Bangkok: Kla Tham suggests a solution for the government: it's time to overhaul the economic team. Kla Tham expresses concern over high oil prices, US taxes, and inflation, suggesting it's time for a restructuring of the economic team.
According to Thai News Agency, Mr. Peerawas Somwong, deputy spokesperson of the Kla Tham Party, stated that Thailand is facing multiple economic pressures simultaneously, including soaring global energy prices, uncertainty from US import tariffs, and inflationary pressures eroding consumer purchasing power. However, the public is overlooking the proactive role of the Minister of Commerce, who should be leading the charge in managing the cost of living and protecting Thai businesses. Currently, Brent crude oil prices have risen above US$100 per barrel due to geopolitical tensions, resulting in higher global energy and transportation costs. The Bank of Thailand estimates that if energy prices remain high, it will significantly contribute to Thailand's inflation rate of approximately 2.9% in 2026, through the pass-through of costs to a wide range of goods and services. Thailand also faces pressure from US import tariffs, which impose rates as high as 12.5% on goods from several countries and are already in effec t. These tariffs could impact the competitiveness of Thai exporters in the US market, a key export market for the country.
Mr. Peerawas continued, 'This is a situation where three economic storms are brewing simultaneously, yet we haven't seen any proactive measures announced, no plans to support exporters, no measures to alleviate the cost of living, and no communication from the Ministry of Commerce to build business confidence. This raises the question of whether the Minister of Commerce is even still in office.' Although Thailand's overall inflation rate slowed to 2.42% in June from 2.79% in May, pressure from energy costs and trade protectionist measures remains a significant risk that could push up commodity prices in the future if the government doesn't take timely action. 'The Ministry of Commerce is not a ministry responsible for organizing events or creating a positive image, but rather an agency that actively protects people's livelihoods, regulates commodity prices, supports exporters, and maintains the country's competitiveness. If the incumbent is not prepared or lacks the capacity to perform their duties during a c risis, they should pave the way for someone who is ready to take over.'
Mr. Peerawas urged the Prime Minister to urgently evaluate the performance of the economic cabinet, especially the Ministry of Commerce. He argued that the current situation is not about clinging to positions, but about supporting the economy and protecting the livelihoods of the people, as the country is facing multiple economic crises simultaneously. If any minister has lost their passion, become incompetent, or leaves at a time when the public needs them most, they should resign to allow for the replacement of those who are willing to work, so that the country can move forward.