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00:00 The PM is currently in Japan.
00:03 But before he goes to Japan, he said in an interview that he is concerned about the economy.
00:09 There are many issues that need to be solved and the hope of the whole nation is carried.
00:14 But he said that he is not tired and must move forward in his work.
00:17 Today, I will open my heart to one of the PM's consultants.
00:21 How is the situation in the Thai economy? How critical is it?
00:25 Today, I will talk to Pichai Naritapan, the Vice President of the Faculty of Economics and Politics for Thailand.
00:32 I am the Deputy Minister of Finance.
00:34 Hello, Pichai.
00:35 Hello, Pichai.
00:36 Hello.
00:37 Hello, Sawin.
00:38 Hello, Mr. Varansuda.
00:41 Mr. Pichai, in your view, how is the Thai economy now?
00:45 Actually, the Thai economy has been bad for a long time.
00:49 It's not just bad now.
00:51 As I said, it's like a boiled egg.
00:55 It has been growing slowly for 9, 10 years.
00:59 It's 1.8-1.9% per year.
01:04 In other countries, it's 5-6%, 7-8%.
01:07 Even in Malaysia, our country, it's our neighbor.
01:11 It's our neighbor who has a lot of income.
01:13 It's much bigger than us.
01:15 This is the problem of Thailand.
01:17 In the past, when we grew by only 1.5%, in 9 months, we grew by 1.9%.
01:25 This shows the thinness of the Thai economy.
01:28 There is a possibility that there will be many problems in the next year.
01:33 So I am worried that if we don't think about it, don't separate it, and say that everything is bad,
01:39 the country will not be able to move forward.
01:41 It will be separated and deteriorated.
01:43 It's not a crisis like in the past.
01:45 It's a crisis like today, it's deteriorated and then it's back.
01:49 In the past, we have been able to do it.
01:51 When the Thai hamburger crisis, it was deteriorated and then we jumped up.
01:56 Or when the flood, we didn't deteriorate, but it grew again.
02:00 It grew by 7.2%.
02:02 It shows the strength of the Thai economy.
02:05 But now, when we face COVID, it has decreased by 6.1%.
02:08 3 years later, it hasn't recovered at all.
02:11 It hasn't even gone into the shadow.
02:13 We just grew.
02:15 In 2003, we had a 6.1% decline.
02:18 In 2004, we just jumped up 1.5%.
02:22 In 2006, we just jumped up 2.6%.
02:26 This year, it should be around 2% because 2.5% is not enough.
02:31 Because 9 months, it was 1.9%.
02:34 If it's 2.5% all year, it should grow by 4%.
02:38 I don't believe that it will grow by 4% in the end.
02:43 This is my opinion.
02:45 So I'm worried that if we let it be like this,
02:49 and we think that it's good like the president said,
02:52 like the Bank of Thailand said,
02:54 the government said that it's recovering and it will be good.
02:57 It's not good.
02:59 The president said that 10 years ago.
03:02 We're going to be good next year.
03:04 If it's good, it will grow by 4%.
03:06 When the time comes, it will grow by 2%, 3%, 2% or more.
03:10 It's not like what you said.
03:13 In a year, there's no direct prediction.
03:16 It's less than half-half.
03:18 This is the truth.
03:20 It will have to go back to the new country's structure.
03:24 The country's economy has to be very good.
03:27 Actually, the Bank of Thailand and the government
03:30 have been offering good for many years.
03:32 They have been offering good for many years.
03:34 You don't say anything.
03:36 When there's a problem, you say that it's good
03:38 and it will be good.
03:40 I don't think so.
03:42 I think that we have to think and solve many things
03:45 and do many things at the same time.
03:47 This is a problem.
03:49 The other dangerous signal is the deficit.
03:52 If the deficit is 2 months,
03:54 it's a clear signal that we have high deficit.
03:57 If we remember last year,
03:59 the deficit of Thailand was high.
04:01 The deficit of the world was high.
04:03 Thailand's deficit was 6.02%.
04:05 At the beginning of the year, it was still high.
04:08 It was 3, 2, 2%.
04:10 When the budget was 0.5, 0.3, 0.2, 0.8, 0.3, 0.2,
04:17 it was like this.
04:19 It has been deficit for 2 months.
04:21 It has been a problem for 7-8 months.
04:23 It's not just a problem now.
04:25 If you look at the numbers,
04:27 Thailand and the world's deficit are opposite.
04:32 The deficit of the US is still 3.4%.
04:34 Last month, it was 3.1%.
04:37 The deficit of Europe is still 4.
04:40 Last month, it was 2.9%.
04:43 It's still a problem.
04:45 But for us, the deficit is a clear signal
04:47 that we are in a situation of deficiency.
04:49 How can we deny it?
04:51 I think we should ask the people.
04:53 We should ask the people if they have money.
04:57 Do they have money?
04:59 I think this is a good indicator.
05:02 We should debate about this.
05:04 I think we should ask the people.
05:06 We should ask the businessmen.
05:08 We should ask the businessmen.
05:10 We should ask the businessmen.
05:12 They said that there are many problems.
05:14 Next year, it will be worse than before.
05:16 That's what I think.
05:18 But the Bank of Thailand has confirmed
05:20 that there is no deficit.
05:22 The price of goods has decreased.
05:24 It's just a small decrease.
05:26 The spending and the private sector
05:28 are still growing.
05:30 The investment is still good.
05:32 That's what the Bank of Thailand said.
05:34 I think they want a new trend.
05:36 If Thailand is a small and open country,
05:39 our foreign exchange will be more expensive
05:42 than the foreign exchange.
05:44 If the foreign exchange is high,
05:46 we will be high.
05:48 If the foreign exchange is low,
05:50 we will be low.
05:52 If the foreign exchange is low,
05:54 we will be low.
05:56 If the foreign exchange is high,
05:58 we will be low.
06:00 We have problems.
06:02 China has economic problems.
06:04 China has a lot of problems.
06:06 China's foreign exchange is decreasing.
06:08 China's foreign exchange is decreasing.
06:10 This month, it decreased by 0.5%.
06:12 This month, it decreased by 0.5%.
06:14 If you want to lie to yourself,
06:16 if you want to lie to yourself
06:18 that everything is going well,
06:20 if you want to lie to yourself
06:22 that everything is going well,
06:24 I'm not saying you should lie to yourself.
06:26 If you lie to yourself that everything is going well,
06:28 it will make our country not think.
06:30 People will be confused.
06:32 The rich people don't feel anything
06:34 because they are already rich.
06:36 The poor people have been in trouble
06:38 for many years.
06:40 It's very difficult because
06:42 they can't earn more money.
06:44 The debt of the rich people
06:46 is decreasing.
06:48 The economy is growing.
06:50 The economy is growing.
06:52 It's decreasing.
06:54 The problem of debt is increasing.
06:56 It's easy to explain.
06:58 It's easy to explain.
07:00 I don't have any problems with the Bank of China.
07:02 I don't have any problems with the Bank of China.
07:04 Sometimes, we have to fight for it.
07:06 Sometimes, we have to fight for it.
07:08 In the past, we had to fight for it.
07:10 In the past, we had to fight for it.
07:12 Now, we have to fight for it.
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10:34 (speaking in foreign language)