PUBLISHED: 6 Jul 2024 at 04: 20
Parnpree Bahiddha- Nukara, a previous deputy prime minister, has suggested that the government restructure the market and take lessons from its rivals to help Thailand advance in the current slowdown.
Mr Parnpree, a former foreign minister, gave a presentation on Thailand’s financial course at the 27th memorial function of the National Press Council on Thursday.
Due to the “hypersensitive” nature of the Thai market as a result of both the delicate state of local politics and world hostilities, Mr. Parnpree said such reform is necessary.
Financial challenges and uncertainty were brought on by political crises over the past 15 years, he claimed, and digital disruptions were a result of this.
” Any missteps by the state can lead to severe financial crises, like what we have now,” he continued.” All of these factors caused the local economy to shift.
More efforts are required, according to Mr. Parnpree, to boost exports and funding while reducing public and private loan.
He claimed that Thailand relied on exports and foreign investment to generate at least 70 % of the country’s money, but that private investment alone was insufficient to stimulate the economy.
However, a decrease in trade growth has caused GDP to grow at its lowest degree.
The International Monetary Fund ( IMF) expects this year’s growth may be 2.2- 2.7 %, the lowest among developing East Asian countries, Mr Parnpree said.
With public debt skyrocketing, over 91 % of households are likely to be in debt by the end of this year, he said.
He claimed that given a strong government plan to boost the business, Thailand is comparatively unaffected by political unrest and volatility compared to many other Indochina countries.
According to Mr. Parnpree, the lack of ongoing monetary growth suggests that the government needs to develop more policies to support standard businesses, among other things.
He remarked that it is necessary to alter the financial system right away before it is too late.