Financial Times Publishes Setta Thavisin's Article on Reviving Thailand's Economy

On February 11th, the Financial Times, a British business media outlet, published an op-ed in its Letters to the Editor section, written by former Prime Minister Setta Thavisin in response to their February 4th analysis that Thailand is becoming the 'sick man of Asia', with suggestions for economic revival. In his letter, Setta noted that the article correctly reflected the 'symptoms' of Thailand's economy, but missed potential treatment approaches. He proposed that the primary strategy is rebuilding consumer confidence through serious household debt resolution. The former PM stated that previous economic stimulus measures could not fully generate economic multiplier effects due to debt burdens and economic uncertainty. He proposed a 'major reset' by using asset management companies to purchase non-performing loans (NPLs) to provide household liquidity and re-enter the economic cycle, which would simultaneously stimulate domestic consumption. Furthermore, Setta believes Thailand must transition from being merely a destination to becoming an indispensable part of the global economy. This requires a two-pronged infrastructure strategy. First, the country must develop tangible strategic infrastructure like the North-South railway system and the land bridge connecting the Andaman Sea and Gulf of Thailand, which would significantly improve trade circulation. This should be coupled with modernizing regulations, especially by allowing direct electricity purchase agreements to enable foreign investors to directly access clean energy, reducing ESG requirement barriers for major tech companies, and pushing a 'Go Cloud First' policy to attract investments in data centers and semiconductor industries, potentially driving productivity in the AI era. For the tourism sector, Setta noted Thailand must shift from quantity-focused to value-creation. Thailand offers more than just beaches, and developing diverse and stronger tourism and recreation industries could reverse the tourism slowdown mentioned in the article. Finally, the former PM emphasized that improving business convenience is a long-term systematic issue. Despite challenges, Thailand still has strengths in cost of living, climate, food, medical services, and health. With appropriate reforms, Thailand can once again become a key ally in the global economy.