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BANGKOK (The Nation Thailand/ANN): With the formation of the new Cabinet expected to be completed this week, top sources are predicting that the new government’s economic policies will build on those of Srettha Thavisin administration, including the immediate implementation of policies like the 10,000-baht digital handout initiative.
In an interview, former PM Thaksin Shinawatra confirmed that Paetongtarn Shinawatra will head up the economic team, emphasising that the Prime Minister focuses on teamwork. Additionally, the Pheu Thai Party has a dedicated economic team and plans to invite several external experts to assist.
There are five key areas to monitor and prepare for as the new government rolls out its economic policies, which may impact overall economic management under the Prime Minister:
The role of the Prime Minister as head of the economic team: Declaring the PM as the head of the economic team sends a message to the public that the government prioritises solving economic issues.
The PM must closely oversee all key economic matters and policies, such as debt resolution, credit problems, interest rate policies, and geopolitical challenges, potentially utilising the Economic Cabinet as a driving force.
Coordinating economic policies with coalition partners: While the Pheu Thai Party has its own policies, there are areas not directly overseen by its ministers, such as the nationwide minimum wage of 400 baht per day set to launch on October 1 under the Ministry of Labour, which is managed by the Bhumjaithai Party, as well as energy policies under the United Thai Nation Party.
The PM’s role in Economic Policy Committees: The Prime Minister should prioritise these committees, such as the Board of Investment (BOI), the National Electric Vehicle Policy Committee (EV Board), and the National Water Resources Committee (NWRC).
Mechanisms for monitoring economic policy implementation: There needs to be a set timeline and continuous monitoring of policy implementation, differing from the previous government under PM Srettha, which was noted for issuing directives but lacking in follow-up mechanisms.
Government policy communication: It is vital that the PM personally communicates key policies, especially economic policies such as the digital wallet initiative, to ensure clear and direct public understanding. - The Nation Thailand/ANN
