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Thailand's Policy Challenges

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  • Deunden Nikomborirak

Abstract

Thailand's real gross domestic product growth has fallen to a permanently lower trend, making it the worst performer in the Southeastern Asian region. The export sector, the country's long‐standing growth engine, has sputtered due to the declining competitiveness of the manufacturing sector. Chronic political instability during the last two decades has resulted in the adoption of short‐sighted policies, in particular, populist policies designed specifically to garner votes rather than improve the long‐term productivity of the business sector. The military coup was expected to restore political stability and end costly populist policies introduced by elected civil governments. Unfortunately, as the military government develops its long‐term political aspirations, it, too, seeks the assistance of populist policies to ensure its political success. Thailand has promulgated laws and regulations to ensure fiscal discipline, but it has yet to be seen whether the letter of the law can help prevent such populist policies in practice.

Suggested Citation

  • Deunden Nikomborirak, 2020. "Thailand's Policy Challenges," Asian Economic Policy Review, Japan Center for Economic Research, vol. 15(2), pages 284-300, July.
  • Handle: RePEc:bla:asiapr:v:15:y:2020:i:2:p:284-300
    DOI: 10.1111/aepr.12293
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    References listed on IDEAS

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    Cited by:

    1. Akio Egawa, 2020. "Comment on “Thailand's Policy Challenges”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 15(2), pages 301-302, July.
    2. Veerayooth Kanchoochat, 2023. "Siamese Twin Troubles: Structural and Regulatory Transformations in Unequal Thailand," Asian Economic Policy Review, Japan Center for Economic Research, vol. 18(1), pages 47-68, January.

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