Thailand remains the sick man of south east asia

Populists and the military voted in Srettha Thavisin, a tycoon. Markets are cheering the end of an impasse.

Add this topic to your myFT Digest for news straight to your inbox. Former coup leader Prayuth Chan-ocha accused of overstaying legally mandated eight-year term. Slow inoculation rollout has been aggravated by surge of highly infectious variant. Student-led movement that has roiled kingdom for months wants companies to take sides. Demonstrations against the king and state are expanding despite state of emergency. Senators forced to leave parliament by boat after rejecting constitutional reform demands. Demonstrators oppose military government and break taboo on commenting on royal family.

Thailand remains the sick man of south east asia

Sinking in heavy repayments to loan sharks, Non says payday is nothing more than a cruel reminder of his dire finances. Household debt has surged to alarming levels in Thailand; just one of a welter of issues dragging on the economy despite a vow by the ruling junta to revive the kingdom's fortunes. Thai households are among the region's biggest borrowers, a credit binge stoked by populist policies and low bank interest rates -- but also low wages that keep the poor perilously close to the breadline and make them ready bait for illegal loan sharks. The debt levels are worrying the generals who seized power last May promising to end a near-decade of political turmoil and restore zip to Thailand's once-dynamic economy. The country narrowly avoided recession during protests against the ousted administration of Yingluck Shinawatra, which paralysed government spending and frightened off tourists and investors. Nine months after the military power grab, signs of economic recovery are still few with fourth quarter GDP figures, to be released on Monday, expected to come in at around 0. There is some good news, with tourism arrivals bouncing back despite martial law, and exports -- which account for around 60 percent of the economy -- showing a slight improvement. Yet two key Thai commodities -- rice and rubber -- are currently at record low prices and the country is flirting with deflation. And with the political outlook still uncertain, consumer confidence remains depressed as Thais hold off from buying flats, cars and durables. Low interest rates and widespread access to credit through banks and illegal loans have led to a deeply ingrained culture of borrowing over the past decade. But policies by the previous government -- including a huge tax rebate scheme for first-time car buyers -- have also encouraged millions to take out loans that they are now struggling to repay.

Tuesday, 25 June, Southeast Asia is on the cusp of a 'supercharged' digital payments revolution, PwC says. Fitch Ratings echoed those concerns in a recent report.

Months of political deadlock and stock market volatility have finally come to a close in Thailand. The appointment of new Prime Minister Srettha Thavisin is expected to boost investor confidence in the short term but experts say the long-term economic recovery will prove challenging. While the Move Forward party won May's general election, it was unable to obtain approval from the conservative Senate. Srettha, Pheu Thai's choice for leader, was appointed prime minister on Aug. Thaksin's return is likely part of a power-sharing deal that Pheu Thai negotiated with the military establishment, according to political watchers, who believe he will eventually receive a royal pardon under Srettha's administration. This political turbulence has been reflected in the stock market, where foreign investors have been net sellers since the May election.

By webfact March 26, in Thailand News. Ath Pisalvanich, director of the university's International Trade Studies Centre, said out of 4, small- and medium-sized Thai enterprises have planned to invest in neighbouring Indonesia, Myanmar and Laos with a total investment of Bt77 billion. The political turmoil will compel other manufacturers to relocate from Thailand, he said, adding that about 1, Thai operators will possibly move their production bases to neighbouring countries. Thailand will lose investment opportunities equivalent to Bt46 billion from the relocations, which will be three times higher than the original move, he said. With this, Thailand's loss of investment opportunity will be as high as Bt billion.

Thailand remains the sick man of south east asia

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Sign In Request a Free Trial. Previous page You are on page 1 Next page. Initially, there was fear alienating the MFP party would lead to widespread street demonstrations but those risks have since ebbed. Thai households are among the region's biggest borrowers, a credit binge stoked by populist policies and low bank interest rates -- but also low wages that keep the poor perilously close to the breadline and make them ready bait for illegal loan sharks. Bangkok protestors did gather en masse in July after Pita Limjaroenrat's bid for the prime minister role was blocked. Thai peer Central Retail should list at a rich valuation, making it a good time to exit before regional economies cool further. Thailand plaque disappearance stirs fears about military rule. September 11, AM. Follow Us. Home United States U.

The Philippines has had one of the longest and strictest lockdowns of any country in Southeast Asia. From mid-March, President Rodrigo Duterte and local governments started imposing movement restrictions, including stay-at-home orders and curfews. In numerous districts across the main island of Luzon and metro Manila residents were required to be off the streets between 8 p.

However, economists are concerned that Srettha's proposed stimulus measures could further weigh on public debt and derail fiscal consolidation. Thailand declares state of emergency and cracks down on demonstrators. August marked the seventh consecutive month for net selling but sentiment is slowly ticking up amid hopes for Thaksin's return and Srettha's economic promises to bring much-needed stability to the business environment. Tuesday, 9 May, In , the region was hit by huge floods that destroyed their fridge, television and furniture. Months of political deadlock and stock market volatility have finally come to a close in Thailand. Wednesday, 24 August, Thailand lifts emergency declaration. Accessibility help Skip to navigation Skip to content Skip to footer. Opinion Show more Opinion. Skip Navigation. He argued stimulus is needed due to the slow recovery in tourism and consumer spending.