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.
Prospects at home and abroad in 2024
Oped, Thitinan Pongsudhirak, Published on 05/01/2024
» Overlooked but deeply consequential, 2024 will be the first time in a decade that Thailand is ruled by a civilian-led government. Whatever frustration and disenchantment that arise this year, memories must not run short. Thailand suffered deeply under the coup-backed regime of Gen Prayut Chan-o-cha. Seeing his back is politically good riddance, and having Srettha Thavisin as a thoroughly civilian and pro-business prime minister bodes well for the country. Yet Mr Srettha has his work cut out to boost the economy, address constitutional reform, restore Thailand's international standing, and stay in office into next year amid the global economic slowdown.
Stakes and meanings of the 2023 poll
Oped, Thitinan Pongsudhirak, Published on 17/03/2023
» For all intents and purposes, Prime Minister Prayut Chan-o-cha will not call an early election and will practically use up the full four-year term before dissolving the Lower House. Calling an early poll is often a sign of confidence and stability while putting it off to the last minute can be seen as timid and desperate. Nevertheless, the good news is that Thailand will have an election soon. The broader stakes and meanings of the upcoming poll are as follows.
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.
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.
Asean's Myanmar crisis out of control
Oped, Thitinan Pongsudhirak, Published on 26/03/2021
» Myanmar's spiralling post-coup violence and bloodshed has become Asean's existential crisis. It is customary to pin hopes on an Asean way of fudging and nudging the main protagonists into some workable, face-saving compromise to save the day but this time the situation is dire and dark. Unless the 10-member regional organisation can make a difference in halting Myanmar's descent into uncontrollable violence and potential civil war, Asean is at risk of undermining and perhaps ending its success story.
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.
China-US rivalry on Mekong mainland
Oped, Thitinan Pongsudhirak, Published on 27/11/2020
» Unlike other key foreign policy areas where President-elect Joe Biden will likely change the course left behind by outgoing President Donald Trump, the Mekong River region in mainland Southeast Asia represents a low-hanging fruit where continuity from Washington carries consensus. As China has dominated the Mekong space by operating a string of upstream dams and controlling downstream river resources, Cambodia, Laos, Thailand, and Vietnam as adversely affected riparian countries have looked for ways and means to mitigate and counterbalance Beijing's aggressive freshwater offensive. All the incoming Biden administration has to do is to keep its eye on the Mekong and work with like-minded partners to keep mainland Southeast Asian countries from becoming Beijing's uncontested front yard.
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.
Thai Airways a microcosm of Thailand
Oped, Thitinan Pongsudhirak, Published on 29/05/2020
» Not so long ago, when air travel was not so commonplace, Thai nationals studying and working abroad could feel like they were half-way home when they saw Thai Airways (THAI) planes on tarmacs around the world. It was a symbolic comfort to know that getting on one of the national flag carrier's aircraft would eventually end up getting them home. As THAI has entered a massive and unprecedented reorganisation plan, the national airline is a microcosm of Thailand itself.