The private sector is urging the new government, led by the Bhumjaithai party, to role out immediate measures to address urgent issues, even though this administration is not expected to last long.
Kriangkrai Thiennukul, president of the Federation of Thai Industries, listed the urgent issues as the rising cost of living, rising energy costs, financial support for SMEs, talks with trade partners, especially the United States, the modernisation of the tax system and the improvement of the investment climate.
He said that energy costs are placing heavy burden on people and businesses alike, while many SMEs are experiencing difficulties in securing funding from financial institutions.
He also said that trade and tariff talks with the United States should not be disrupted by political change in Thailand and should continue, in tandem with the exploration of new markets for Thai goods.
Kriangkrai admitted, though, that the precondition for the support of the People’s party, namely that the new government must dissolve the House within in four months of the new administration’s policy statement, will leave it unable to achieve any structural changes, such as tax system modernisation and development of a new energy strategy.
Despite the drawbacks, he said the government should make use of its limited time to the fullest, to stimulate the sluggish economy and to improve the investment climate, as he pledged full support from the private sector.
Meanwhile, Thanawat Pholvichai, chief economic advisor of the Economic and Business Forecast Centre of the University of the Thai Chamber of Commerce, voiced support for the new prime minister’s plan to recruit professionals, well versed in economics, to join his Cabinet.
He said he expects to the Cabinet to assume office and start working in mid-October.
