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Bangkok Post
02-07-2025
- Business
- Bangkok Post
Paetongtarn's suspension hits Thailand's troubled economy
Thailand's ruling coalition was already fraying when a court suspended Prime Minister Paetongtarn Shinawatra on Tuesday, raising fresh doubts about her survival, the country's economy and the future of a dynasty that has loomed over the Southeast Asian nation for decades. In a blow to a country long plagued by political instability, the Constitutional Court sidelined the 38-year-old leader over a complaint linked to a leaked phone call in which she appeared to criticise the army and side with Cambodia in a border dispute — a potential breach of conduct under the constitution. She has 15 days to respond. For now, Deputy Prime Minister Suriya Jungrungreangkit leads a shaky coalition. The developments could not come at a worse time for Thailand: once feted as an Asian Tiger economy for its export-led growth, the country is mired in slow growth relative to its peers, with households burdened by debt, a budget bill outstanding and the imminent threat of United States President Donald Trump's tariffs weighing down expectations. The government slashed its 2025 growth forecast by a full percentage point to 1.3% in May. Over at the central bank, Governor Sethaput Suthiwartnarueput is due to leave Sept 30, and a successor has yet to be named. 'No one is at the helm and the Thai ship is going nowhere,' said Thitinan Pongsudhirak, a professor of political science at Chulalongkorn University (CU) in Bangkok. 'The budget bill has to be passed, so that's coming up with the wobbly, weak coalition government.' Amid all the turmoil, the Bhumjaithai Party, the ruling coalition's biggest partner, exited last month following weeks of infighting, and there is no guarantee now others that had promised to stay will not follow. The court has yet to say how long it will deliberate, while a prolonged delay risks deepening the political vacuum, said Napon Jatusripitak, acting coordinator of the Thailand Studies Program at ISEAS-Yusof Ishak Institute. 'Thailand appears destined for a prolonged struggle to find a new prime minister and a political deadlock that could jeopardise the country's already fragile economic situation,' he said. Looming over everything is Thailand's influential military, which has led about a dozen coups since the kingdom's absolute monarchy was abolished in 1932 and has long been a key power broker in the country. The military and pro-military political parties were the key forces behind Ms Paetongtarn's eventual ascension to power after a key opposition party could not secure enough support to form a government following national elections two years ago. That uneasy alliance paved the way for her father, Thaksin Shinawatra, to return from a long exile. Even with the court's suspension, Ms Paetongtarn is not totally sidelined from power. Hours before the ruling Tuesday, she was named culture minister in a reshuffle expected to keep her in government. The new cabinet will be sworn in Thursday. But the damage may be permanent. A recent poll showed Ms Paetongtarn's approval rating at 9.2%. Thousands have protested, calling for her resignation. Ms Paetongtarn said Tuesday she accepts the court's ruling but gave little clarity on her future. 'I'm still a Thai citizen,' she said. 'I will continue to work for the country while my duties are suspended.' Even so, fears are growing the government could collapse before the next budget passes. The 2026 fiscal plan, due by August, is at risk. Burin Adulwattana, chief economist at Kasikorn Research Centre (KRC), said a lame-duck government would add uncertainty, hurting the baht and stocks. 'Big trouble' 'A key impact will be felt if the political turmoil leads to a budget delay,' he said. 'Without it, the economy will have big trouble.' The baht fell 0.1% on Wednesday morning. The yield on Thailand's benchmark 10-year bonds was little changed after declining three basis points a day earlier. The benchmark stock index, the world's worst-performing major equity market globally this year, rallied 1.9% Tuesday on expectations that Ms Paetongtarn's suspension will help reduce political tension. Whether things play out that way is far from certain. 'This suspension exerts further downside risk to a growth outlook already mired in uncertainty from US tariffs,' said Lavanya Venkateswaran an economist at Oversea-Chinese Banking Corporation (OCBC) in Singapore. 'The real question is what next. That needs to be answered sooner rather than later considering the stakes.' If the court ultimately rules against Ms Paetongtarn, she will be removed from office, triggering a parliamentary vote to pick a replacement from a list submitted before the 2023 election. Along with her father and aunt Yingluck, Ms Paetongtarn would be the third of the Shinawatra clan to be removed from office. Potential replacements Possible successors include the ruling Pheu Thai Party's Chaikasem Nitisiri, Bhumjaithai's Anutin Charnvirakul, United Thai Nation's Pirapan Salirathavibhaga, and the Democrat Party's Jurin Laksanawisit. Former prime minister Prayut Chan-o-cha, who led the last coup, is also eligible. And while a military takeover is always possible in Thailand, frustration over the country's economic performance under Gen Prayut ultimately pressured his government to allow for elections. 'The decision by the court today has heightened the coup risk a bit, but the last time they had a coup, they did not do well,' said Mr Thitinan of CU.
