Thai Junta lan lan, got to appoint the man behind Thaksinomics

[eErotica69]

Return to Thaksinomics

BANGKOK -- Following a cabinet reshuffle, Somkid Jatusripitak, a deputy prime minister, minister of finance, minister of commerce and chief economic theoretician in the governments of former Prime Minister Thaksin Shinawatra, has returned as deputy prime minister in the military government of Prime Minister Prayuth Chan-ocha, the embattled former army chief who took power in a coup on May 22 last year.

As he assumed overall responsibility for economic affairs, Somkid told a business forum in Bangkok on Aug. 27 that the government's policies will focus on the poor, farmers, and small and medium enterprises (SMEs).

In his first public address back in office, Somkid said time is short and "ministers have to be proactive" if the economy is to struggle back on track.

"We need to help those with difficulties sustaining themselves in this difficult time," said Somkid. His new team includes Finance Minister Apisak Tantivorawong, a former banker.

Apisak's first day in the hot seat was a baptism of fire on Black Monday with stock markets and currencies in turmoil. The new finance minister is working on stimulus measures that include a scheme for state banks to extend cheap loans to low-income earners and SMEs.

Addressing a packed ballroom, Somkid drew applause when he announced a program in the next fortnight of "small measures focused on SMEs that will not require a high budget".

The new deputy prime minister said Thailand is locked in a "vicious cycle". Farmers have lost purchasing power with falling crop prices; this damages SMEs, which in turn cannot secure bank loans to tide them over.

In a population of 67 million, Somkid estimates 18 million Thais belong to farming families. Others suggest more than half the population is dependent on agriculture in one way or another.

"We need to bring back the confidence of the people," said Somkid. He noted that middle income people are also spending less, exerting a deflationary effect.

Longer term, Somkid wants to see Thailand reduce its export dependency. Exports currently account for around 60% of gross domestic product. "A country that depends solely on the outside factor for its growth, will one day collapse," said Somkid, echoing an unfulfilled aspiration from the Thaksin years.

 

[eErotica69]

Re: Thai Junta lan lan, have to appoint Thaksin's ex-Economic Minister!

Thai PM says former finance minister Somkid to lead new economic team

Thai Prime Minister Prayuth Chan-ocha announced on Wednesday that former finance minister Somkid Jatusripitak would be in charge of spurring economic growth in a reshuffled cabinet, as the military-government seeks to spur stumbling domestic demand.

Southeast Asia's second-largest economy has consistently missed government targets since Prayuth led an army coup in May 2014 to end months of street protests, with exports and domestic demand stubbornly sluggish.

A weak economy could undermine support for the government as frustration with restrictions on political activity simmers, particularly among younger voters and supporters of former Prime Minister Yingluck Shinawatra, whose government was ousted in

2014.

Somkid, a 62-year-old U.S.-educated former marketing executive, currently is an economic adviser to the National Council for Peace and Order, as the junta has called itself since the coup.

He also served as deputy prime minister and commerce minister under the government of deposed prime minister Thaksin Shinawatra, Yingluck's brother, and was a key proponent of the populist policies known as "Thaksinomics".

Prayuth said more than 10 cabinet positions had been "adjusted".

"Several people have been made advisers and will still work with me," he said. "I believe the new cabinet will have to work harder than the previous one because I will get them to look at reforms."

On Tuesday, Prayuth said he had submitted the list of new cabinet members to the king for approval.

Somkid will replace Deputy Prime Minister Pridiyathorn Devakula as head of the team.

"I have shifted Pridiyathorn to be an adviser and let Somkid take over instead. Somkid has helped me from the start, so there is not a problem," Prayuth told reporters.

A government source said Apisak Tantivorawong, former president of state-owned Krung Thai Bank, would become finance minister, replacing Sommai Phasee.

Sommai said on Wednesday that he was not upset at being replaced.

"My duty is over" and the new cabinet would take over the work of stimulating the economy, he said.

The state planning agency on Monday cut its 2015 economic growth forecast again to 2.7-3.2 percent from 3.0-4.0 percent. Many economists believe even the new forecast is still too optimistic. Growth last year was 0.9 percent.

The economy grew just 0.4 percent in April-June from the previous quarter, with tourism the key driver. A bomb blast in Bangkok on Monday, which killed 22 people, nearly half of them foreigners, has struck a further blow to the economy.

http://uk.reuters.com/article/2015/08/19/uk-thailand-economy-team-idUKKCN0QO0IY20150819

 

[xpo2015]

Few generals knows nuts about economics and how to run a country with so many voices and much disobedience!

Whatever economic policies you choose, someone is bound to suffer!

Worse are those choices made by predominantly military junta!

 

[eErotica69]

Hope those Yellow SHIT dun chase away Somkid.

 

[Reddog]

A lesson yet to be learned by the pap, which think that Generals can be of any use outside the barracks. Therein lies the root cause for the collapse of Singapore in the near future IF the pap and its generals are not removed pronto.

 

[Narong Wongwan]

A lesson yet to be learned by the pap, which think that Generals can be of any use outside the barracks. Therein lies the root cause for the collapse of Singapore in the near future IF the pap and its generals are not removed pronto.

Vile pap adopts failed 1000 years imperial examination system as its selection process for leaders.
Then adopts Myanmar junta system as its model of governance.
Both systems proven by history to be epic fails.
I guess next they'll try china and North Korean system and abolish elections for complete dictatorial rule