Bangkok:Abhisit Vejjajiva has raised concerns about Thailand's economic stagnation, emphasizing that quasi-monopolistic capital and corruption are significant barriers to growth. He suggests that these issues, along with the country's political and economic structures, have kept Thailand in the middle-income trap.
According to Thai News Agency, Abhisit spoke at a seminar marking the 30th anniversary of Thai Post, where he highlighted the need for substantial reforms. He urged the government to revise trade regulations, reform the education system, and amend the constitution to empower the people. He warned that without changes, the World Bank predicts it could take 30 years for Thailand to escape the middle-income trap.
Abhisit criticized the government's reliance on strong private sector businesses that do not focus on increasing competitiveness. He stressed the need for competition and public participation in governance, arguing that these are essential for efficiency and skill enhancement. He also noted the risks posed by global opposition to democracy and the inability to move beyond monopolistic economic structures.
Discussing Thailand's potential role in the OECD, Abhisit pointed out the challenges posed by technology, particularly artificial intelligence. He expressed concern over Thailand's lack of control over technology regulations and data security, despite the country’s high proficiency in technology use.
He identified three key areas needing reform: business regulations to ensure fair competition, investment in human resources to overhaul the education system, and political stability by reforming the power structures and constitution. Abhisit also highlighted issues like aging society, healthcare costs, household debt, and corruption as current challenges.
Abhisit expressed skepticism about reaching a consensus with Cambodia, attributing global democratic challenges to nationalism. He emphasized the need for Thailand to leverage its strategic location and strengths in industries like food, tourism, and healthcare to become a high-income country.
Abhisit called for a complete overhaul of the welfare and tax systems, suggesting taxation on wealth and foreign technology owners. He highlighted the importance of ensuring that representatives act according to the people's will while maintaining good governance. He concluded by stating that the future of the country should be determined by its people, with limitations on power to prevent misuse.