Connect with us
The clever new way to send money abroad

Opinion

Rice Pledging in Thailand: How did it go so wrong?

A populist policy that was part of the platform propelling the relative unknown Yingluck Shinawatra to power last May, the scheme now threatens to severely damage the government

Published

on

Last week, the Senate Committee on Economics, Commerce and Industry, of which Dr. Vitthaya is vice-chairman, filed a damning report blaming the scheme over rampant corruption and a rising mountain of debt as big as the piles of unsold rice fill warehouses across Thailand.

A populist policy that was part of the platform propelling the relative unknown Yingluck Shinawatra to power last May, the scheme now threatens to severely damage the government. Some say it could even bring the Prime Minister’s coalition down.

Rice field in Thailand

Rice Pledging in Thailand: How did it go so wrong?

 

The chairman of the central bank has already criticized the scheme – so too have academics, economists and even the U.S. Department of Agriculture, the latter of whom warned of the policy’s effects on international rice prices – and at the end of this month Prime Minister Yingluck Shinawatra’s Pheu Thai party faces a two-day grilling from the opposition and the Senate all asking the same question: How did it go so wrong?

In theory, the policy makes perfect sense. If you pay farmers above the market rate for paddy they will earn more, Thai rice – already known for its quality – will rise in price and in turn force up prices on world markets.

via How Rice is Causing a Crisis in Thailand – The Diplomat.

Click to comment

Leave a Reply

Opinion

3 ways Asia can recover from the COVID-19 pandemic faster

Countries in the East Asia and Pacific region will benefit from cooperation in three major areas: vaccine deployment, reviving sectors of the regional economy, and building on their close integration into global value chains

Published

on

Don Mueang Bangkok domestic airport

For decades, East Asia and the Pacific region sustained rapid economic growth while lifting hundreds of millions out of poverty.

(more…)
Continue Reading

Opinion

Thailand’s Vaccine Strategy: What went wrong?

Questions are being asked, and not answered, over the decision to rely almost entirely on Siam Bioscience, a local, palace-owned company with no experience of making vaccines, for the country’s vaccine needs, until an unseemly scramble began this year to procure alternatives.

Published

on

Last year Thailand won worldwide praise for its effective measures to contain COVID-19. This year the government is facing growing public outrage over the failure to control new covid outbreaks, and the slow acquisition of vaccines.

(more…)
Continue Reading

Most Read

Recent