Korn is a few months late : “Thailand is already in recession”

Finance Minister Korn Jatikavanich on Friday conceded that the Thai economy is already in recession because the country’ gross domestic product (GDP) had experienced a negative growth for two successive quarters.

However, Mr. Korn believed the economy will not remain in deep recession since the GDP is unlikely to shrink more than 10 per cent for this year. He also brushed aside concerns that the pandemic of H1N1 influenza in many countries worldwide, including Thailand, would affect the economy as the Ministry of Public Health is able to cope with the situation efficiently.

Regarding the private-sector call for the Bank of Thailand (BoT) to closely supervise the baht movement to ensure it does not strengthen too much, he said the new law authorises the central bank to work independently of the finance ministry. (TNA)

That’s the beauty with politicians : their ability to say a string of nonsense in just a few minutes. Take Korn for instance. The alleged Finance Minister was obviously in a bad day.

-“already in recession”… You have to love the “already”… 😉 We didn’t wait for Korn to know and to say that Thailand was in recession.

-“no deep recession because GDP unlikely to shrink more than 10 %“. How gracious… Korn’s boss, the dashing Abhisit and all the other clowns and bureaucrats, explain to us very seriously that the worst is behind us… That growth on Q4 will be positive… I mean… are we speaking about the same government ?

Furthermore, a 10 % fall on the year… would clearly be a very deep recession !
In 2007, GDP growth was + 4,8 %
2008 = +2,6 %

-and as the Grand Finale… the “flu”… What the hell a Finance Minister has to say on this issue ? Nothing. Nothing smart, nothing relevant. Even less than the so called Health Minister. So Korn should… just shut his mouth, and the air would be cleaner.

Voila. A string of nonsense, approximations, lies… and overall… emptiness… in just a few minutes with journalists. Good work.

That’s the daily routine of our politicians.

3 Responses to “Korn is a few months late : “Thailand is already in recession””


  1. 1 Bedwyr 14 June 2009 at 10:43 pm

    Someone stuck a microphone in his face. Jesus Christ, he’s Thai for God’s sake, never show them a microphone or a whistle. Never.

    Come on, who was it? own up and you won’t get it so bad. Who encouraged this nimno to open his gob?

    So much for recover in Q2.

    Bedwyr

  2. 2 InPhuket 15 June 2009 at 3:34 pm

    So then, I guess, based on Korn’s statements, if the GDP shrinks just a mere 9% then, by his definition we would not be in a ‘deep recession’. I think I knew more about finance than him, with my 3rd grade classes in Elementary school… when I was 9 years old!

  3. 3 antipadshist 15 June 2009 at 11:09 pm

    Opposition ‘no’ to loan decree
    http://www.bangkokpost.com/breakingnews/146079/opposition-no-to-loan-decree

    The opposition has decided to vote against the executive decree for the Finance Ministry to raise 400 billion baht in loans, said Puea Thai MP Sunai Julapongsathorn.

    Mr Sunai said the government is lying to the peple. He said the ongoing economic crisi was caused by Prime Minister Abhisit Vejjajiva and Finance Minister Korn Chatikavanij who are not capable of solving the economic problems. So, they have resorted to seeking loans for projects which are intended to benefit their colleagues and coalition parties, he added.

    The Puea Thai MP said the 400-billion-baht loan would make each Thai people to be 80,000 baht indebted.

    820,000 unemployed in April
    http://www.bangkokpost.com/breakingnews/146063/820000-unemployed-in-april


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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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