The Star
02-07-2025
- Business
- The Star
Thai leader's suspension deals new blow to battered economy
BANGKOK: Thailand's ruling coalition was already fraying when a court suspended Prime Minister Paetongtarn Shinawatra on Tuesday (July 1), raising fresh doubts about her survival, the country's economy and the future of a dynasty that has loomed over the South-East Asian nation for decades. In a blow to a country long plagued by political instability, the Constitutional Court sidelined the 38-year-old leader over a complaint linked to a leaked phone call in which she appeared to criticise the army and side with Cambodia in a border dispute - a potential breach of conduct under the constitution. She has 15 days to respond. For now, Deputy Prime Minister Suriya Jungrungreangkit leads a shaky coalition. The developments couldn't come at a worse time for Thailand: once feted as an Asian Tiger economy for its export-led growth, the country is mired in slow growth relative to its peers, with households burdened by debt, a budget bill outstanding and the imminent threat of Donald Trump's tariffs weighing down expectations. The government slashed its 2025 growth forecast by a full percentage point to 1.3 per cent in May. Over at the central bank, Governor Sethaput Suthiwartnarueput is due to leave Sept. 30 and a successor has yet to be named. "No one is at the helm and the Thai ship is going nowhere,' said Thitinan Pongsudhirak, a professor of political science at Chulalongkorn University in Bangkok. "The budget bill has to be passed, so that's coming up with the wobbly, weak coalition government.' Amid all the turmoil, the Bhumjaithai Party, the ruling coalition's biggest partner, exited last month following weeks of infighting, and there's no guarantee now others that had promised to stay won't follow. The court has yet to say how long it will deliberate, while a prolonged delay risks deepening the political vacuum, said Napon Jatusripitak, acting coordinator of the Thailand Studies Programme at ISEAS-Yusof Ishak Institute. "Thailand appears destined for a prolonged struggle to find a new prime minister and a political deadlock that could jeopardise the country's already fragile economic situation,' he said. Looming over everything is Thailand's influential military, which has led about a dozen coups since the kingdom's absolute monarchy was abolished in 1932 and has long been a key power broker in the country. The military and pro-military political parties were the key forces behind Paetongtarn's eventual ascension to power after a key opposition party couldn't secure enough support to form a government following national elections two years ago. That uneasy alliance paved the way for Paetongtarn's father, Thaksin Shinawatra, to return from a long exile. Even with the court's suspension, Paetongtarn isn't totally sidelined from power. Hours before the ruling Tuesday, she was named culture minister in a reshuffle expected to keep her in government. The new cabinet will be sworn in Thursday. But the damage may be permanent. A recent poll showed Paetongtarn's approval rating at 9.2 per cent. Thousands have protested, calling for her resignation. Paetongtarn said Tuesday she accepts the court's ruling but gave little clarity on her future. "I'm still a Thai citizen,' she said. "I will continue to work for the country while my duties are suspended.' Even so, fears are growing the government could collapse before the next budget passes. The 2026 fiscal plan, due by August, is at risk. Burin Adulwattana, chief economist at Kasikorn Research Centre, said a lame-duck government would add uncertainty, hurting the baht and stocks. "A key impact will be felt if the political turmoil leads to a budget delay,' he said. "Without it, the economy will have big trouble.' The baht fell 0.1 per cent on Wednesday morning. The yield on Thailand's benchmark ten-year bonds was little changed after declining three basis points a day earlier. The benchmark stock index, the world's worst-performing major equity market globally this year, rallied 1.9 per cent Tuesday on expectations that Paetongtarn's suspension will help reduce political tension. Whether things play out that way is far from certain. "This suspension exerts further downside risk to a growth outlook already mired in uncertainty from US tariffs,' said Lavanya Venkateswaran an economist at Oversea-Chinese Banking Corp. in Singapore. "The real question is what next. That needs to be answered sooner rather than later considering the stakes.' If the court ultimately rules against Paetongtarn, she will be removed from office, triggering a parliamentary vote to pick a replacement from a list submitted before the 2023 election. Along with her father and aunt, Yingluck, Paetongtarn would be the third of the Shinawatra clan to be removed from office. Possible successors include the Pheu Thai party's Chaikasem Nitisiri, Bhumjaithai's Anutin Charnvirakul, United Thai Nation's Pirapan Salirathavibhaga, and the Democrat Party's Jurin Laksanawisit. Former Prime Minister Prayuth Chan-ocha - who led the last coup - is also eligible. And while a military takeover is always possible in Thailand, frustration over the country's economic performance under Prayuth ultimately pressured his government to allow for elections. "The decision by the court today has heightened the coup risk a bit,' said Thitinan of Chulalongkorn University. But "the last time they had a coup, they did not do well.' - Bloomberg
Business Recorder
21-05-2025
- Business
- Business Recorder
