Dead man walking

With Thailand performing poorly among its regional peers, businesses are demanding the new government implement major structural reforms to restore the country’s economic health, write Lamonphet Apisitniran, Somhatai Mosika and Nuntawun Polkuamdee

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Being labelled the “sick man of Asia” has forced Thailand to reassess the longstanding problems causing its “chronic economic illness”.

However, as the new government is expected to mirror the previous administration, the business sector doubts whether the repackaged leaders can rouse the country from its economic slumber, particularly regarding needed structural reforms.

DEAD MAN

Thailand actually risks becoming a “dead man” if the new government bases its selection of cabinet members on political quotas, said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI).

He said the business sector is gripped with concerns over how the Thai economy will be restored under the Bhumjaithai Party-led coalition government as negotiations between political parties look set to be mainly based on how many and which cabinet seats parties will get in exchange for their support of Anutin Charnvirakul as prime minister.

Bhumjaithai is likely to join hands with the Pheu Thai Party, as well as some small parties, according to media reports.

Cabinet reshuffles may occur every six months to ensure the participating parties can supervise the ministries they want, said political observers.

"That is unacceptable. If ministers are changed every six months, the government will not differ from past iterations," said Mr Kriengkrai.

"This political model satisfies politicians’ wants, but does not address the country’s economic ills."

Foreign media reports labelled Thailand “the sick man of Asia”, underscoring the need for urgent reform to deal with a range of economic problems that have long hindered GDP growth.

"Thailand needs skilled doctors to cure its illness and provide continuous care. Changing doctors could render the nation a dead man," he said.

The business sector wants a team of professional and capable people to tackle complex economic problems at their roots, said Mr Kriengkrai.