Restaurants - Entertainment - Nightlife News

Restaurants - Entertainment - Nightlife News Phuketwan Restaurants - Entertainment - Nightlife News
facebook recommendations


Sign up now for our News Alert emails and the latest breaking news plus new features.

Click to subscribe

Existing subscribers can unsubscribe here


MediaWATCH:  Economy Shrinks to Recession

MediaWATCH: Economy Shrinks to Recession

Tuesday, May 26, 2009
Phuketwan MediaWATCH

A new daily wrap of Thailand news, with a Phuket perspective. Reports from national and international media, with translations into English from Thai. Thailand's economy shrank the most in a decade as exports and spending slumped, pushing the nation into its first recession since the Asian financial crisis. Gross domestic product fell 7.1 percent last quarter from a year earlier, after declining a revised 4.2 percent in the previous three months. The median estimate of 17 economists in a Bloomberg survey was for a 6.5 percent drop. ''The first quarter should be the worst,'' said Rajeev Malik, a Singapore-based economist at Macquarie Group Ltd. ''There is a strong likelihood the economy will grow in the fourth quarter.'' Thailand's economy shrank more than expected during Q1, continuing to suffer from a slowdown in exports and tourism. The nation's economy shrank 1.9 percent during the first quarter of the year, with the result 7.1 percent lower than the year-ago period. The result marked a second straight quarter of on-year decline, meeting a popular definition for an economic recession.

Today's Must Read As companies shed jobs and governments inject funds to stimulate economies, recession-hit Asians from Taiwan to Thailand are flocking to temples, churches and mosques to seek solace in religion - and pray for a quick economic recovery. Analysts say religion is a good refuge for people suffering in an economic downturn. While some may seek divine power for help, others look to relieve their stress through meditation, says Tay Sin Wee, a meditation course administrator. ''With the economy in such bad shape, people are finding an avenue to find peace and calm,'' he said, adding that he had seen a 20 percent increase in participants in classes at Singapore's Amitabha Buddhist Centre this year. Members of Thailand's ''yellow shirt'' movement, which paralysed Bangkok's airports by occupying them last year, have agreed to form a new political party but did not rule out a return to street protests. The extraparliamentary group, the People's Alliance for Democracy, vowed to fight for a cleaner, more accountable ''new politics.'' ''The street movement will not stop after we set up our party. They will complement each other,'' Suriyasai Katasila, a co-leader of the movement, told supporters. PAD protests led to the 2006 coup which ousted Prime Minister Thaksin Shinawatra, but demonstrations resumed after a pro-Thaksin party won post-coup elections in late 2007.

The Nation:People's Alliance for Democracy supporters have given their resounding approval for the group's formation of a political party. Core member Somsak Kosaisuk declared open the PAD's council meeting and asked tens of thousands of supporters gathered last night at the stadium at Thammasat University's Rangsit campus to stand up and cheer if they agreed with the idea of forming a political party. The supporters responded by standing up, clapping their hands and cheering loudly for two minutes. The agreement came on the second day of the meeting to mark the anniversary of the PAD's 193-day street protest.

afp news agency Foreign ministers from Asia and Europe are meeting in Hanoi under the shadow of a North Korean nuclear test and the trial in Burma of opposition democracy leader Aung San Suu Kyi. ''The two hottest subjects on the agenda are these two problems,'' said Czech Foreign Minister Jan Kohout, whose country holds the rotating European Union presidency. Ministers had just begun a series of bilateral meetings as news of North Korea's latest nuclear test emerged. On the Burma issue, a draft statement seen by AFP calls for Aung San Suu Kyi's release. The Inter-Parliamentary Myanmar Caucus (AIPMC) has called on Asean to suspend Myanmar's membership in the regional bloc if the country's military regime continues to detain its democracy leader, and Nobel Peace Prize laureate, Aung San Suu Kyi. AIPMC pointed out that Aung San Suu Kyi's unjust current six-year house arrest is due to expire on May 27, but the military regime has brought on charges against her and is likely to detain her for up to five years. AIPMC parliamentarians call on Asean to remove Myanmar from the grouping unless Aung San Suu Kyi is free amid genuine efforts to begin national reconciliation. International police agencies have been placed on alert after three suspects in the fatal stabbing of a Melbourne man reportedly fled to Thailand. Luke Mitchell, 29, was stabbed five times by a group of men outside a 7-Eleven store. The men had followed Mitchell to the store after he broke up a fight in which they had been involved about two blocks away. (voice of america) Daniel Schearf writes: ''In Thailand, transgender males, also called lady-boys, are a common sight in cities and tourist areas. While many transgenders work in traditionally female professions such as in cabaret shows or Thailand's notorious sex industry, most are looking for better integration in Thai society. But, despite their high visibility, transgenders still face challenges in seeking acceptance. Many transgenders have turned to prostitution, a tolerated but risky profession in Thailand, where less than one in three sex workers are educated about HIV and other sexually transmitted diseases.''

Phuketwan Phuket News

Phuket Police Lead Laleena Forensics Probe
Photo Album A police general from Phuket has led a team of forensics experts who combed the Laleena Guesthouse and its environment for new clues to the deaths of two young tourists.
Phuket Police Lead Laleena Forensics Probe

Phuket Zen and Now: Setbacks and Survival Guides
Latest When times are tough, the tough stay calm. For the Phuket region's TAT director, the only way is up. Good ideas and inspired teamwork will guide the way, he believes.
Phuket Zen and Now: Setbacks and Survival Guides

'I Apologise to Phuket for Beer Mat Australians'
Latest Annice Smoel has been reunited with her children, and the Aussie Bar Beer Mat debate continues. But what's most important for Phuket tourism is making sure it doesn't happen again.
'I Apologise to Phuket for Beer Mat Australians'

'Children in Phuket Bars, Clubs' Claim Rejected
Latest A report in a Christian newspaper says that children have been seeking jobs in bars and clubs on Phuket because of the economic downturn.
'Children in Phuket Bars, Clubs' Claim Rejected

Recent Phuketwan MediaWATCH

MediaWATCH: Phuket Yacht Struck, US Sailor Lost
Latest A yacht sailing from Phuket is hit by a trawler and an American on board remains lost at sea; How bad are Aussie tourists?; Bali bounces back; Burma hits out at Thailand.
MediaWATCH: Phuket Yacht Struck, US Sailor Lost

MediaWATCH: Tourism Dip Tipped, Lower Fares
Latest The flu scare is expected to push tourism visits lower so airlines are offering specials; Australians told to clean up their act; Thai economy on the slide; Thaksin collect passports.
MediaWATCH: Tourism Dip Tipped, Lower Fares


Comments have been disabled for this article.


This is sad news.Things just seem to be going from bad to worse. Wonder when normalcy will return. Incidentally there is an interesting website that is specifically dedicated to recession victims. It offers help and discusses all issues related to recession: It's worth a visit!

Posted by Anonymous on May 26, 2009 13:28

Monday February 26, 2024
Phuketwan - Your sweet Phuket, every day


Facebook Twitter