FPCCI UBG greets Gen Asim
LAHORE: S M Tanveer congratulated General Asim Munir on promotion to Field Marshal S M Tanveer, Patron-in-Chief, United Business Group (UBG), has congratulated General Asim Munir on his promotion to the exceptional rank of Field Marshal. 'On behalf of the United Business Group (UBG) and the business community, I extend my warmest congratulations to General Asim Munir on his promotion to the distinguished rank of Field Marshal,' he said, adding: 'This prestigious appointment is a testament to his exceptional leadership, unwavering dedication, and outstanding service to the nation.' He said the whole business community is confident that his continued guidance and vision will play a pivotal role in shaping the future of our great nation. As we celebrate this milestone, said Tanveer, we also reaffirm our commitment to contributing to Pakistan's economic growth and development. At UBG, we are driven by a shared vision to transform Pakistan into an economic powerhouse, akin to the Asian Tiger. We believe that with strategic planning, innovative policies, and collaborative efforts, we can achieve remarkable growth and prosperity for our nation, he stressed. Copyright Business Recorder, 2025
Malaysiakini
01-05-2025
- Politics
- Malaysiakini
No roar, mediocrity has made M'sia lose its bite
YOURSAY | 'End racial politics if we want to be a tiger, otherwise, we're just buffalo.' 'Stop dreaming,' Zaid dismisses idea of Malaysia becoming 'Asian Tiger' Bobbyo: Is there any leader who is willing to reorganise the whole school system and syllabus to compete with the best in the world? This is where we need to start if we want to be reborn as a tiger cub first. Then on to a full-grown tiger. If not, stop fooling the public with the empty rhetoric of making empty promises that English and artificial intelligence are important subjects to master. Look at what activist Siti Kasim exposed on what is taught in our schools, such as hatred towards the Jews and those who support them. In Chinese vernacular schools, children are taught to use their minds to come up with ideas to improve their intellect. Prime Minister Anwar Ibrahim is so busy defending his seat that he cannot see further than that. What former law minister Zaid Ibrahim has said is true, we can never achieve tiger status. We are moving backwards from where we started. In the 1950s and 1960s, we imported foreign labour as the locals did not want to do the hard tasks of clearing the jungles, building roads and constructing buildings. In the last 10 years, we have had millions of Malaysians who are skilled professionals leaving our shores. Many more are preparing to go. At the same time, this nation has received millions of foreign workers doing jobs that Malaysians are not willing to partake in. It is history repeating itself. To show that we have not moved from our spot. So how do we become an Asian Tiger if our leaders' minds are stuck on protecting their interests, rather than the nation? Koel: A bunch of cowardly men who just want to be populist heroes are not going to move this country into a truly developed status. A bunch of cowards out to seek a good life for themselves, their families, their parties, and their cronies are not leaders who know how to help the country attain developed status. A bunch of hate-filled cowards who have problems accommodating a world beyond the insularity of their race and religion can certainly never take this country into a developed nation status. Various parties continue to vie for power in Malaysia. Petty, uneducated, selfish and egoistic. The country is under constant threat and abuse by such vindictive and stupid people. So Zaid is 100 percent correct. We should all stop dreaming the impossible dream. Em Em Kay: Zaid has never shied away from challenging the status quo. In his latest assessment, he accuses the Madani administration of clinging to archaic policies and failing to demonstrate the visionary leadership necessary to achieve true economic transformation. Many of the government's strategies reflect outdated thinking and compromise bold reform in favour of political convenience. The promises of progress and reform touted by Anwar have, so far, fallen flat, replaced instead by incremental measures that fail to address Malaysia's deeper, structural issues. As Zaid pointed out, the country is on track 'just to become a better version of Pakistan' - a reference not meant to disparage Pakistan, but to underscore his fear that Malaysia risks stagnation: a country with some improvements, but ultimately held back by outdated systems and insufficient reform. Headhunter: Agree with Zaid 100 percent. How can we become a tiger state when the best in the country are not in charge? The nation is being helmed by mostly half-baked politicians and civil servants. Corruption alone has brought the nation to its knees. The courts themselves have a long queue of corrupt politicians and civil servants trying to delay their cases or bargain their way out of prison. We lost talent to other countries because of corruption in high places and institutionalised discrimination. Stop kidding ourselves that we are a tiger state. Neutral Point: Learn from Singapore. Separate politics from religion and race. Then you can start talking about tiger. Otherwise, we are just buffalo. Our leaders from day one till today work along racial and religious lines to clinch their power. When they are in power, they focus on how to enrich themselves. So Malaysia remains a failed state as long as we