Bangkok: Academics are championing the establishment of an "Economic Cabinet Plus" to incorporate the private sector in shaping the nation's economic strategy, highlighting the necessity for expert guidance in government decision-making and the importance of consulting business leaders.
According to Thai News Agency, the proposal gained traction following the inaugural meeting of the Joint Public-Private Sector Committee for Economic Problem Solving (JPC), led by Prime Minister Anutin Charnvirakul. The meeting resulted in elevating the JPC's role to a "Plus Economic Cabinet," thereby enabling greater private sector participation in economic policymaking.
Associate Professor Piyawat Pinprachasarn from the Business Administration Department at Ramkhamhaeng University voiced strong support for this initiative. He noted that this approach signifies a shift in economic management to better reflect the global landscape, emphasizing that economic growth cannot rely solely on government policy.
Professor Piyawat remarked, "Today, the time is up for the government to stop thinking, acting, and making all decisions on its own. Those on the front lines are the businesses, entrepreneurs, farmers, and laborers-the groups directly affected by policies. If their voices are not heard, many policies may not address the reality of the situation."
Involving the private sector from the beginning of the decision-making process is expected to provide the government with current information, enabling it to address actual problems more effectively. This approach is particularly pertinent given the current global economic challenges, including trade competition, technological advancements, and geopolitical uncertainties.
"The government is responsible for setting direction and regulations, but the private sector is the one actually competing. If we want to increase the country's competitiveness, we must listen to those who face the real problems every day," Professor Piyawat added.
The Prime Minister's proposal for the Economic and Social Council (ESC) to convene regularly, either monthly or every six weeks, was praised as a method to maintain continuity in addressing economic issues, circumventing the need to wait for crises to prompt action.
"The important thing is not just to set up the committee, but to make this platform a genuine forum for listening and to be able to quickly push proposals into action. If this can be achieved, the Economic and Social Council will become a crucial mechanism to bridge the gap between the government and the business sector, and make the country's economic management more efficient," concluded Professor Piyawat.
In light of intense global economic competition, countries that succeed typically employ a "public-private partnership" model rather than centralized management. Therefore, the proposal to elevate the Economic and Social Council (ESSC) to a "Cabinet of Economic Representatives Plus" represents a positive shift, indicating the government's willingness to incorporate input from all sectors to collaboratively drive sustainable long-term economic growth in Thailand. Monitoring the tangible results of this initiative will be crucial once it is implemented.