Thailand's Generals Don't Have an Economic Plan

[CrazyExpat]

Militaries tend to justify coups d’etat by making assurances of political competence: The previous government failed the people, and military technocrats will now restore order, cleanse the system and get big things done.

The generals who seized power in Thailand in May 2014, however, have essentially abdicated that argument. To be sure, Prayuth Chan-Ocha and his fellow officers pledged to restore political calm, end corruption and bring happiness to tens of millions not benefiting from $373 billion of annual output. But 440 days on, Prayuth’s regime has only made things worse.

Thailand’s growth is the slowest among developing nations, its exports may contract 4 percent this year and Bangkok is the only major Asian stock market experiencing outflows. The currency is down 7 percent in six months. Thailand’s new regime has learned the hard way that running Southeast Asia’s second-biggest economy isn’t as easy its officials once thought.

Prayuth’s main problem is that he lacks an economic strategy. He and his team are so preoccupied micro-managing small-scale public order issues (like banning alcohol sales near schools) that they’re neglecting the big picture.

 

http://www.bloombergview.com/articles/2015-08-04/thailand-s-generals-don-t-have-an-economic-plan