PM denies misusing power as FM to disclose confidential economic data

While failing to explain why government spokesman Chai Wacharonke was able to announce the key economic data for 2023, Srettha only said he did not abuse his authority at the Finance Minister to get the data from the Fiscal Policy Office.

The controversial disclosure by Chai on Tuesday revealed that the Thai economy grew by only 1.8% in 2023, in stark contrast to the 2.5-3% projection by the Bank of Thailand (BOT).

This move was seen by some as an attempt to justify the plan to take an off-budget loan of 500 billion baht to fund the digital wallet scheme. Many state agencies have advised against the loan, saying the economy is not in a big enough crisis to warrant it.

When reporters asked why the spokesman disclosed key economic data before it was officially announced, Srettha only said the data was unofficial and could not be confirmed as Chai had only read the draft.

Instead, he said, the reporters should wait for an official announcement from the Fiscal Policy Office.

“I won’t confirm the data. Even though I’m the finance minister, I have never sought confidential information before it is announced,” he said. “The Fiscal Policy Office is free to compile its data and we must treat the office’s director-general with due respect.”

After Chai disclosed the data, BOT governor Sethaput Suthiwartnarueput told the press that the Thai economy had just slowed down and was not in a crisis as claimed by the government.

The BOT had earlier expressed its disagreement to the contentious 500-billion digital wallet scheme and to the government’s repeated calls for it to lower the policy interest rate.

Srettha, meanwhile, said that though he did not want to label the economy as being in a crisis, it was certainly “not good”. He also conceded that it was normal for the central bank governor to disagree with the government.

When asked if he would come up with new stimulus measures, Srettha said his government consistently deliberated on economic stimulus measures beyond the digital wallet scheme.

He said he has been consulting the Fiscal Policy director-general constantly about economic measures and believes the director-general speaks to the BOT chief often.