Rigid rules and excessive red tape have become significant structural barriers to private sector development. During the 1997 financial crisis, a regulatory reform committee (RRC) with substantial private sector participation was established. The remaining 13 members were drawn from the private sector, civil society, academia, and the broader public. This institutional design reflected a genuine commitment to inclusive and participatory regulatory reform, ensuring that businesses, scholars, and citizens were meaningfully involved in reshaping the country's regulatory framework. Ultimately, regulatory reform will succeed only if there is a "strong political commitment" from the highest levels.

Source: Bangkok Post February 24, 2026 21:38 UTC