Is Thailand really having an “economic crisis” as the government says?

21 November 2023 Mr. Kiat Sitthiamorn Economic Working Group and former party list MPs Democrat Party Express your opinion via personal Facebook about Digital Wallet Project, stating that
It is usually considered that a country is suffering from an economic crisis. There must be the following events.

1) Exchange rates or currency values ​​fluctuate wildly.
2) The economy deteriorates into negative territory quickly and unexpectedly.
3) Inflation soars, things become so expensive that they can’t control it.
4) Many companies and entrepreneurs are laying off workers at the same time, causing unemployment to increase rapidly.
5) People flock to withdraw money from banks.

If so It can be considered that the country is definitely in an economic crisis. But when the Prime Minister tells people in the country that we have a crisis that requires borrowing more than 500,000 million baht to distribute, we must stimulate the economy in a big way. while inviting foreign investors to invest in Thailand By sending a signal that we are ready, our investment will grow more than 30 percent. People will definitely listen. Both businessmen and the general public Both inside and abroad You must feel confused because what is said on behalf of the government is very contradictory.

Announcement that we need to leave Special Loan Act to stimulate the economy It is not a normal annual budget. Even though it is possible to do I must admit that it is very unusual..

Quite a few people were curious and came to their own conclusions: The Prime Minister said that we have a crisis because of the Fiscal Discipline Act. It has been clearly stated that the Budget Act can be issued in special cases. It must be a case of urgent necessity. to solve the crisis cannot be made into a normal budget For this reason, Thailand has become a country with an economic crisis by default.

Finally, Mr. Kiat added that But you must not forget that In such a case The government must prove that Budget to be used Has economic or social value according to Section 57 of the State Financial Discipline Act 2018. If done poorly, it is not legal. History can repeat itself.

Let’s do it like this. It can affect the credibility of the country.