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Business leaders urge Thais to spend more
The Nation (Thailand) 17-02-2009 Achara Deboo
Shopping sprees should help save jobs and boost economy. It is imperative that Thais go on shopping sprees despite their fear of unemployment, top business leaders advised yesterday (February 16).
Ninnart Chaitheerapinyo, vice chairman of Toyota Motors Thailand, believes that most people had enough cash in their wallets but were curbing their spending due to concerns of losing their jobs.
"Indeed, the impact of this crisis is much lower than that in 1997 because this crisis is not home-grown. Yet, people have stopped spending because they are panicking. If everyone came out to spend, businesses would survive and the economy would pull through," he said at a seminar yesterday.
Kan Trakulhoon, president of Siam Cement Group, added that confidence was crucial to encouraging people to spend. If things remained stable politically, people would start reaching for their wallets, he said, adding that the government could start spending first, which would encourage the private sector and public to join in. "People will resume spending once confidence returns," he reiterated.
Apichart Sankary, president of the Association of Thai Travel Agents, said that once the nine million or so workers receive their 2,000 baht gift cheques from the government in March, they should spend it instead of depositing it in the bank. "If they don't spend the money, the economy won't move up and many firms may have to lay off more workers," he said.
In the worst-case scenario, he said, nearly 80,000 workers in the travel industry stood to lose their jobs, but these jobs could be saved if the public spent more money. This would also help workers in other industries. If the number of travellers rise, there would be a higher demand for buses, hotel rooms and food items, which would benefit workers in other industries like auto, construction and farming.
"If money is not circulated, people will start losing their jobs. This is the reason why the government is giving away all this money," Apichart said.
Meanwhile, a survey conducted by Bangkok University showed that many new graduates, especially those who had taken education loans, were worried about their financial future. The poll, involving 1,226 graduates, was conducted at 20 educational institutions in Bangkok and nearby provinces from February 6 to 11.
The study found 52 per cent of new graduates were worried they would not find jobs, while 47.8 per cent said they would continue studying or help in their family business. Some 63 per cent believed they would be overqualified for their jobs.
With regards to ways in coping with the economic slowdown, 31.6 per cent said they were planning self-employment, 29.7 per cent planned to pursue higher education, 16.5 per cent expected to find jobs they were overqualified for, while 13.7 per cent were still undecided.
However, 65.4 per cent were confident that the government could revive the economy, with 55 per cent saying the administration's plan to address unemployment would work.
Thousands in Bangkok protest
Sky News Sunday February 1, 2009
Tens of thousands of anti-government demonstrators allied with former PM Thaksin Shinawatra have staged their first major protest of the year in Thailand. More than 3,500 policemen were deployed near the protest site - an open field in the historic heart of Bangkok - and the military was on standby, Bangkok police chief Lieutenant-General Suchart Maunkaew said on Saturday before the late afternoon rally.
The crowd, estimated by police at 30,000 to 40,000, cheered and clapped as speaker after speaker took to the stage to criticise the government and call for Prime Minister Abhisit Vejjajiva to dissolve the legislature. "We demand that the government returns power to the people because they do not have the mandate of the majority," said Jatuporn Phromphan, a protest leader. "We will continue to pressure them until they quit." Thailand was plagued by protests last year by rival groups of demonstrators who either supported or opposed Thaksin, once one of the country's richest men who now lives in self-imposed exile after being forced from office in a 2006 military coup for alleged corruption and abuse of power.
Last year's protests were dominated by Thaksin's opponents, who occupied the prime minister's office compound for three months and then seized Bangkok's two airports for eight days in November and December. Abhisit became Thailand's third leader in four months when parliament appointed him in December after the court ousted Thaksin's ally. The move ended the blockades led by the so-called People's Alliance for Democracy. Saturday's protesters also demanded legal action against the alliance's leaders. "We want to know why none of their leaders have been arrested when they clearly broke the law by occupying airports," said Jatuporn.
Jatuporn said the protesters planned to march in the evening to the prime minister's office but insisted they would not break in as their rivals had done. The rally was organised by the Democratic Alliance against Dictatorship - commonly known as the "red s hirts" because of their attire, which contrasts with the yellow shirts worn by their rivals. The DAAD is an eclectic mix of Thaksin loyalists, rural farmers and labourers, all of whom benefited from Thaksin's policies that reached out to the poor.
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