Pheu Thai faces significant challenges as it struggles to regain public confidence amid unfulfilled economic promises. Just a year ago, many Thais were optimistic that Pheu Thai’s return to power would alleviate the nation’s economic difficulties by boosting consumer purchasing power, reducing household debt, and reversing slowing economic growth.

 

Pheu Thai’s election campaign emphasised economic policies, promising to achieve an average annual economic growth of 5%, stimulate the economy with a 500-billion-baht package through a 10,000-baht digital wallet scheme, reduce the cost of living, and raise the minimum wage to 600 baht per day within four years.

 

With Srettha Thavisin as Prime Minister and Minister of Finance, the government began its term in September 2023, aiming to address these economic issues. However, ten months in, there remains a lack of clarity and progress on these fronts.

 

The Bangkok-born PM’s early focus on domestic and international visits meant economic matters received less attention initially. In response, he reshuffled the Cabinet, appointing Pichai Chunhavajira as Deputy Prime Minister and Minister of Finance to oversee fiscal policies and form an economic Cabinet.

 

Despite these changes, the government’s economic performance in its first year has arguably been subpar. Economic indicators reveal that the government has missed its targets, with the Gross Domestic Product (GDP) growing by only 1.5% in the first quarter, the lowest in ASEAN. Various economic agencies have revised their GDP forecasts for Thailand this year to an average of 2.4 to 2.5%.

 

A significant factor in the low economic growth was the slowdown in government spending due to delays in the 2024 budget approval, which only took effect in May. The digital wallet scheme also caused delays, facing financial and legal challenges and requiring extensive backend preparations.

 

 

Yet to materialise

 

The government attempted to push budget allocations to local areas, approving 80 integration projects worth 11.7 billion baht during Cabinet meetings outside Bangkok. However, efforts to attract foreign investment have yielded unclear results. While the 62 year old Thai PM met with global business leaders in the US, Europe, and Japan, concrete investments have yet to materialise.

 

Although investment promotion requests have increased, actual foreign direct investment (FDI) figures remain low. Large companies announcing investments in Thailand are primarily from China’s electric vehicle (EV) industry. Major technology firms like Microsoft have announced plans to invest but have not disclosed specific amounts.

 

The government’s failure to address economic problems has impacted the popularity ratings of both PM Srettha and Pheu Thai. According to a NIDA Poll released on June 9, public satisfaction with the government’s performance is low, with 34.35% somewhat dissatisfied and 31.69% not satisfied at all.

 

A follow-up poll on June 30 showed declining support for the prime minister and Pheu Thai. When asked who they would support for the Prime Minister of Thailand, 45.50% chose Pita Limjaroenrat from the Move Forward Party (MFP), while Srettha received only 12.85%, and Pheu Thai’s Paetongtarn Shinawatra garnered 4.85%.

 

In response, Pheu Thai has focused on proactive public relations. The Thai PM launched the Talk with Srettha programme on national television, explaining his foreign trips. However, the government’s achievements remain limited, especially in addressing economic issues, as economic indicators continue to decline.

 

The current sentiment towards the current government is not positive. Moving forward, it remains to be seen how the administration will adjust its strategy to accelerate economic progress and restore political ratings, aiming to boost Pheu Thai’s popularity to match that of the leading MFP, which garnered the most votes in last year’s General Election, reported The Nation.

 

By Ryan Turner

Image courtesy of KhaoSod

 

Source: The Thaiger 2024-07-09

 

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Thailand is the hub of destroying things... Tourism, business, proper education,  long term visitors/expats and now economy...first by doing nothing and secondly to borrow so much money that the country has to pay a lot in coming years to get rid of the loans...

He wasn't elected in the first place. Why should he be concerned about public confidence? [rhetorical question]

Well they promised 10k baht bribes for votes, then lost-so pay up, inflation to follow!

Lost cause at this point, they are Public Enemy #1.

Phue Thai = Thaksin Shinawatra.

Their first priority is the boss and his family.

It sees slowly more Thais realize this fact. And they also start to realize that what is good for Thaksin is not automatically good for Thailand.

Ironic how their new policies on tax and maintaining the bureaucratic nightmare for retirees on visa issues, are chasing out quality foreigners from Thailand and their money that get's spent elsewhere in Asia.

What are you talking about? He fulfilled all their election promises!

 

He brought back Thaksin. And he brought back Thaksin. Then he brought back Thaksin. And did I mention he brought back Thaksin?

13 hours ago, snoop1130 said:

Pheu Thai faces significant challenges as it struggles to regain public confidence amid unfulfilled economic promises. Just a year ago, many Thais were optimistic that Pheu Thai’s return to power would alleviate the nation’s economic difficulties by boosting consumer purchasing power, reducing household debt, and reversing slowing economic growth

Only the gullible thought that.

Yeh where those visas at bro

14 hours ago, snoop1130 said:

Pheu Thai faces significant challenges as it struggles to regain public confidence amid unfulfilled economic promises.

 

Thaksin helped a lot ... to lose confidence ...

Thai politicians do not realize that they cannot brainwash the young anymore .

The young voters find their info on the net , and do not believe the old lies anymore .

Hope that they explain to their families ...

14 hours ago, snoop1130 said:

... promising to achieve an average annual economic growth of 5%, stimulate the economy with a 500-billion-baht package through a 10,000-baht digital wallet scheme, reduce the cost of living, and raise the minimum wage to 600 baht per day within four years.

 

Yes , they promise everything before the election , and forget it all after ...

Typical behavior for a politician .

 

14 hours ago, snoop1130 said:

The government attempted to push budget allocations to local areas, approving 80 integration projects worth 11.7 billion baht during Cabinet meetings outside Bangkok. However, efforts to attract foreign investment have yielded unclear results. While the 62 year old Thai PM met with global business leaders in the US, Europe, and Japan, concrete investments have yet to materialise.

 

Good joke .

A lot of noise for just nothing .

But they are good at spending money . ( not their own , of course ) .

 

14 hours ago, snoop1130 said:

public satisfaction with the government’s performance is low, with 34.35% somewhat dissatisfied and 31.69% not satisfied at all.

 

 

Thais wake up now .

Not want to listen to the old , always same lies anymore ...

Good .

14 hours ago, snoop1130 said:

Just a year ago, many Thais were optimistic that Pheu Thai’s return to power would alleviate the nation’s economic difficulties by boosting consumer purchasing power, reducing household debt, and reversing slowing economic growth.

So "many" that PTP couldn't achieve a majority 51% in the House, nor even a simple majority in the House that MFP had won, and required "many" of the unelected pro-military senators' vote to gain control of the government.

In turn PTP did follow "many" of the failed economic and political policies of the former junta government because it seems that the PTP didn't want to upset the military.

Thus crushing the hopes for a better future for the Thai electorate.

 

18 hours ago, Galong said:

He wasn't elected in the first place. Why should he be concerned about public confidence? [rhetorical question]

He isnt.. Tacky is.. 

He (Tacky) needs to get a quick fix sugar rush into the economy to consolidate power and get control of the handles of influence.