Suthee Singsaneh passes away
Suthee Singsaneh, one of the most prominent finance ministers in Thai history, died on August 3 of natural cause at the age of 85.
The messiah took place at Wat Phra Mahathai in Soi Ruamrudee 2.
Throughout his life, he served as the finance minister three times. In civil service, his highest title was the director general of the Budget Bureau.
He also served as a senator as well as a member of the Securities and Exchange Commission’s board of directors and the Crown Property Bureau.
Suthee gained much of his fame mainly from tough decisions while serving the Gen Prem Tinnasulanonda's government. He was the deputy finance minister, working closely with then finance minister Sommai Hoontrakul in the devaluation of the Thai baht in November 1984.
In the early 1980s, the world suffered from a severe oil glut as a result of slowed economic activity in industrial countries. Inflation spiked, while current account deficit shot up. Thailand then relied mostly on agricultural exports. During the first half of the decade, the government had to adopt a number of unpopular austerity measures.
The baht devaluation marked a shift of policy towards the export-oriented strategy. In 1985 and 1986 the economic outlook was still depressed, with an average growth rate of only 4 per cent. During these two years, the government had to launch economic adjustments like a tigher budget ceiling, restrictive control on state enterprises, and a cautious external debt policy.
Suthee was one of government technocrats who helped reshape the Thai economic structure, being among technocrats from the National Economic and Social Development Board, the Budget Bureau, the Bank of Thailand and the PM's eocnomic advisors. He was one of respectable economic ministers who had no party affiliation.
The economy prospered and survived the Gulf War thanks to the policies which boosted Thailand's competitiveness through a greater focus in manufacturing-based exports and tourism.
