Star Online published the following report from Reuters:
Thai economy is nearly in crisis: Caretaker finance minister
Thailand
Wednesday, 21 Aug 2024 12:14 PM MYT
BANGKOK: Thailand's economy is nearly in crisis due to declining exports and uncompetitive manufacturing, the country's caretaker finance minister said on Wednesday (Aug 21).
Exports accounts for 70% of the economy but the manufacturing sector can't meet market demand, Pichai Chunhavajira told a business seminar.
"We can't compete. We can't adapt in time," he said.
South-East Asia's second-largest economy grew 2.3% in the April-June quarter from a year earlier, accelerating from the 1.6% growth in the prior quarter.
But quarter-on-quarter growth slowed to 0.8% in the second quarter from the 1.2% expansion in the previous three months.
The finance ministry predicts economic growth of 2.7% for 2024, after last year's growth of 1.9%, which lagged regional peers.
The central bank is widely expected to leave its key interest rate unchanged at a more than decade-high of 2.50% for a fifth straight meeting later on Wednesday. - Reuters
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The economy of Thailand have been sluggish lately, but not its politics.
One view is the economic malaise was due to Pita Limjaroenrat being denied to lead the government and his party, Moving Forward Party (MFP), which won the majority in last year's Thai general election by campaigning for the repeal of Lese Majeste law, was disbanded by the Consitutional Court.
Its alleged that Pita is supported by the US for his liberal democracy agenda and in retaliation, the economy suffered for denying his victory.
However, Thailand is of interest not for the politics but for the attention of Anwar Ibrahim for meeting twice in a month his Thai countepart, Srettha Thavisin.
From current, Srettha turned former Prime Minister over the weekend. Replacing him is Paetongtarn Shinawatra, the 37 year old daughter of deposed former Prime Minister and de facto leader of the red shirt movement, Thaksin Sinawatra.
Her premiership makes for interesting observation as to whether the former policemen, and businessmen before becoming Prime Minister still wield influence behind the scene in the running of the country.
In a 2016 interview, Thaksin said he is no threat and the "generals worry to much". but already he expressed willingness to offer advise to the young new Prime Minister. Thaksin was deposed for being critical of the establishment but his party now has turned pro-monarchy.
Ironically, Thaksin's trial for Lese Majeste charges commenced yesterday. Interesting isn't it?
Read on in Thick as a Brick HERE.
Update:
Star Online, 23/8
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