Inequality will become a key post-Covid-19 problem and addressing the issue must be put on the national agenda, Srettha Thavisin, CEO and president of SET-listed Sansiri Plc says.
He also suggests seven ways to bolster the economic recovery and help the country move forward.
Mr Srettha says the economic slowdown due to the Covid-19 pandemic has been widening the income gap between the rich and poor that is becoming harder to fix.
"Consequential to the gap is that social and economic equality will become harder to achieve," he noted.
Capital injection measures which all countries have adopted are short-term for dealing with hardship among people but such measures are not the answer to solve inequality, he said.
For example, the US launched the American Rescue Plan Act, the biggest economic stimulus package in US history worth US$2.2 trillion (73.6 trillion baht) this year.
As it turns out, the rich, who account for 1% of the population in the US have become even richer, with a total net worth of $4.8 trillion, a vast gap is separating them from the 80% of the population at the base of the income pyramid.
The situation in Thailand is no different, with the Covid-19 crisis widening the income gap and creating more inequality.
Accessibility of quality vaccines and fast treatment is crucial for the time being.
He said the recovery of the Thai economy depends on the accessibility of vaccines.
"Nothing is more important than efficient vaccines for Covid-19, including the booster shot.
Just like other kinds of flu, injections may even be required annually, and therefore endorsement funds for the issue is crucial," Mr Srettha said.
Besides addressing inequality, which needs to become part of the national agenda, Mr Srettha suggested seven ways to boost the economic recovery.
Investment in megaprojects: Massive investment would allow efficient financial circulation for society overall, especially for SMEs and tourism. Foremost to Thai investment is funding.
Currently, the government has borrowed 1.5 trillion baht for handling the Covid-19 crisis. It needs additional loans to finance investments and the government should seek a legal adjustment to expand the public debt ceiling to more than 60% of GDP.
Tax restructuring: To find a better balance in economic inequality and increase the government's income, a wealth tax should be reconsidered as it would allow money to be collected from the high-income group.
Price support for agricultural products: By increasing the price of agricultural products, farmers, a vast group of people will become more able to support themselves.
Solving the problems of Thai Airways International and other airlines: As Thai GDP relies heavily on tourism, the airline business must be further assisted during this difficult time.
THAI's debt and organisation restructuring must be completed with transparency as soon as possible.
Policies to attract investors: Policies and incentives to attract more tourists should therefore be formulated.
Constitutional amendment: This would restore political confidence and stability and reduce internal conflict that is currently hindering economic growth.
For Sansiri itself, Mr Srettha said the company has allocated 100 million baht to help small businesses through its "No One Left Behind" campaign in the hope of narrowing the economic gap and helping the country through the pandemic.
"Sansiri is viewing this pandemic as a national agenda issue to begin with. We are aware of the help potential from bigger businesses and the immediate needs of smaller entrepreneurs.
"Our aim is to simultaneously reduce the social and economic gap brought about by the outbreak," concluded Mr Srettha.
"We hope that our No One Left Behind mission will carry the country out of this crisis stronger as a whole," he said.