BANGKOK- Business leaders and investors are urging Thailand’s government to pick a new economic team as soon as possible to help steer Southeast Asia’s second-biggest economy through the coronavirus crisis.
Prime Minister Prayuth Chan-ocha has said a cabinet reshuffle will take place by August after Finance Minister Uttama Savanayana, economic policy czar Somkid Jatusripitak and four other ministers resigned since last week.
The new team will have to deal with an economy sliding into a deep recession and handle billions of dollars in stimulus as jobs disappear amid a record slump in tourism.
“This crisis is big. There are 7 to 8 million job losses. Exports and tourism are not good. It’s difficult to find people to work (for the jobs), said Paiboon Nalinthrangkurn, chairman of the Federation of Thai Capital Market Organizations.
Several people have already declined approaches to join the team, while Prayuth said he was awaiting a response from banking executive Preedee Daochai, who is tipped to be the new finance minister.
Nuttachart Mekmasin at Trinity Securities said posts needed to be filled quickly to reassure markets, noting a target by next month was already slow.
“There should not be too much negotiation since investors and businesses are waiting for stimulus measures,” he said.
Central bank governor Veerathai Santiprabhob said on Monday the recent fall in the baht has been driven by economic and political concerns, but said capital outflows were not a worry yet.
