Abhisit is diving deeper : “our GDP growth will not be the lowest… in the world”

Ladies and gentlemen… I call the God Of The Translation Mistake… If he doesn’t answer my prayer… then I’m afraid we might have the dumbest Prime Minister. Ever. Albeit… Samak was himself a world class winner.

Ready ?

Prime Minister Abhisit Vejjajiva on Wednesday expressed confidence that the country’s gross domestic product (GDP) growth will not be the lowest in the world. (Bangkok Post)

I know what you think. You think about Benny Hill. 😉

But it’s not finished.

The premier said he also assigned investment agencies to gather more information from Thailand’s trading partners.

Sure… Trade is collapsing worldwide (look here)… But Abhisit needs more information. Of course.

There is only one interesting statement in this mountain of nonsense.

“Although some people want the baht value to be weaker, its value should be close to other regional currencies,” said Mr Abhisit.

That’s a clear different music from the regular thai politicians (who are calling for a weaker THB in order to boost exports).

By saying this, Abhisit is sticking to the official position of the Bank Of Thailand who said a few days ago (read my article) :

On exchange rate policy, Dr Tarisa said the baht had been stable relative to regional currencies. A policy to push the baht weaker would only hurt confidence.

“A weak currency shows that a particular country has a confidence problem,” she said.

This is interesting. Even though this kind of official harmony and agreement sounds to me highly suspicious…

It’s not really… normal.

The normality is when politicians ask for weaker currency and lower interest rates, and when the central bank resists such calls. 😉

7 Responses to “Abhisit is diving deeper : “our GDP growth will not be the lowest… in the world””


  1. 1 Marvo 4 February 2009 at 11:10 pm

    “Although some people want the baht value to be weaker, its value should be close to other regional currencies,”

    Can someone define “regional” currencies for me? I thought ALL currencies had to come from some region or other!

    If they’re referring to “neighboring/Asian” currencies then surely that means they are blatantly choosing to ignore the 80% or so value of export trade that Benny-Hill-Land does in US dollars?

  2. 2 hobby 5 February 2009 at 2:53 am

    What was the context of Abhisit’s statement?

    It seems an odd statement to make, unless he was asked an equally stupid question such as ‘Will Thailand have the lowest GDP in the world?’

    PS, do you have any thoughts on what Richard Koo says about how Japan only managed to maintain it’s GDP during it’s prolonged asset dereciation recession due to government spending/defecits, and things would have been much worse without that spending?

  3. 3 Bedwyr 5 February 2009 at 6:28 am

    @Hobby:

    Indeed. Someone must have told him that Thai GDP will be the lowest in the world. I imagine pretty Abhisit’s face was thunderous as he contemplated the loss of face.

    I can just see all the finance ministry wallahs reaching for their calculators to see how they can bend the numbers…

    Bedwyr

  4. 4 Luke 5 February 2009 at 7:30 am

    Yup, context is key here. I think the blame for this stupid statement should lie with the reporters for asking the dumb question and the economists who claimed thailand would have the lowest GDP. If the journalists ask stupid questions, get a stupid answer then publish it as fact, then we can’t blame the PM.

  5. 5 fall 5 February 2009 at 1:22 pm

    Are we absolutely sure he graduated from Oxford?
    I mean, we have higher GDP growth than Luxemburg! Whoope! Free rice for all on the house!

    Dilbert…

  6. 6 antipadshist 5 February 2009 at 3:47 pm

    Goldman Sachs lifts gold price forecast to $1,000
    “an ounce in the next three months from its previous forecast of $700 due to rising investor demand for safe haven assets”
    http://gata.org/node/7143

    Max Keiser about the Dollar and Roach Motels

  7. 7 ThaiCrisis 5 February 2009 at 6:56 pm

    Any sane individual, with public responsibilities, would have sent back the journalist in his mama’s house, fast and clean.
    It doesn’t make any sense to answer a question like :
    -“Mister Prime Minister, will Thailand have next year the lowest GDP growth in the world ?”
    -“No I can assure you that our growth will not be the lowest in the world”.

    So I stick to my hypothesis :
    -the editor is totally dumb and practices “creative journalism” and/or translation mistake
    -Abhisit is so exhausted by all the problems he faces that he’s losing his mind
    -or Abhisit is totally dumb


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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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