are still talking about race and religion in politics, not education and the economy. IndigoTrout2522: Zaid is correct. It is a long, long way before Malaysia can even consider being an Asian Tiger unless it makes drastic changes. It is nowhere near the Asian tigers of South Korea, Singapore and Taiwan. And not even Vietnam, Thailand and Indonesia, which are moving ahead. In 1965, Malaysia and Singapore were comparable, but now we are far, far behind in almost every aspect. Why? The answer is pretty obvious. Pink: Zahid has always had myopic views of Malaysia because he is a frustrated politician. He could not see the massive data centres now being built in Johor and Negeri Sembilan. In the recent SPM results, more than 17,000 students got nine straight As. At least seven Malaysian universities are in the top 100 in Asia, including the underrated Universiti Teknologi Mara, his alma mater. Universiti Malaya is listed among the top 100 in the world! Not far from my apartment are two branches of top British universities, Reading and Southampton, and numerous international schools, including one of the most expensive, Marlborough College. One eminent professor from Reading University, UK, told me that these universities are not targeting Malaysians because Malaysia has so many good universities of its own. True enough, we have so many students from China, Indonesia, Saudi Arabia, and even the UK studying in this country. This year, the number of applicants from China increased by 37 percent. There is also an increase from all other countries. While at Universiti Malaya, I spoke to a student from China and asked him why he chose to study in Malaysia. He said his father encouraged him to study here because it is a beautiful country, with nice people and has many good universities. Malaysia is an underrated country even by its people. It is a resting tiger ready to pounce. MS: Malaysia is a country which has heartily embraced paralysing mediocrity as a national imperative and a religious duty. As a consequence, it has also lost its ability to even recognise mediocrity, sloth and decline in everything from politics and politicians to education and public services... all of which have been accepted as normal. Its willing acceptance and defence of high corruption, its willingness to leapfrog an unrepentant felon to receive a royal pardon and the right to spend the remainder of his sentence in his palatial home is just one example of how low the bar is set for criminal politicians. Just listening to the country's poorly educated politicians will provide the proof required for the country's sorry state and the promise of the worst to come. Mario T: Change the racist policies, introduce meritocracy and introduce equal opportunities, then there is a strong possibility of being an Asian tiger. Otherwise, do not even think about it. The above is a selection of comments posted by Malaysiakini subscribers. Only paying subscribers can post comments. In the past year, Malaysiakinians have posted over 100,000 comments. Join the Malaysiakini community and help set the news agenda. Subscribe now. These comments are compiled to reflect the views of Malaysiakini subscribers on matters of public interest. Malaysiakini does not intend to represent these views as fact.
Daily Express
30-04-2025
- Business
- Daily Express
Don't compare Malaysia with ‘real tigers', Zaid tells Wan Fayhsal
Published on: Wednesday, April 30, 2025 Published on: Wed, Apr 30, 2025 By: FMT Reporters Text Size: Former law minister Zaid Ibrahim said Bersatu's Wan Fayhsal Wan Ahmad Kamal should 'stop dreaming' about Malaysia's prospects of being an 'Asian Tiger'. PETALING JAYA: Former law minister Zaid Ibrahim today responded to the claim by a Bersatu man that Malaysia could still achieve 'Asian Tiger' status if led by a visionary prime minister, saying the country could not be compared with 'real tigers' such as China, South Korea, or Singapore. Bersatu Supreme Council member Wan Ahmad Fayhsal Wan Ahmad Kamal had said in an exclusive interview with FMT that such a prime minister should have the 'vision to rally all Malaysians transcending race and religion'. However, Zaid said that Wan Fayhsal should 'stop dreaming'. In a post on X, he said even Prime Minister Anwar Ibrahim, whom he had previously thought to be a visionary, was unwilling to dismantle current policies. 'Stop comparing us with the real tigers. Our politicians and civil service are not the best, and our education and economic policies are archaic. The corrupt and rent seekers are protected. 'We give preferences to selected groups, but they are not to be questioned. 'We are a feudal oligarchy cemented by a religious bureaucracy the Renaissance man himself dared not recalibrate and reform,' he said in what was believed to be a veiled reference to Anwar. The term 'Asian Tigers' was used in the 1980s and 1990s to describe the fast-growing, now high-income economies of Taiwan, South Korea, Singapore and Hong Kong. Malaysia was tipped to be the fifth 'Asian Tiger', but its economic growth was derailed by the 1997 Asian financial crisis. Wan Fayhsal nevertheless said Malaysia checked all the boxes to achieve high-income status, pointing to its strategic location at the heart of Asean, its relative immunity to major natural disasters, and its diverse cultures and traditions. 'All of these 'ingredients' must be 'cooked' by a prime minister with the vision to rally all Malaysians transcending race and religion,' he said. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
