On Wednesday, Prime Minister Srettha Thavisin dismissed accusations of using his former role as finance minister to prematurely access confidential economic data.
Srettha did not clarify how government spokesperson Chai Wacharonke managed to announce the crucial 2023 economic data, only stating that he did not exploit his position as Finance Minister to obtain the information from the Fiscal Policy Office.
Chai’s announcement on Tuesday sparked controversy by revealing that Thailand’s economic growth in 2023 was only 1.8%, significantly below the Bank of Thailand’s (BOT) forecast of 2.5-3%.
Some perceived this announcement as a tactic to justify a proposed off-budget loan of 500 billion baht for a digital wallet initiative, despite numerous state agencies opposing the loan due to the absence of a severe economic crisis.
When confronted by journalists about the premature disclosure of important economic data, Srettha dismissed the figures as unofficial and unconfirmed, explaining they were based on a preliminary draft.
He advised reporters to await the official statement from the Fiscal Policy Office.
“I won’t confirm the data. Even though I’m the finance minister, I have never sought confidential information before its announcement,” he said. “The Fiscal Policy Office is free to compile its data, and we must treat the office’s director-general with due respect.”
Following Chai’s revelation, BOT Governor Sethaput Suthiwartnarueput informed the media that Thailand’s economy was merely slowing down, contradicting government claims of a crisis.
The BOT had previously expressed its objection to the contentious 500-billion-baht digital wallet project and the government’s persistent demands for a reduction in the policy interest rate.
Srettha acknowledged that the economy was not in great shape, though he refrained from declaring it a crisis, and recognized the central bank governor’s right to disagree with government policies.
Regarding potential new stimulus initiatives, Srettha mentioned that his government was considering economic measures beyond the digital wallet scheme.
He noted his ongoing consultations with the Fiscal Policy Office’s director-general about economic strategies and believed that the director-general frequently communicated with the BOT head.
