Pridiyathorn hits back at Thaksin

(Bangkokpost.com)

Deputy prime minister and finance minister Pridiyathorn Devakula hit back at ousted premier Thaksin Shinawatra Wednesday, saying his so-called "Thaksinomics" has caused Thailand huge debts.

"Thaksinomics, if let it run for another three years, would cause the country a crisis," M.R. Pridiyathorn said at a seminar entitled "Investment direction 2007 and how to handle the volatile baht."

"Although economics under Thaksinomics grow, they expand with no limit," he said, adding that the previous government had debt accumulated up to 1.5 trillion baht.

M.R. Pridiyathorn said Thailand could be like Argentina if Thaksinomics were to be continued much longer.

He also stated that the principles of the sufficiency economy, initiated by His Majesty the King, would not lead the country to recession. He claimed it was an immunity system, protecting the economy from expanding too much, too soon.

The government under Prime Minister Surayud Chulanont announced that it would use a key economic policy of sufficiency, focusing on both GDP growth and income distribution.

According to M.R. Pridiyathorn, sufficiency economy, though widely criticised by foreigners, does not conflict with economic growth. Rather, it makes the growth commensurable with the country's capacity and creates immunity against the risks of unstable growth.

Mr Thaksin has used foreign media in attacking government's policies in the past few weeks. He tried to discredit the theory of sufficiency economy while trumpeting his populist policies, known as Thaksinomics.

M.R. Pridiyathorn criticised Mr Thaksin, saying he was not patriotic.

"He talks to foreigners, causing them to misunderstand us," he said. "This guy...he isn't a true patriot."

Bangkok Post
Wednesday January 31, 2007