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Pattaya Daily News

22 August 2013 :: 10:08:29 am 77557

Is This True That The Thai Economy Is Going Into Recession?

According to analysts and critics they claim that the export percentage determines the economic growth of the country. They state that Thailand’s economy is taking a downturn! How and will this impact us?
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On August 19, 2013- BBC News claimed that the Thai economy has taken a downturn after showing the figure’s proving the economy is going into recession. The GDP of Thailand in the second quarter has reduced by 0.3% after already reducing about 1.7% in the first quarter. In 2012, Thailand’s economy was booming and showed a positive increase by about 6%. Economic analysts believe that the current economy is not what it used to be, this is due to reduction in domestic consumption, consumer confidence, and weak exports. Will Thailand’s economy take a plunge as believed by analysts?

The horrifying numbers and decimals that are presented on newspapers and television are least understood by people. This is because people still pay 35 baht for an average plate of food at an average of 20 baht for the motorbike ride. There are no clear signs of a recession.

Giant companies like Saha Farm that has about 4500 Thai, Burmese, and Cambodian employees announced its shutdown. On July 5 immigrant workers from Saha Farm held a protest demanding two-month overdue wages after the company failed to pay their salaries these workers threatened to cause problems to the factories in Lopburi and Phetchabun.

Pan Asia Footwear Co., Ltd. one of Saha Group branches, is a large manufacturer of footwear in Thailand. Pan Asia footwear is one of the first companies in Thailand to have manufactured shoes for international brand names like Nike and Pan. Pan Asia footwear has currently announced that its factory will close down all shoes and bags production from 31st of August 2013. This factory which is in Rayong, will lay-off an approximate of 2000 employees from closing down this production.

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If these laid off workers remain unemployed they would probably have to look for an alternative such as selling street foods on carts or ride motorcycle taxis for instance. Pattaya city itself at the moment is already congested imagine having 1000 more carts on the road and 2000 new motorcycle taxis. What if they cannot sell street foods or ride a motorcycle taxi what will they do? How will they support their family and their children? How will they pay their child’s school fee, and their rent? How will they survive? Imagine walking on the streets and someone spots your necklace. What if that someone is so in need of it with full force no matter what runs 100 m to snatch it and run away with it? What will happen to our community?

Meanwhile, regarding the economically downturn the government led by the central bank of Thailand confirms that this downturn is only a technical recession. But it has had an impact on the cost of living and is a concern by the people. Moreover, the Ministry of commerce has been held responsible in taking care of the costs of living situation.

Is this real ? Will Thailand’s economy take a permanent downturn? Are we really in the verge of a recession again?

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