Another breach in the space- continuum ! Higher and stronger than Alice in Wonderland with a rocket up in her arse…
Mid january, it was the Bank of Thailand… the BOT saw “signs of economic recovery” … A real performance and a big laugh..
Today, it’s the Finance Ministry’s turn, with this highly funny summary about the thai economy during Q1 : “Overall, the economic fundamentals were in the satisfactory level, with low inflation and stable foreign reserves, despite risks in rising unemployment.”
Thailand’s tourist arrivals stood at 3.7 million in the first quarter of this year, down 14.7 per cent from the same period last year due to global economic crisis and political problems, according to the Finance Ministry’s economic report.
Released yesterday, the report showed that while quarterly private investment and consumption slid, supporting the economy was the government’s spending. In the quarter, Bt567.4 billion of government budget was disbursed, up 41.1 per cent on year, due to the economic stimulus schemes. In March, about Bt16.2 billion from the Cheque Chuay Chart scheme was disbursed and Bt14 billion of the free-education scheme was disbursed.
“The economic stimulus measures played a more important role in bolstering the economy, especially when domestic demand and private investment shrank largely. Though overall exports dropped due to the global economic conditions, some items showed an improvement particularly those in the agro-industrial and electrical and electronic products thanks to the demand recovery in the Middle East, China and Africa,” said Ekniti Nitithanprapas, the ministry’s spokesman.
“Overall, the economic fundamentals were in the satisfactory level, with low inflation and stable foreign reserves, despite risks in rising unemployment.” (Nation)
I’m laughing, but actually it’s not very funny. It could even be scary. Those brainless bureaucrats think that the national bribe of 2000 THB for 9 millions people and other government’s spendings are enough to make the economy, to give the impulse, to shape the economy.
It’s of course totally wrong. The 20 billions THB burned of the national bribe are nothing but a fart on GDP figures.
Furthermore, government’s spendings are… borrowed money. The government is penny less (read here) and can’t create jobs per se. It takes on the left to give on the right (or it borrows). This is what the government is doing. And anyway, the bullets fired on Q1 won’t be available on Q2… The gun is empty… and cold.
The Soviet Union is long gone… but those stupid socialists and keneysians fanatics still believe in the magic stick, in alchemy applied to economy.
Give the authority to the government to spend 89797787567856 trillions of THB (borrowed of course), pay people to dig holes and other people to fill holes, and chop chop, miracle, Jesus is back, my casas es tu casa, the GDP will grow.
Anyway, I’m getting angry, it’s bad for my heart. But all those clowns will lose face on may 20, when GDP figures (first estimation) for Q1 will be published by the NESDB.
(meanwhile, you can still read my report about GDP Q4 2008)