PM: Almost the entire economic team to be replaced

[Lite Beer]

PM: Almost the entire economic team to be replaced

BANGKOK: -- Almost the entire economic team will be replaced by a new team led by Mr Somkid Jatusripitak, currently advisor to the National Council for Peace and Order, who will swap post with Deputy Prime Minister M.R. Pridiyathorn Devakula, said Prime Minister Prayut Chan-ocha on Wednesday.

He said he had assigned General Vilas Arunsri, secretary-general of the prime minister, to talk with M.R. Pridiyathorn about the position swapping and believed there would not be any problem.

The prime minister disclosed that the reshuffle would involve more than 10 positions with several ministers being removed and some swapping posts. He insisted those who are to be replaced did not under-perform with some of them offering to take a break citing their old age.

Asked about the economic team led by M.R. Pridiyathorn, the prime minister said almost all of them would be replaced and he expected the new team, to be led by Mr Somkid, would perform well as had been expected by the public.

He disclosed that Deputy Prime Minister Visanu Kruea-ngarm would retain his post while another deputy, Mr Yongyuth Yutthawong, would be named his advisor and General Thanasak Patimaprakorn would retain his post as deputy prime minister but would have to cede the foreign portfolio to a senior foreign official.

He made clear that the new cabinet would have to work harder than the current one as they would have to start implementing reforms as well.

Source: http://englishnews.thaipbs.or.th/pm-almost-the-entire-economic-team-to-be-replaced

-- Thai PBS 2015-08-19

[Will2011]

They should all be replaced anyway!

[Prbkk]

Credit where credit's due....he's seen the economic policy dream team for the disaster that it is and has sacked the lot. It's a start.

[Pattaya28]

Says it all really !!

[shirtless]

You cant order an economy to change that is why military play with guns and politicians play with the fate of the countrys economic future

[NCC1701A]

lets hope they have western educations and understand wall street, Geo politics, FX, US FED, IMF, and can enforce the rule of law.

OK, that last part was asking too much...

[nojoma]

need a little help here folks.......who's larry, curly and moe in this charade......think moe's a done deal

[Thai at Heart]

He announces an economic reshuffle now?

[smutcakes]

Will those being replaced be removed completely, or will they be moved to different positions?

[fish fingers]

The problem with the thai economy is consumers are buying less and tightening their belts. Less tax coming in mean the government have to create new ways to fill the coffers, which won't be popular.

[Pib]

...with some of them offering to take a break citing their old age.

Like they were not already old a year or so ago when the initially took the positions. No, boys and girls, it has nothing to do with age...it has everything to do with ability to do the job/performance regardless of age.

[Sarathi]

Somkid, you may remember, was former PM Thaksin's economic leader for the Thai Rak Thai party, who was banned for 5 years from politics.

[Rancid]

lets hope they have western educations and understand wall street, Geo politics, FX, US FED, IMF, and can enforce the rule of law.

OK, that last part was asking too much...

True, we can only hope they do understand all those corrupt institutions and know not to copy them. As there is not one corrupt Western banker in jail let's also hope they, unlike the West, actually enforce rule of law as well.

[firestar]

Somkid Jatusripitak better known as Thaksin Shinawatra's deputy prime minister and finance minister to the rescue

But wait... according to some here weren't Thaksin's chums all incompetents who ruined Thailand....

[Srikcir]

It's time for more than just a cabinet reshuffle.

But only the military leadership has that priviledge.

[heybruce]

lets hope they have western educations and understand wall street, Geo politics, FX, US FED, IMF, and can enforce the rule of law.

OK, that last part was asking too much...

Can enforce the rule of law? Western investors want to see rule of Article 44 decree replaced with written, sensible rule of law. Until then the only significant investment will come from China.

[rubl]

Negative waves here are amazing. No cabinet reshuffle: no good, Cabinet reshuffle: no good.

Anyway, even with Bloomberg somewhat controversial article the global economy isn't really helping Thailand. The time lost in 2013 concentrating on a 'blanket amnesty bill' and "let's borrow 2 trillion Baht now" didn't help, the time lost in 2014 to get unrest settled didn't help either. Let's hope the attack at the Erawan Shrine wasn't political motivated, we would lose another year or two.

So, a new Economical Team. Some persons well respected independent of their colour of underwear. Of course like in 2001 a few years World Wide Boom would also help.

