Thailand remains the sick man of south east asia

Add this topic to your myFT Digest for news straight to your inbox. Former coup leader Prayuth Chan-ocha accused of overstaying legally mandated eight-year term. Slow inoculation rollout has been aggravated by surge of highly infectious variant. Student-led movement that has roiled kingdom for months wants companies to take sides.

Sinking in heavy repayments to loan sharks, Non says payday is nothing more than a cruel reminder of his dire finances. Household debt has surged to alarming levels in Thailand; just one of a welter of issues dragging on the economy despite a vow by the ruling junta to revive the kingdom's fortunes. Thai households are among the region's biggest borrowers, a credit binge stoked by populist policies and low bank interest rates -- but also low wages that keep the poor perilously close to the breadline and make them ready bait for illegal loan sharks. The debt levels are worrying the generals who seized power last May promising to end a near-decade of political turmoil and restore zip to Thailand's once-dynamic economy. The country narrowly avoided recession during protests against the ousted administration of Yingluck Shinawatra, which paralysed government spending and frightened off tourists and investors. Nine months after the military power grab, signs of economic recovery are still few with fourth quarter GDP figures, to be released on Monday, expected to come in at around 0. There is some good news, with tourism arrivals bouncing back despite martial law, and exports -- which account for around 60 percent of the economy -- showing a slight improvement.

Thailand remains the sick man of south east asia

Months of political deadlock and stock market volatility have finally come to a close in Thailand. The appointment of new Prime Minister Srettha Thavisin is expected to boost investor confidence in the short term but experts say the long-term economic recovery will prove challenging. While the Move Forward party won May's general election, it was unable to obtain approval from the conservative Senate. Srettha, Pheu Thai's choice for leader, was appointed prime minister on Aug. Thaksin's return is likely part of a power-sharing deal that Pheu Thai negotiated with the military establishment, according to political watchers, who believe he will eventually receive a royal pardon under Srettha's administration. This political turbulence has been reflected in the stock market, where foreign investors have been net sellers since the May election. August marked the seventh consecutive month for net selling but sentiment is slowly ticking up amid hopes for Thaksin's return and Srettha's economic promises to bring much-needed stability to the business environment. Due to the chaos in recent months, officials delayed unveiling the fiscal budget, which is now due at the beginning of even though the fiscal year kicks off on Oct. That could unnerve some investors, geopolitical intelligence firm Stratfor said in an August report: "Budget delays create economic uncertainty among both investors and consumers in terms of fiscal policy direction, while implying reduced government services and higher borrowing costs. Fitch Ratings echoed those concerns in a recent report. Preventing a recession seems to be Srettha's top priority.

Months of political turbulence have been reflected in the stock market, where foreign investors have been net sellers since the May election.

Srettha entered politics after a career as a major real estate developer, and his government is facing high expectations and pressing demands to address a range of economic, political, social and environmental problems in its four-year term. He vowed to quickly take measures to relieve debt problems, mitigate rising energy costs and boost tourism, without going into detail. The promise drew major interest in the election campaign, but critics have questioned whether it would have a sustainable effect. Long-term goals cited by Srettha include boosting international trade, supporting start-up businesses, investing more in transport infrastructure, improving agricultural production, empowering local government and increasing access to land ownership. The government would also seek to amend the current military-installed constitution through a process that allows public participation.

By webfact March 26, in Thailand News. Ath Pisalvanich, director of the university's International Trade Studies Centre, said out of 4, small- and medium-sized Thai enterprises have planned to invest in neighbouring Indonesia, Myanmar and Laos with a total investment of Bt77 billion. The political turmoil will compel other manufacturers to relocate from Thailand, he said, adding that about 1, Thai operators will possibly move their production bases to neighbouring countries. Thailand will lose investment opportunities equivalent to Bt46 billion from the relocations, which will be three times higher than the original move, he said. With this, Thailand's loss of investment opportunity will be as high as Bt billion. Those contemplating relocation include food and beverage manufacturers, retailers, finance and insurance operators, and manufacturers of electronics products. However, if the political situation extends to the end of the year, three times as many businesses will likely decide to relocate their investment bases, and Thailand will be missing out on billion baht of investment.

Thailand remains the sick man of south east asia

For the latest, search on ABC Emergency. As the end of approached, Thailand was in an enviable position. As other nations confronted soaring coronavirus case numbers, the country had only 4, infections and just 60 deaths in a population of 70 million people. Life had just about returned to normal. Thailand had even begun to welcome foreign tourists again after a two-week hotel quarantine stay. Then, the week before Christmas, a year-old vendor at a seafood market in Samut Sakhon province, just outside Bangkok, tested positive to COVID despite no overseas travel records. It remains a mystery precisely where and from whom the vendor contracted COVID, but Thailand's Prime Minister Prayuth Chan-ocha has pointed the finger at illegal immigrants from neighbouring Myanmar. The outbreak did spread amongst the local, tight-knit migrant community — a large source of labour for Thailand's seafood industry — but the World Health Organization WHO said there was no evidence it began there. As questions remain over how exactly the outbreak started, new case numbers have ballooned to more than 7, across most of Thailand's 77 provinces. There have been another nine deaths, although half of those infected in the latest wave have now recovered and most people have not needed prolonged hospital treatment.

Namethatpron

Demonstrators oppose military government and break taboo on commenting on royal family. Fewer Chinese tourists in Thailand but they are spending more: Hospitality company. Sheila Chiang. Tuesday, 26 September, Rising home consumption can be a comforting tipple amid global uncertainty. Japan and the UAE will soon have legal casinos; Thailand may follow. Chinese state-owned oil and gas giant CNOOC Ltd has discovered a new reserve in the South China Sea containing over million tons of oil equivalent proved in-place, the company said in a statement on Friday. Yet two key Thai commodities -- rice and rubber -- are currently at record low prices and the country is flirting with deflation. Earlier this month, the finance minister said he had been told by Prayut to aim for at least 4. The party had controversially advocated for changes to Thailand's infamous lese-majeste law. By Associated Press.

The Philippines has had one of the longest and strictest lockdowns of any country in Southeast Asia.

Quek Jie Ann. Back to top. August marked the seventh consecutive month for net selling but sentiment is slowly ticking up amid hopes for Thaksin's return and Srettha's economic promises to bring much-needed stability to the business environment. Friday, 12 March, FT Confidential Research. In a speech on Sept. Thai politicians gear up for first election since military coup. There is some good news, with tourism arrivals bouncing back despite martial law, and exports -- which account for around 60 percent of the economy -- showing a slight improvement. But it succeeded only by including pro-military parties and several parties that were part of the previous government, reneging on a campaign pledge not to do so. The Malaysian carrier led by Tony Fernandes is swapping a 4. Former coup leader Prayuth Chan-ocha accused of overstaying legally mandated eight-year term. Follow Us. Add to myFT Digest.