I don't think that all poor people are farming. A lot of people work for a minimum wage in factories and even in the tourist industry. The industry will have difficult times as people tend to spend less money on extras. they'll have to cut in expenses and probably as it happens still here, the first whose head is going to roll are that of the uneducated. Knowing that the social security for those people in Thailand is very low, if not non-existent, it's going to be hard times for a lot of them. More than 70% of Thailand's population live and work on farms. Most of the poor are in rural areas. Those working for minimum wage in factories get much more money than an average farmer. i thought BKK alone accounted for between 20-30% of Thailand's population !!! About 16% or a bit less. How long have you been living here?!?! :shock: Link to comment Share on other sites More sharing options...
PJack Posted May 26, 2009 Report Share Posted May 26, 2009 it sounds grim and it is. but thailand has the unique situation of strong social and family networks and it is a massive net exporter of food. it will always feed itself. so these farmers and factory workers are gonna mis payments on things and hurt financially but they will always eat. this kind of news is not as grim as for some ccountries that rely so heavily on credit and social institutions. its ironic but in a way they are better off. Link to comment Share on other sites More sharing options...
PJack Posted May 26, 2009 Report Share Posted May 26, 2009 in the first quarter...And we are nearing the numbers from the 97 crash."Thailand's gross domestic product (GDP) fell 7.1 per cent year-on-year in the first quarter of 2009, with the consumer spending index falling for the first time since the Asian financial crisis of 1997, a government think tank revealed Monday. The National Economic and Social Developpment Board (NESDB) predicted that GDP will fall 2.5 to 3.5 per cent for all of 2009, should the political situation "stabilise." Thailand's GDP declined 4.2 per cent in the last quarter of 2008 and 7.1 per cent in the first quarter of this year, NESDB secretary-general Ampon Kittiampon said. During the first three months of 2009, the consumer spending index fell 2.6 per cent, the first dip since the Asian financial crisis started in Thailand in 1997. Thailand's GDP fell about 11 per cent in 1998.//DPA" http://www.nationmultimedia.com/breakingnews/30103579/Thailands-economy-declines-7.1-per-cent-in-first-q the NESDB is not he authority to believe on this. the Bank of Thaiand is the one with the real data. Q1 data is not long enough to show much of anything. in my opinion Link to comment Share on other sites More sharing options...
Exploring Posted May 26, 2009 Report Share Posted May 26, 2009 [quote name="Neo" More than 70% of Thailand's population live and work on farms. Most of the poor are in rural areas. Those working for minimum wage in factories get much more money than an average farmer. So weak baht = strong export profits = more money for farmers (if it wasn't for the corruption). Everyone else near the poverty line is buying local product anyway' date=' so low baht has no direct effect on their standard of living. Increased export profits = more job opportunities. Seems like low baht is good for the poor people. It is very plain theoretical explanation.Most of the time, I find these things from politicians during election time or else on text books. Link to comment Share on other sites More sharing options...
Bruce551 Posted May 26, 2009 Report Share Posted May 26, 2009 Thai Banks are in fair shape, they didn't buy in to the mortgage mess. US Central bank is creating money out of thin air, so I expect the USA will start experience inflation and USD will be worth less compared to other currencies. The USA mortgage diabolical is far from over and US banks remain weak Thailand exports are down more than 20% andThai tourism will continue to suffer. The bright spot for Thailand is Thai Gov. infrastructure projects, however for the poor to benefit they need to paid more than 200 Baht a day. Link to comment Share on other sites More sharing options...
Exploring Posted May 26, 2009 Report Share Posted May 26, 2009 Thai Banks are in fair shape, they didn't buy in to the mortgage mess. US Central bank is creating money out of thin air, so I expect the USA will start experience inflation and USD will be worth less compared to other currencies. The USA mortgage diabolical is far from over and US banks remain weak Thailand exports are down more than 20% andThai tourism will continue to suffer. The bright spot for Thailand is Thai Gov. infrastructure projects, however for the poor to benefit they need to paid more than 200 Baht a day. There are good infos and reasonable prediction. I can't explain as good as you do. Link to comment Share on other sites More sharing options...
Ngairo Posted May 26, 2009 Report Share Posted May 26, 2009 it sounds grim and it is.but thailand has the unique situation of strong social and family networks and it is a massive net exporter of food. it will always feed itself. so these farmers and factory workers are gonna mis payments on things and hurt financially but they will always eat. this kind of news is not as grim as for some ccountries that rely so heavily on credit and social institutions. its ironic but in a way they are better off. Amen. Link to comment Share on other sites More sharing options...
Ngairo Posted May 26, 2009 Report Share Posted May 26, 2009 (why is it so high anyway?). Because the US dollar is weak at the moment, the feds are printing money!!!!!! the US dollar has been pretty stable against the thai baht recently .... unlike the British pound which is down about 20% in the last 12 months !!! true. difference being that although the dollar has achieved a stable orbit, it's basically circling the bowl. But still runnining out of fuel and ignoring the carburettor is still very dirty..... ignoring the Hedge Fund issue with 14 times the leverage the sub prime had is poking yourself in the eye with a sharp stick....... Link to comment Share on other sites More sharing options...
CiaranM Posted May 26, 2009 Report Share Posted May 26, 2009 I don't think that all poor people are farming. A lot of people work for a minimum wage in factories and even in the tourist industry. The industry will have difficult times as people tend to spend less money on extras. they'll have to cut in expenses and probably as it happens still here, the first whose head is going to roll are that of the uneducated. Knowing that the social security for those people in Thailand is very low, if not non-existent, it's going to be hard times for a lot of them. More than 70% of Thailand's population live and work on farms. Most of the poor are in rural areas. Those working for minimum wage in factories get much more money than an average farmer. i thought BKK alone accounted for between 20-30% of Thailand's population !!! About 16% or a bit less. How long have you been living here?!?! :shock: well seeing as estimates of the population of BKK vary between 12 million to 18 million it's difficult to know what % of the population it actually is !! Link to comment Share on other sites More sharing options...
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now