The Pheu Thai government is trying to stimulate the country's economy but it is moving in the wrong direction, former Bank of Thailand governor and ex-finance minister Pridiyathorn Devakula said Sunday.
MR Pridiyathorn Devakula (Photo by Kitja Apichonrojarek)
MR Pridiyathorn said the government's populist schemes had resulted in widespread corruption, which directly affected the economy.
The 300 baht minimum daily wage policy did not help much as it did not improve different aspects of production, he said.
He said the government is trying to stimulate people to spend money in the country by introducing different projects, such as a tax rebate for first-time car buyers, but it is a wrong move and does not yield benefits in the long run.
"If the two-trillion-baht borrowing bill is approved, the government must have plans to quickly stimulate spending. So far, the government has underperformed and its economic team is not good enough.
"The government must use the people who clearly understand the issue and do the job properly. If not, the country will stay stagnant and move backward," MR Pridiyathorn said.