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Thai Economy Is Too Bad Indeed.
AREA Press Release No. 387/2018: August 09, 2018

Dr.Sopon Pornchokchai, Ph.D. Dip.FIABCI, MRICS
President, Agency for Real Estate Affairs (AREA)

The latest results of the survey by Dr.Sopon confirmed that Thai economy was in trouble. Confidence was very low indeed.

Dr.Sopon Pornchokchai, President, Agency for Real Estate Affairs (www.area.co.th) sent a team of researchers to interview respondents in major suburban centres in Bangkok, namely, Rangsit to the North, Sam Roeng to the Southeast and Om Noi to the west of Bangkok.  This information would be beneficial for the government to improve its performance.

This survey was conducted during August 8 to 9, 2018.  1,002 People aged 18 and over were interviewed.  The average age was 39  years.  They would assess the economy right now in 2018 and compared to the situation a year ago.  In addition, their forecast on the economy next years was also asked them to assess.  The assessment scale was between 1-10 where 1 was the worst and 10 was the best and the moderate score was 5 or 6.

It was found that:

1. Right now,  the score assessed was 3.7 which implied that the economy was so bad in Bangkok right now.  In comparision, 2017 economy was better than today.  It was estimated  that the score for next year would be 4.7.

2. Comparing the three locations surveyed, Rangsit, Sam Roeng and Om Noi.  The situation was the same in the sense that the 2018 economy was worse than last year  and would be recovered next year.  However, most said that  2019 economy was worse than 2017 one.

3. In terms of occupation, the situation also the same.  However, those public servants or government employees had a more positive view compared to others, particularly those low-level employees and those self-employed.

4. We also found that those younger tended to have a better view than those more senior.  For those who were aged 30 and below, they were more optimistic compared to their senior counterparts who possessed less strength and short future.

The respondents expected that if there was an election, economic situation might be recovered because many countries would do more transaction in a normal period.  Some expected that the election would bring about new government who might be more efficient in economy reconstruction.

Dr.Sopon proposed to the government to help the poor upcountry first by setting up  minimum price guarantee for rice and rubbers.  Minimum wage should be increased every year.  Social disparity among people must be eliminated by enforcing property taxes.  In addition, there should be fair during the election.  There should be election soon so that a set of new government could replace the present one.

Thailand did not have an election for almost five years now.  That the GDP growth was very satisfactory, was because it was an average figure.  Wealth might be cumulated among those well to do persons; whereas, the lower income groups were more pessimistic.