Economist finds fault with ex-PM’s legacyBy WICHIT CHAITRONGTHE NATIONFile photo: Former prime minister General Prem TinsulanondaFORMER PRIME MINISTER General Prem Tinsulanonda, who died yesterday, made great contributions to the development of the Thai economy, but one of three economists asked to comment on his legacy also feels he left the country saddled with income inequality, which has become a major problem today. Thailand was forced to devalue the baht, and at a time when it was also burdened with high public debt stemming from political and economic instability, Sakon said. Somchai Jitsuchon of the Thailand Development Research Institute said Prem took office just as “risk and volatility were perhaps at their highest levels in Thai economic history”. But then the discovery of natural-gas reserves in the Gulf of Thailand led to development of the Eastern Seaboard, which remains the country’s largest industrial hub. The economic foundation they established led to an influx of foreign investment and assured subsequent governments of high economic growth, Sakon said.

Source: The Nation Bangkok May 26, 2019 18:11 UTC