Abhisit and the copycat effect, and first estimation for GDP Q4

After the new-year pause, it’s back to business. And back to lunacies for the new government led by Abhisit.

Let’s have some fun with an article from Bangkok Post.

Prime Minister Abhisit Vejjajiva on Monday was scheduled to meet the Bank of Thailand (BoT) to receive in-depth economic information to be used to revive the local economy, Deputy Prime Minister overseeing the economy Kobsak Sabhavasu said on Monday.

The government will not intervene in the foreign exchange policy but will help prevent it from fluctuating, Mr Kobsak insisted.

Will not intervene but will help prevent fluctuations… Even Benny Hill couldn’t have done better. πŸ˜‰

The deputy premier said a budget of 300 billion baht will be spent to boost the economy in the short-term and it will focus on stimulating the tourism sector, especially by drawing in more tourists from China. He said Prime Minister’s Office Minister Virachai Virameteekul is responsible for this task.

Boost the economy… by boosting… tourism from… China ? I think it’s not really necessary to comment…

Mr Kobsak said the government also planned to use a 20-billion-baht budget to organise economic seminars and find jobs for about 500,000 unemployed. He said the premier had a plan to hire those who already attended these seminars for 45 days to work in the field of administrative education in rural areas for six months.

Seminars would clearly help to curb the economic slowdown… πŸ˜‰ As for giving temporary under paid jobs… for 6 months, it’s a sure winning proposal…

On the meeting between Prime Minister Abhisit and the central bank, it was expected that the premier will urge commercial banks to release more credits into the system after they were concerned over the non-performing loans, causing a lack of liquidity.

It’s good to see that Abhisit is a perfect copycat… He’s advocating the same lunacy than in the US, Europe, Japan, China… No the banks won’t “lend more”.

Because it makes absolutly no sense to “lend more” when the economy is going south. Even a child in primary school could and should understand this.

The policitians are trapped. Their only bullet left is to find the perfect scapegoat : recession because banks are lending less…

The Gross Domestic Product (GDP) growth rate in the fourth quarter expanded zero per cent in comparison to the same period of 2007. When compared to the third quarter, the figure contracted 2.5 to three per cent.

Here I’m surprised. This is clearly a very early estimation. The first official GDP report for Q4 will be published on february 25.

So I don’t know where comes this “zero growth”… And it’s certainly a gross mistake from the Bangkok Post to present this estimation as a fact.

2 Responses to “Abhisit and the copycat effect, and first estimation for GDP Q4”


  1. 1 absolutelybangkok 5 January 2009 at 2:07 pm

    Welcome back TC!

    Missed your cynicism.

    Another beautiful line Abhisit recently gave is telling Thaksin to stop causing troubles …

    Sounds like the “peaceful protests.” If it’s uttered in words or printed in black and white it must be true! Hey, I read it on the internet, it MUST BE TRUE.

    A splendid ’09 to you –

    BD

  2. 2 antipadshist 7 January 2009 at 7:01 pm

    but of course they copy ! because that’s the easiest way to accomplish 2 things at once:

    1) ensure longer being in power (through pathetic half-measured give-aways)

    and

    2) ensure being busy stuffing their own (Dems) pockets – while staying in power lasts.

    otherwise – business as usual.
    why bother to ‘invent bicycle’ again ? πŸ˜‰
    if can “borrow” ideas from … rivals ! πŸ™‚


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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.


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