As the coronavirus brought the global economy to its knees, Thai businessman Yod decided to buy himself an $872,000 treat – a lime-green Lamborghini.
Among those with deep pockets is Yod – full name Thanakorn Mahanontharit – who was undeterred by Thailand's"crazy" supercar import taxes of up to 80 percent when he made his March purchase. There has been"continued interest and demand , one of our most important markets in Southeast Asia," he added."It is a reflection of your success, it doesn't mean I am better than you," he told AFP.But most Thais are in a different game.Thailand is headed by a super-rich monarchy and buttressed by a handful of family dynasties with monopolies covering everything from beer and duty-free to convenience stores.
As a result, household debt is forecast to surge to 88-90 percent of GDP by the end of this year, according to a Kasikornbank research note. Even before the pandemic hit, the number of people living in poverty had risen by nearly two million to 6.7 million, according to a March report by the World Bank.
A trawl through the Instagram accounts of Thailand's 'Hi-So' set also reveals a glamor scene unruffled by the new normal – yoga sessions on pristine beaches, yacht parties and champagne receptions.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: inquirerdotnet - 🏆 3. / 86 Read more »