Bank chief calls for economic reform

Piti Tantakasem, chief executive at TMBThanachart Bank (ttb), has urged structural economic reform to enable the country to withstand persistent political instability.

- SOMRUEDI BANCHONGDUANG

Politics can be uncertain and governments may change many times, but the economic structure must remain strong and consistent, he said.

POLITICAL UNCERTAINTY

According to Mr Piti, Thailand has grappled with political instability for decades, and businesses and the public have adapted. Combined with sluggish growth, he said this uncertainty has weakened the country’s economic foundation, making a rebuild essential.

“Building a house requires both an architect and a constructor. Politicians or governments are like contractors — many have taken on the job of building Thailand's house, but almost every new one has torn down the previous design,” said Mr Piti.

Successive governments often attempt to redesign economic policy so they are remembered as the builder, rather than continuing the work of their predecessors.

This constant shift has forced businesses to repeatedly adjust operations to align with changing policies, he said.

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