What a blow. What a blow for all the useful idiots, the suckers, the brainless, the followers, the members of the “everything is fine” sect.
The National Economic and Social Development Board (NESDB) announced that the gross domestic product (GDP) in the fourth quarter last year contracted for the first time in a decade.
According to the economic report, the GDP in the previous quarter fell 4.3 per cent [compared to Q4 2007]. For the whole year of 2008, the GDP expanded 2.6 per cent. As for 2009, the economy may worsen and sink by about one per cent. (Bangkok Post and the article from Bloomberg)
As soon as november 2008, you knew what would happen (read my report on GDP Q3).
But Abhisit, the BOT governor, all the government, the bureaucrats didn’t. Well they pretented of course. Many of them are truly dumb. But others are just pretending. They want us, the masses, to be confident.
They think that the economy is just a question of confidence. Give to the masses some opium, some games, and a little bit of bread (and don’t forget TV shows), and the GDP will grow for ever.
Take a loan to buy a condo and a car, eat your soup, and shut the fuck up.
Well it’s a little bit true. Unfortunately. 😉 But not totally.
And for that matter, they are ready to lie. Over and over again.
You’ll see. I bet : the useful idiots will continue to talk about “a recovery during the second half “, the last fashion fantasy.
Politicians will continue to lie. Abhisit will continue like a parrot to speak about “technical recession” and fast recovery. The BOT governor will continue to say that the crisis is not that bad because it didn’t start in Thailand, the Boiler Room will repeat that the thai property market is well insulated from the crisis etc.
It’s more comforting. And so easier.
I’ve finished the analysis of the report. Click here to read.
[Technical reminder : when we compare GDP year on year, we are talking about real GDP [at constant prices]].