Bangkok: The Senate is gearing up to establish a resolution aimed at amending the sustainable economy following the unsuccessful “Paethongtarn” government’s campaign policy of “giving away ten thousand baht – complex,” which has led to the highest household debt levels in ASEAN.

According to Thai News Agency, Mr. Wiwat Kraipisitkul, a Senate member, has criticized Deputy Prime Minister and Minister of Finance Mr. Pichai Chunhavajira for his slow progress. Mr. Wiwat emphasized the need for cautious negotiations concerning the “Trump tax” to avoid excessive concessions that could result in job losses. He also proposed the formation of a special committee to investigate economic challenges and sustainable solutions for Thailand, with a focus on the impending Senate meeting on July 15th.

Mr. Wiwat argued against adopting Vietnam’s approach of offering the US a 0% tax rate due to differences in export percentages, with Vietnam’s exports standing at over 50% compared to Thailand’s 18%. He urged the government to act prudently, emphasizing the potential job losses if too many concessions are made, especially as US President Donald Trump’s administration pushes ASEAN countries into less favorable bargaining positions.

The proposed resolution highlights Ms. Paethongtarn Shinawatra’s government’s “10 urgent policies” designed to foster economic opportunity and equality. However, the Thai economy’s growth is currently hindered by external pressures, such as US import tax measures, regional conflicts, and fluctuating global oil and energy prices. Additionally, domestic economic policies, like the delayed Phase 3 digital wallet project, have not been as effective as anticipated, contributing to Thailand’s high household debt and income inequality. The Senate aims to implement measures within a 90-day timeframe to address these issues.