[Baerboxer]

lets hope they have western educations and understand wall street, Geo politics, FX, US FED, IMF, and can enforce the rule of law.

OK, that last part was asking too much...

Can enforce the rule of law? Western investors want to see rule of Article 44 decree replaced with written, sensible rule of law. Until then the only significant investment will come from China.

Would you like to provide with the information you have showing the levels of investment and their sources since the current government took control.

VW aren't a Chinese company. Are you suggesting they will reverse their huge planned investment that was announced? One example.

Western investors aren't interested in morals, ethics, or anything except profit; as they proved over and over. The Thai elites are amateurs compared to the scams the Western bankers and investors get away with.

[tonbridgebrit]

Yes Thailand, carrying out a bit of serious surgery is what you might need.

[phoenixdoglover]

Somkid Jatusripitak better known as Thaksin Shinawatra's deputy prime minister and finance minister to the rescue

But wait... according to some here weren't Thaksin's chums all incompetents who ruined Thailand....

Oh, the irony.

[tonbridgebrit]

Actually, lets get real here. I'm not an anti-Thaksinite, but how about this. If Thaksin was still in charge, well, the economy would still be going downhill, right ?

It's just that if Thaksin was still in charge, well, the anti-Thaksinites would be jumping up and down, going on and on about how Thaksin has trashed the economy with his bad policies.

[heybruce]

lets hope they have western educations and understand wall street, Geo politics, FX, US FED, IMF, and can enforce the rule of law.

OK, that last part was asking too much...

Can enforce the rule of law? Western investors want to see rule of Article 44 decree replaced with written, sensible rule of law. Until then the only significant investment will come from China.

Would you like to provide with the information you have showing the levels of investment and their sources since the current government took control.

VW aren't a Chinese company. Are you suggesting they will reverse their huge planned investment that was announced? One example.

Western investors aren't interested in morals, ethics, or anything except profit; as they proved over and over. The Thai elites are amateurs compared to the scams the Western bankers and investors get away with.

"Thailand’s financial markets offer little respite. It is the only major equity market in Asia that has posted outflows this year, while corporate debt sales look set to miss last year’s record." http://www.bloomberg.com/news/articles/2015-07-29/post-coup-thailand-sees-economic-slump-putting-pressure-on-junta

Western investors are motivated by fear and greed, and they fear a country without predictable rule of law. Article 44 rule doesn't provide predictable rule of law.

Edited August 19, 2015 by heybruce

[Thai at Heart]

Somkid, you may remember, was former PM Thaksin's economic leader for the Thai Rak Thai party, who was banned for 5 years from politics.

Well, having overseen years of growth under TRT, he can't be a bad choice. Devakula is a complete old school, pooyai fool.

Where is Korn? Can't he be dragged out for the good of the country. They have to get the economy moving somehow.

Liberalise investment rules and let the wonga flood in. Property reform, banking reform, agricultural reform. Of whoops. They are all staunch Democrats milking the country with their oligopoly......

[Thai at Heart]

Actually, lets get real here. I'm not an anti-Thaksinite, but how about this. If Thaksin was still in charge, well, the economy would still be going downhill, right ?

It's just that if Thaksin was still in charge, well, the anti-Thaksinites would be jumping up and down, going on and on about how Thaksin has trashed the economy with his bad policies.

Who knows. There are so many sectors ripe for reform in Thailand. His proposed reforms were 90% of the reason that the first coup happened.

No way any politician is going to mess with the flow of wonga to the old money in Thailand. Except his business which was held out to dry after 97 to liberalisation whilst everyone else's stayed protected.

And u wonder why he might have an issue with the real old money elite in Bangkok.....

[Whyamiandwhatamidoinghere]

A few more bombs and they can replace the entire word "Economic"

[webfact]

CABINET RESHUFFLE
Somkid to take over from Pridiyathorn as head of economic team
JEERAPONG PRASERTPOLKRUNG,
PETCHANET PRATRUANGKRAI
THE NATION


Somkid

BANGKOK: -- PRIME MINISTER Prayut Chan-ocha confirmed yesterday for the first time that former finance minister Somkid Jatusripitak would become his deputy and head the government's economic team tasked with spurring economic growth in a Cabinet reshuffle.

While some business leaders were delighted with the news, as they believed he could help promote confidence in the business sector, many said they would closely watch for policies that could drive economic growth.

