Abhisit : “I guess we are technically in recession”


Well done Abhisit ! You’re reading conscientiously ThaiCrisis.

And you definitely have the sense of… euphemism.

Check his latest statement about the state of the thai economy, made in Davos.

Thai Prime Minister Abhisit Vejjajiva said on Saturday his country’s economy is probably technically in recession, but he hopes fiscal stimulus measures will keep growth positive for the year as a whole.

The economy would probably continue to shrink in the first three months of 2009, after contracting between 2 or 3 percent in the last quarter of 2008, Abhisit told journalists at the World Economic Forum in the Swiss resort of Davos.

“We believe that negative growth will carry over to the first quarter of this year. I guess this makes us technically in recession,” he said, noting that Thai tourism and exports had been hit hard in recent months by the global slowdown.

He said stimulus measures the government has passed should start to take effect from March, so the rest of the year should be better, although Thailand might seek external help to take further steps if the economy does not pick up.

We hope that the second and third quarter will be an improvement on the first and we still aim for the whole year to keep growth in positive territory, or at least not in negative territory,” he said. (Reuters)

I guess this makes us technically in recession” ? It’s huge.

I guess, it makes him technically a clown ? šŸ˜‰

In any case, he probably fitted well with all the other clowns in Davos…

As for the fantasy of the recovery… later… during the second half… like a miracle that would save the whole year 2009 from a recession… It’s pointless to comment.

2 Responses to “Abhisit : “I guess we are technically in recession””

  1. 1 Bedwyr 2 February 2009 at 2:05 am

    I am not an economist so those who know better can put me right if needed, but isn’t a 2 to 3 percent negative growth in the economy pretty disastrous?

    I have the spooky feeling that inside, Abhisit is panic-stricken about the numbers for Thailand but is trying desperately to shield Thais from the real extent f the problem.

    Just a feeling.

    This guy is going to get old very quickly I think, he is just not up to the job. it would be interesting to compare some photos of him on silent coup day with (say) 6 months hence.


  2. 2 Insanity 2 February 2009 at 4:17 am

    Situation is improving: PM


    “situation in the country is returning to normal.”

    Davos: The prime minister said he had exchanged information on trade and investment with other world leaders and they agreed to expand their investment in the Thailand.

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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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