Results of the FTI CEO Poll, September 2023, indicate that government policy is still not in line with what is desired. Responding to moderate needs, the August Industrial Production Index continued to shrink. both domestic and international economic impacts
Mr. Montree Mahaprukphong, Vice President of the Federation of Thai Industries (FTI) revealed the results of the 33rd FTI CEO Poll of executives in September 2023 under the topic "To what extent do the new government policies meet the needs of the industrial sector?" by FTI executives. The TAT has considered the new government policy statement of Mr. Settha Thavisin, Prime Minister and Finance Minister, during the past 11-12 September. Most think that the new government policy can respond to the needs of the industrial sector at a moderate level. Due to the impact of the recent economic crisis, there are many homework issues that the government must take care of and provide assistance. Especially SME entrepreneurs who are still unable to recover.
However, in the details of the new government's policy there are many matters. F.T.I. is interested and sees that it can create an impact on the country's movement in various areas, such as in the urgent measures of the new government. FTI places great importance on measures to reduce the burden of energy costs on citizens and adjust the country's energy use structure as a priority. Economic policy section F.T.I. places importance on repealing and improving unnecessary laws. To create opportunities for the people to create income as a priority. Policy for taking care of labor In particular, promoting labor skill standard testing for all occupations. To be able to pay wages according to the abilities of the workers (Pay by Skills), which will help encourage employees to receive increased wages according to their abilities. And on the part of entrepreneurs themselves, they also benefit from improved work efficiency.
The Office of Industrial Economics (OIE) revealed that the Industrial Production Index (MPI) for August 2023 was at a level of 91.85, a decrease of 7.53%. During the 8 months of 2023 it was at a level of 94.67, shrinking on average 4.95%. As for the rate of use of force. Production (CapU) in August 2023 was at 58.18%, the 8-month period averaged 60.09%.
The main factor causing the MPI index to contract is the slowdown in the world economy. This affects the weak purchasing power of trading partners. However, exports in August 66 returned to positive growth again. However, the trend of export recovery in the future must be monitored.
In addition, the domestic economy is still recovering slowly. The risk factor is the high level of household debt. Rising interest rates on loans This causes the financial costs and debt burden of entrepreneurs to increase. Meanwhile, the weather conditions are unstable due to the effects of the El Niño phenomenon. As a result, agricultural production and farmers' incomes decreased. Pressure on purchasing power in the region
However, there are still supporting factors from the expansion of the tourism sector. Help support domestic consumption Including the rate of inflation that has decreased. -Thai news agency
Source: Thai News Agency