Showing 1 - 10 of 23
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.
Only the young can change Thailand
Oped, Thitinan Pongsudhirak, Published on 09/06/2023
» If the past two decades of Thai politics has been about populism and colour-coded conflicts between the yellow-shirted pro-establishment forces against the red shirts aligned with ousted former prime minister Thaksin Shinawatra, the foreseeable future will likely be about structural reforms and a generational clash between the age-old established centres of power against young Thais who are rising up to determine their country's future directions. It is unsurprising that only younger Thais can change Thailand because their old compatriots have too much at stake and too many vested interests in the entrenched and deeply embedded status quo.
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.
Where have the media reformers gone?
Oped, Thitinan Pongsudhirak, Published on 18/02/2022
» After two decades marked by two military coups in 2006 and 2014, Thailand is supposed to be a "reformed" country by now. While all kinds of reforms were promised with each military takeover -- from political parties, parliament and constitution to the bureaucracy, military and police -- none has taken place. In fact, pledged reforms have gone in the opposite direction in the past. Nowhere is this reaction and restoration of old power and interests more evident than in Thailand's media industry.
Prayut govt stuck in self-made trap
Oped, Thitinan Pongsudhirak, Published on 02/07/2021
» Thailand's multi-layered crises from persistent virus infections and vaccine shortages to economic damage are building up into a potential political upheaval. The ravaging Covid-19 crisis is worse than the infamous Tom Yum Kung economic crisis in 1997-98. This time, the military-predominant government of Prime Minister Prayut Chan-o-cha is stuck in multiple traps of its own making. Getting out of this predicament means the pandemic situation is likely to get a lot worse before any hope of recovery and way forward can be found.
Prayut government seems bullet-proof
Oped, Thitinan Pongsudhirak, Published on 21/05/2021
» The passage of time shows the government's growing lack of accountability. In fact, the government of Prime Minister Prayut Chan-o-cha appears the most unaccountable on record because it has been the most incompetent. Myriad charges from policy mismanagement and blatant irregularities to outright constitutional violations have been levied against the government but none have stuck. Although some attribute this phenomenon to Gen Prayut's "Teflon" qualities, a more accurate understanding may well be that his cabinet is somehow bullet-proof. Charges can stick but they cannot penetrate.
Thailand's murky jab considerations
Oped, Thitinan Pongsudhirak, Published on 08/01/2021
» Thailand is off to an unpromising start in 2021. As the global coronavirus pandemic rolls into its second year, much of the country is gripped by a new wave of Covid-19 infections after nearly nine months of minimal cases. As case numbers have more than doubled in recent days, the fresh wave has revealed the gross incompetence and corruption among Thai authorities. More alarmingly, while other countries are seeing light at the end of the Covid-19 tunnel with expanding vaccination, Thai people's vaccine accessibility and affordability appear murky.
Undue politicisation at finance and BoT
Oped, Thitinan Pongsudhirak, Published on 03/07/2020
» Thailand's economic growth projections continue to head south as the coronavirus crisis unfolds in the second half of the year. In its most recent forecast, the Bank of Thailand anticipates a sharp contraction of 8.1% this year, worse than the 5.3% it predicted in March. Downside macroeconomic risks are substantial as the Covid-19 pandemic could still degenerate and cause further global health and economic havoc. In this dire environment, Thailand will need steady and seasoned hands to oversee macroeconomic levers. Yet both the finance ministry portfolio and the BoT governorship now face uncertainty and potential politicisation that bode ill for effective and autonomous fiscal and monetary policies.
Coronavirus blues and clues in Thailand
Oped, Thitinan Pongsudhirak, Published on 17/04/2020
» It is unanimous that the novel coronavirus, also known as Covid-19, is a once-in-a-lifetime experience. A common refrain everywhere in the world is "I have never seen anything like it". Its immediate consequences and longer-term transformational repercussions will be felt for years to come. Covid-19 challenges individuals, societies and state institutions to their very core. For Thailand, re-emerging from this devastating pandemic will be tough and tricky, with trade-offs and hard choices.
Asean must unite to resolve Covid-19
News, Thitinan Pongsudhirak, Published on 27/03/2020
» As the Covid-19 pandemic runs its course and wreaks havoc worldwide, the numbers look bleak. Nearly 500,000 people have been infected, and more than 21,000 had died as of Thursday. The international system has reverted to every country for itself, as borders have gone up and globalisation has come down. The world as we knew it is unlikely to be the same, but regions as they were remain relevant. Here, Asean, as Southeast Asia's regional bloc, must face up to the crisis together or risk being torn apart by it.