Urgent call for new govt: Thai Chamber of Commerce stresses budget allocation continuity

Pita Limjaroenrat, right, and Sanan Angubolkul. Image via Facebook.

The Thai Chamber of Commerce emphasised the urgency of forming a new government to ensure the continuity of budget allocation, following discussions with Pita Limjaroenrat, leader of the Move Forward Party (MFP), and other party executives.

Sanan Angubolkul, the chamber’s chairman, highlighted the need to address issues such as costly electricity bills, wages, ease of doing business, and legal reforms to improve the country’s competitiveness. Additionally, suggestions were made regarding the agricultural and small business sectors to boost confidence in Thailand’s economy.

Concerning the proposed increase in the minimum wage to 450 baht per day, Sanan stated that both parties have some differing viewpoints, but they are not significant. They both agree on the necessity of raising the minimum wage, but further negotiations may be required concerning the rate and time frame. Sanan said…

“There has not been any official announcement or policy declaration from the party on when a minimum wage hike will begin, though it pledged ‘within 100 days’ during the campaign. Teams from both sides should discuss the matter and potential effects, as today’s discussion was based on scientific evidence and not emotional decisions.”

Both parties also acknowledged the need for clear economic stimulus measures. MFP chief Pita expressed his desire to drive a dual economy within the country, rather than solely focusing on direct foreign investment. He also called for an expedited government formation with a clear time frame.

A new government is expected to be established by September to accelerate budget allocation due to concerns about limited time for disbursement, which could potentially affect stimulus measures, according to Sanan. The international community is closely monitoring the situation.

Following the discussion, Pita said the time frame for a minimum wage increase is likely to be close to the pledge of within 100 days in office, although it may be adjusted slightly. Both parties will first need to negotiate an appropriate wage level, reported Bangkok Post.

Regarding the potential impact of a higher minimum wage on the price of goods, the 42 year old MFP leader stated that the party’s studies found this is not always the case when wages rise. A wage hike should improve people’s quality of life and increase their income, he said.

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Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.