Thailand could face a “lost year” if the country delays the process of forming a new government until May next year, according to Assoc. Prof. Dr. Thanawat Pholvichai, the president of the University of the Thai Chamber of Commerce (UTCC).
“Lost year” is a term coined to refer to a long period of sluggish economic growth and declining investment.
Dr. Thanawat said that the time being spent on forming a new government is affecting the economy, especially for next year. If the new government is formed in August, the country should have a new cabinet and the government policy statement by September.
He explained that, according to the party’s budget policy, budgeting under the leadership of Pheu Thai can be finalised sooner than under Move Forward, which has a zero-based budgeting policy, which requires all expenses to be justified and approved in each new budget…
