Given the current economic situation in Thailand, it is crucial not only to urgently find a suitable Finance Minister who understands the issues and can work effectively with the Deputy Prime Minister but also to focus on which problems to prioritize.

Looking at the state of the Thai economy and the global economy today, it is clear that we urgently need a Finance Minister who comprehends the challenges and can align with the Deputy Prime Minister's goals. It is indeed a difficult task for the Prime Minister, who is facing challenges in finding the right person, which is a hallmark of good leadership: "making the impossible possible." This is certainly a challenge for the Prime Minister as the highest executive in the government, but it is a vital mission that must be accomplished. We need to recruit effective personnel for key positions who understand the world and the economy, and who can collaborate with various ministries and the Bank of Thailand.

This emphasis is necessary because the Asian Development Bank (ADB) has recently assessed that the Asia region is rapidly deteriorating due to the outbreak of the novel coronavirus, leading many governments to implement lockdown measures.

Before the COVID outbreak, the Asian economy was one of the brightest in the world, growing by 5.1% in 2019. The ADB predicts that the region will recover next year with a growth rate of 6.8%. However, today, in addition to COVID, there are other negative factors, including geopolitical tensions, particularly the escalating trade and technology conflicts between the United States and China, and financial volatility that may worsen due to the prolonged outbreak. Overall, the Asian economy is entering a broad downturn, with nearly three-quarters of the region expected to contract this year, marking the highest proportion in 60 years.

We see that the government's attempts to address structural issues and the ongoing search for a Finance Minister have led to the Economic Situation Management Center, which deals with the impacts of the COVID-19 outbreak, taking the lead in overcoming obstacles related to the Deputy Prime Minister overseeing economic matters. However, in reality, a Finance Minister who can closely monitor daily details is essential in the current era, as the complexity of the issues has increased significantly. It is necessary to have an economic minister who understands and is engaged in the details before presenting measures for consideration by the Economic Situation Management Center or the Cabinet.

In addition to urgently finding a suitable Finance Minister, it is essential to focus on which measures or issues to prioritize. If asked what economic concerns are most pressing, it must be noted that many are currently requesting debt moratoriums. Therefore, we need to assess how much releasing these debts will impact overall debt levels. The private sector's proposal to extend the debt moratorium for another two years raises questions about its necessity, whether financial institutions can adequately support this, and what happens if non-performing loans exceed 10%. Additionally, the appropriateness of dividend payments by financial institutions in a highly uncertain environment is also a concern. All these issues await a Finance Minister who understands and can work collaboratively with the central bank.

SOURCE : www.bangkokbiznews.com