Paophum Rojanasakul, Secretary to the Minister of Finance and Deputy Leader of the Pheu Thai Party participated in the program “News Workers Talk Off Screen” on February 12, 2024, giving information about the government’s intentions in working. in using fiscal tools The government stimulates the economy to grow according to its potential. The financial policy must be consistent as well. and also expressed readiness before the meeting of the committee to drive the digital money policy of 10,000 baht through Digital Wallet on Wednesday, February 15.
Paophum reveals the inconsistency between monetary policy by the Bank of Thailand and fiscal policy by the Ministry of Finance Based on the latest statement from the Bank of Thailand. At the Monetary Policy Committee meeting on February 7, 2024, the expected inflation rate for 2024 was 1 percent, which was different from what had previously been discussed with the Ministry of Finance in mid-2023 regarding the expected rate. Inflation rate Keep it within the range of 1-3 percent to prevent deflation and inflation. The Bank of Thailand has given reasons in its statement about 9 negative factors and 1 positive factor.
Statement from the Bank of Thailand Paophum said that there is one positive factor: domestic consumption continues to expand well. This contradicts expectations of low inflation.
This means that current purchasing power does not reflect the true economic conditions in the country. But this is because the overall picture of inflation is a problem. The fact that the government has issued policies to help reduce the burden of electricity and energy costs has not had any effect on inflation. And although the economic forecast for 2024 is under deflation, But the Bank of Thailand maintained the interest rate at 2.5 percent.
In summary, according to the Bank of Thailand’s statement, the Thai economy is likely to fall outside the expected inflation rate at 100%, which is a not-so-good signal to investors around the world. And there is still no corrective policy from the Bank of Thailand.
On the other hand, the Ministry of Finance implements policies to act as an accelerator to bring the economy out of the deflationary surveillance period. Increasing inflation to be higher than expected Send signals to investors about the solution to economic problems, such as the speed with which tax rates are announced. or the digital wallet project, but if the Bank of Thailand still tends not to issue monetary policy that is consistent with the fiscal, it will cause the domestic economy to slow down. As a result, the government was unable to fully implement the policy as planned.
Digital Wallet Policy Paophum has confirmed that this policy will be beneficial to the current economic situation. The faster you can proceed, the better. The more it helps stimulate the economy to move more. It is like giving chemotherapy to a cancer patient. If left untreated, the cancer will spread.
This policy must be considered in parliament. and passed the same inspection as other policies.
Paophum also gave an explanation of the blockchain policy. It was protested that it would be a waste of money to create applications in the short term. But in reality Blockchain will be created as a policy for long-term use, unlike the current Paotang app. which is still in the process of refining policy He also argued that the fiscal multiplier forecast data based on the traditional distribution of money cannot be used to predict digital wallet policy because this 10,000 baht bill will be enforced within 6 months, without sinking money. It’s definitely savings.
Paophum responded to a question about concerns about borrowing 500 billion baht to carry out the digital wallet policy, saying that in this matter the Ministry of Finance has already planned to discuss that if we do not borrow money to carry out the policy as a binding budget, it will be against the law.
Confirmed that borrowing money will definitely not affect repayment because the government will use additional income from GDP growth to support the debt and repay it within this government. The government will continue to push forward digital policy. Fully Wallet
Finally, Paophum would like to ask that all agencies that are responsible for coordinating together to maintain economic stability should have the same view. To help the domestic economy move forward. Through consistent policy implementation of all agencies