Only one way for Thailand to address the 6 threats it faces: TDRI
There are six major threats to the economy and quality of life in Thailand, but one condition is required to address them, Thailand Development Research Institute president Somkiat Tangkitvanich said in a keynote speech at a forum on Thailand’s post-election future organised by the National Press Council of Thailand.
The condition necessary for addressing Thailand’s most critical problems is a return to democratic government, Somkiat said.
He identified the six main issues facing Thailand as:
1. Employment: Despite the post-pandemic economic recovery, the current unemployment rate of 1.05% means about 400,000 people do not have jobs. The good employment data, however, obscures the fact that wages are low, Somkiat said. If political parties adjust the minimum wage, it should be done appropriately, reflecting inflation and rising prices. The minimum wage should be raised to at least 390 baht.
2. Household debt: Low wages are causing household debt to rise. The Bank of Thailand forecast that by the end of 2022, household debt would reach around 15 trillion baht, accounting for 87% of gross domestic product (GDP). Furthermore, the recent redefinition of household debt by including two to three additional debt factors raises it to 16 trillion baht, equivalent to 91% of GDP. This poses a significant challenge to the economy.
3. Deteriorating health: The mortality rate from non-communicable diseases such as cancer and respiratory diseases caused by PM2.5 air pollution is rising. Mental health issues, such as stress and depression, are also becoming more prevalent. Deaths from infectious diseases, like Covid-19, contribute to the problem.
4. Crime: Rates of violent crime, including sexual assaults, are rising.
5. Deadly roads: Motorcycles account for about 80% of all vehicles involved in accidents and a significant number of those killed in road accidents are under the age of 15.
6. Consumer protection: Complaints to the Consumer Protection Board have surged 40%, with advertising, online lending, and business monopolies being the main targets. The merger of two telecom operators, True and Dtac, could lead to higher service costs, while the consolidation of hospitals could push up the cost of treatment.
To address these issues, people need to have control over their government and democracy is necessary to accomplish this, Somkiat said.
Thai society must strengthen itself to control both the government and businesses. Balanced development requires a strong state that can respond to the needs of the people, Somkiat added, noting that the government has so far been able to solve the PM2.5 air pollution crisis.
This is an example of a weak state failing to meet the demands of the people, Somkiat added.