The premier decided to swap the posts of Deputy Prime Minister MR Pridiyathorn Devakula and Somkid who is currently an economic adviser to the National Council for Peace and Order (NCPO).

"I have shifted Pridiyathorn to be an adviser and let Somkid take over instead. Somkid has helped me from the start, so there is no problem. Everyone is willing to be my adviser," Prayut told reporters.

Prayut submitted the new Cabinet list for Royal endorsement on Monday. He said more than 10 Cabinet positions had been "adjusted".

"Several people have been made advisers and will still work with me. I believe the new Cabinet will have to work harder than the previous one because I will get them to look at reforms," he said.

He said Deputy Prime Minster for social issues Yongyuth Yutthawong will be shifted to PM's adviser.

The premier revealed that apart from Somkid, General Prawit Wongsuwan, Wissanu Krea-ngam and General Tanasak Patimapragorn would continue as deputy prime ministers. Tanasak will, however, lose his post of foreign minister, Prayut said. A source said Tanasak's deputy Don Pramudwinai is expected to be elevated to foreign minister.

Somkid had also served as deputy prime minister and commerce minister under deposed prime minister Thaksin Shinawatra government and was a key proponent of the populist policies known as "Thaksinomics".

Vallop Vitanakorn, vice chairman at the Thai National Shippers Council, said the new economic team led by Somkid should promote confidence in the business sector and come up with policies that would drive stronger economic growth.

However, Vallop foresees a stiff challenge for the new ministers, as many problems both internal and external are affecting the Thai economy. He said the private sector would keep a close eye on the new economic team and see whether they will come up with measures that could stimulate economic growth. Yet, he admitted that it will not be seen in short as many negative factors.

Among the urgent issues the private sector would like the new ministers to tackle are: Stimulate domestic spending and increase the low income of the grassroots; continue measures to promote economic growth; increase investments and boost investor confidence; solve issues related to the country's image on air transportation, labour and employment, and fishing industry; as well as increase the competitiveness of small and medium enterprises.

Pornsil Patchrintanakul, adviser to the Thai Chamber of Commerce, said he was not excited about the reshuffle as only a few ministers have been changed. He said the previous team has done quite well in drawing up many economic policies, but some measures need more time for the results to be visible.

He said to promote more confidence, private enterprises want to see more long-term strategies to promote economic growth in the long run but the government is currently focusing on short-term strategies in order to handle the present problems.

Pornsil added that Thailand might need to draw up a 20-year plan to promote economic growth in several sectors mainly agricultural, manufacturing, investment, and service.

Some feel that Pridiyathorn could be upset about the swapping of positions with Somkid.

Before Prayut's confirmation of the change, Pridiyathorn had said the prime minister had never spoken to him about it hence he had no idea which post he would take.

"It doesn't matter actually," said Pridiyathorn. "During the weekly Cabinet meeting on Tuesday, he didn't say anything. He just mentioned about the reshuffle, but we didn't have a one-on-one conversation between us," he said.

Pridiyathorn said there is only one chief adviser to the NCPO, which is General Prawit.

Despite the report about the upcoming reshuffle, Pridiyathorn continued his work yesterday at Government House, chairing two meetings.

Suvit Maesincee, who is tipped to be the Deputy Commerce Minister, said he had submitted his resignation as a National Reform Council member as he was going to join the Cabinet. However, he declined to reveal his portfolio.

Source: http://www.nationmultimedia.com/politics/Somkid-to-take-over-from-Pridiyathorn-as-head-of-e-30267032.html


-- The Nation 2015-08-20

[Thai at Heart]

Piryathorn said it doesn't matter. Does anything matter to this numpty?

[empireboy]

Better late than never. The incompetent cannot remain leading the masses to their reasonable aspirations! Good start General PM.

[Daniel Boon]

You cant order an economy to change that is why military play with guns and politicians play with the fate of the countrys economic future

it's debatable which is of greater damage ...

[Eric Loh]

Seem a little too late to replace the economic team after a full year of incompetency and continuous deterioration of the GDP. Full blame falls on the PM in stubbornly held his 'band of brothers' mentality and stick with this incompetent team for a full term. He should have replaced them at the first sign of economic malaise in the beginning of the year. Doubt Somkid and his men can do much for this year. Perhaps next year with some of Somkid's famous policies of targeting the domestic economy and less dependent on export.