Bangkok: Former Prime Minister Thaksin Shinawatra has attributed Thailand’s economic struggles to the tax policies implemented by former U.S. President Donald Trump. He argues that these policies have negatively impacted Thailand’s GDP and hindered competitive strategies. Thaksin is advocating for the establishment of an Asset Management Company (AMC) to address the growing issue of household debt.

According to Thai News Agency, Thaksin delivered a special lecture titled ‘Unlocking Thailand’s Future, Fighting the Global Crisis, Changing the Game of the Thai Economy,’ organized by MCOT Public Company Limited. Thaksin criticized the Trump administration’s tax policies, which he claims have disadvantaged Thailand in international negotiations, particularly in sectors such as agriculture and small and medium enterprises (SMEs). He highlighted the need for continued negotiation and strategic management to mitigate these challenges.

Thaksin pointed out that Thailand’s GDP growth has been consistently lower than its potential, ranking the country 24th globally. He attributes this slow growth to historical mismanagement and a lack of strategic planning. He emphasized the need for modernizing technology and addressing issues such as border corruption that hampers competitiveness.

Thaksin advocated for the creation of an AMC to manage public assets and reduce household debt, which he noted has soared to 92% of GDP. He believes that addressing household debt is critical for restoring purchasing power and economic resilience. He also proposed measures to reduce public expenses, such as promoting electric vehicles and reducing public transportation fares to a flat rate of 20 baht.

Furthermore, Thaksin highlighted inefficiencies in the public sector, noting the need for restructuring to improve service delivery and reduce government expenses. He suggested learning from Dubai’s model of service fees as a potential solution for funding civil servant welfare without under-the-table payments.

Thaksin also addressed the military budget, advocating for a reduction and reallocation towards cyber warfare capabilities. He emphasized the importance of adapting to future challenges and improving fiscal responsibility to ensure sustainable welfare systems for the Thai population.