Showing 1 - 10 of 37
Thailand's era of economic stagnation
Oped, Thitinan Pongsudhirak, Published on 05/07/2024
» After two decades of political instability and turmoil, it was a matter of time before the Thai economy would exhibit signs of distress and desperation. For decades, the Thai economy has proved resilient with an uncanny knack for bouncing back. But Teflon Thailand may have become a thing of the past. Headlines on the Thai economy have been heading south precipitously. Unless fundamental political reforms take place, Thailand will likely enter a period of low and plateaued growth with risks of grinding stagnation.
The Thaksin factor in Thai politics
Oped, Thitinan Pongsudhirak, Published on 15/03/2024
» Thai politics in the near term will likely be dominated by the fate of the two largest vote winners from the general election in May 2023, the Move Forward (MFP) and Pheu Thai parties. While the MFP is at risk of another dissolution, the same as its predecessor Future Forward Party suffered in 2020, Pheu Thai's political future appears to hinge on Thaksin Shinawatra and his return from exile in what is believed to be a deal that follows the assumption of the premiership under Srettha Thavisin, and for Thaksin, a royal pardon and early release on parole.
Thailand's central bank dependence
Oped, Thitinan Pongsudhirak, Published on 23/02/2024
» To proponents of central bank independence, the ongoing friction between Prime Minister and Finance Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput appears straightforward. The prime minister is putting unwarranted and unfair pressure on the central bank governor to spur the economy by loosening monetary policy and cutting interest rates. Yet, on closer scrutiny, the entrenched politicisation of central banking in Thailand may suggest otherwise. There is more than meets the eye in the politics of interest rate cuts.
Digital wallet should be implemented
Oped, Thitinan Pongsudhirak, Published on 16/02/2024
» The big debate in Thailand's current economic policy planning is whether the economy is facing a crisis or not. The government of Prime Minister Srettha Thavisin, who doubles as finance minister, has contended that there is an economic crisis in dire need of both monetary policy loosening and fiscal stimulus, particularly the 500-billion-baht digital wallet scheme. The Bank of Thailand, supported by a clique of economists apparently critical of the government's "populist" policy measures, asserts otherwise that an economic recovery is in progress without the need to lower the benchmark repurchase rate.
Japan's dilemmas need bold answers
Oped, Thitinan Pongsudhirak, Published on 03/11/2023
» Among the big countries vying for power and influence in the fluid and contentious geostrategic arena, Japan faces the most daunting challenges. Most of the recognised major powers in Asia, from China and India to Indonesia and South Korea, are rising and aspiring for bigger roles and grander objectives, while Japan's place in the global pecking order has been in decline. The last time Japan had to confront such an existential threat to its place in the world may have been in the 1860s when the Western powers shook up and threatened to take over the isolated and inward-looking martial society.
Tolerating populism for democracy
Oped, Thitinan Pongsudhirak, Published on 13/10/2023
» The so-called “super deal” in August that resulted in the return of Thaksin Shinawatra and the formation of the Pheu Thai Party-led coalition government under Srettha Thavisin evidently has its limitations. It appears to be rejected by sections of the conservative old guard who still wants to resort to extra-parliamentary ways and means to undermine Thailand’s delicate parliamentary democracy. Reminiscent of past protests against Mr Thaksin’s brand of populism, a new round of extra-parliamentary political movement has begun in earnest with the petition launched by 99 prominent economists, including former central bank governors, against the Srettha government’s 10,000-baht digital wallet policy.
Next poll brings highest stakes, risks
Oped, Thitinan Pongsudhirak, Published on 09/12/2022
» In the face of the myriad of questions and issues that beset Thai politics in the lead-up to the general election, which must be held by May 7, the biggest facts and dilemmas are not being raised. Prime Minister Prayut Chan-o-cha is now headed to complete nine years in office, the first five of which were under a military government after he and his cohorts seized power by force in May 2014, and the last four under an elected coalition government enabled by the 2017 constitution crafted by a committee the ruling generals had set up. Moving forward, Thailand risks settling into a prolonged period of economic stagnation and political decay unless there is a qualitative change of government after the poll.
Post-Covid headwinds hit the region
Oped, Thitinan Pongsudhirak, Published on 14/10/2022
» As the five economies in mainland Southeast Asia re-emerge from the Covid-19 pandemic, their prospects for recovery and return to growth and development appear challenged, characterised by deteriorating balance of payments, fiscal weaknesses, currency depreciations, and rising inflation amidst global monetary tightening and recession risks.
54 years on, Asean needs new modality
Oped, Thitinan Pongsudhirak, Published on 13/08/2021
» After 54 years of being together, Asean is at the end of its tether. It has never been more divided than now, split within member states and across all 10 of them, dominated once again by divisive superpower rivalry and competition. In practice, this means Asean will appear increasingly ineffectual and inert. There will be much bureaucratic motion but few substantive organisational and policy outcomes amid unresolved challenges from within and from outside the region. Asean's best way forward may require unprecedented radical thinking towards a multi-track organisation to ensure relevance and momentum where it can be generated.
Thailand's irresponsible runaway debt
Oped, Thitinan Pongsudhirak, Published on 11/06/2021
» A major lasting damage Prime Minister Prayut Chan-o-cha will eventually leave behind is his government's co-optation and capture of autonomous agencies that used to safeguard and uphold Thailand's macroeconomic well-being and political level-playing field.