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Thailand should prepare for global economic slowdown

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Thailand should prepare for global economic slowdown | The Thaiger

The global economy is in disarray with no clear direction. This is the stark warning from Supachai Panitchpakdi, former director-general of the World Trade Organisation.

He also says that the US-China trade war is having an adverse impact on investor confidence,

Investors don’t know where to safely invest, because the trade war could easily disrupt global supply chains, he said.

Supachai, who was also former secretary-general of the United Nations Conference on Trade and Development, made these comments as a keynote speaker at a seminar hosted by Thansettakij newspaper on Tuesday evening.

He reminded the audience that some observers had predicted that investors would relocate their factories to Southeast Asia, partly due to rising labour costs in China, and Vietnam has already gained from this situation.

However, he said, he was unsure if Thailand stands to gain from the US-China trade tensions, because it exports to both countries.

“Exports to the US might rise, but go down in terms of China,” he said. Regardless of the trade war, he said, a further slowdown in global trade is feared, leading to a slower growth in the global economy, which in turn will affect every economy, including Thailand.

Global trade has only just shown some signs of recovery, after being sluggish for several years. Worldwide trade rose 7 per cent in 2017 and by about 5 per cent this year, he said. He also voiced concerns that US President Donald Trump’s leadership would dismantle the World Trade Organisation (WTO) system, leading investors to lose confidence in the multilateral trading system.

The US government expressed dissatisfaction with the WTO dispute-settlement mechanism after it lost many trade disputes, and then tried to have the mechanism changed so that it would be more favourable for the US.

“If the US can do this, then the multilateral trading system will eventually come to an end,” he warned.

Rising global debt over the past few years is also a cause for concern, especially among developing countries, Supachai said. Many countries have borrowed funds from overseas as they are facing an economic slowdown, resulting in lower tax revenue. Hence, he warned, high sovereignty debt could be hit by a late cycle of global growth and a hike in interest rates.

As for Brexit, he said it might not be such a debacle, though the European Union is unlikely to let Britain enjoy any benefits from leaving the union.

“In Thailand we will face more difficulties as our household debt remains high and any economic stimulus package will be less effective because most people prefer to pay off their debts first,” Supachai warned.

He also advised the next government to go ahead with the Eastern Economic Corridor investment project, noting that observers are still wondering if the government initiative will materialise. The project also involves investment in a high-speed railway linking three international airports and major cities, he said.

As ASEAN chair next year, Supachai said, Thailand should also push for progress in the ASEAN Economic Community (AEC), adding that the community was moving at a very slow pace, with very limited movement of skilled labour.

SOURCE: The Nation



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Belarusian ‘Anastasia’ will be in Moscow detention another 3 days

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Belarusian ‘Anastasia’ will be in Moscow detention another 3 days | The Thaiger

Anastasia Vashukevich, aka. Nastya Rybka, the Belarusian model/sex-educator/Instagramer who spent a year in a Thai jail awaiting last week’s Court case, and was then deported, remains in a Moscow jail as of last night after the presiding judge decided to extend her detention by 72 hours.

She was arrested at Moscow airport on Thursday after being deported from Thailand on Tuesday night. She, and seven others, pleaded guilty last Tuesday for participating in a “sex training course” in Pattaya nearly 12 months ago.

During a hearing yesterday in Moscow, she said she did not want to “in any way compromise aluminum mining magnate, Oleg Deripaska”.

According to Interfax she said in the hearing, ”I have had enough.”

Her lawyer Dmitry Zatsarinsky, told reporters that his young client “has committed no crime” and had “nothing to do with” Deripaska and “still less with US President Donald Trump”.

On Friday her lawyer denounced Anastasia’s arrest, which was made while she was in transit in Moscow after a flight from Thailand on her way to Belarus.

The Belarusian gained notoriety last year when she claimed she had proof of Russian collusion with the Trump Presidential election campaign. She has now had her detention in Moscow extended by three days by a Russian court.

According to Interfax reports, she told the court she denied the accusation of prostitution, telling the court that “I am not guilty of what I am accused.”

She unexpectedly pleaded guilty in a Bangkok court to charges of prostitution relating to last February’s sex training course in Pattaya. The Thai judge suspended the group’s sentences but deported them, effective immediately.

Anastasia had been in custody in Thailand since a police raid in what AFP described as the “sleazy seaside resort of Pattaya” last February.

Belarusian 'Anastasia' will be in Moscow detention another 3 days | News by The Thaiger

Anastasia cruising around Phang Nga in 2017 – Instagram

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Bangkok smog: Police get out their hoses

The Thaiger & The Nation

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Bangkok smog: Police get out their hoses | The Thaiger

by Kornkamon Aksorndech 

Traffic police and volunteers sprayed water at four locations in Bangkok this morning in a bid to curb the dust and smog pollution.

Pol Maj General Nithithorn Jintakanon, commander of the Traffic Police Division of the Metropolitan Police Bureau, presided at the dispatch of 150 police officers and volunteers from his headquarters on Vibhavadi-Rangsit Road.

They chose four high-traffic locations and sprayed water in front of the Government Complex on Chaeng Wattana Road, the Din Daeng expressway toll gates and at the Ratchadapisek-Lat Phrao intersection on Lat Phrao Road and a Ramkhamhaeng Road intersection.

#pissinginthewind

Bangkok smog: Police get out their hoses | News by The Thaiger Bangkok smog: Police get out their hoses | News by The Thaiger

SOURCE: The Nation

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Club raid in Bangkok. Everyone detained tested positive to drug use.

The Thaiger & The Nation

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Club raid in Bangkok. Everyone detained tested positive to drug use. | The Thaiger
PHOTOS: The Nation

Another Bangkok night spot is is being threatened with closure after an early morning raid found it open too late, unlicensed and with patrons stocked up and pumped up with illicit drugs.

A team from the Provincial Administration Department and other officials raided the 56 Arena Music Hall on Charoenrat Road in Bang Kho Laem district, south of the Sathorn district at 2.30am today.

Most of the estimated 800 customers headed straight for the back door when the lights went on but police still detained 114 people on suspicion of illicit drug use. ALL later tested positive for drugs.

200 small sealed plastic bags of crystal methamphetamine, 45 of ketamine and 9 of ecstasy were found scattered around the floor in various locations, including in the toilets.

Club raid in Bangkok. Everyone detained tested positive to drug use. | News by The Thaiger

“Ladies and gentlemen, sorry to interrupt your night, but…”

The Nation reports that detained patrons had to undergo a urine test, resulting in 78 men and 36 women showing signs of taking illegal drugs. Two were under 20, one under 18.

The authorities, under an NCPO decree 22/2558, are now considering shutting the place down for five years.

The owner, whose name has not yet been released, was charged with operating without a licence, selling alcohol beyond legal hours and to persons under 20, advertising alcohol, allowing entry to persons under 20, and allowing drug use on the premises.

Club raid in Bangkok. Everyone detained tested positive to drug use. | News by The Thaiger

SOURCE: The Nation

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