Former SET president says Thailand is suffering from ‘Corruption Disease’

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BANGKOK, 18 Oct 2013 Former president of the Stock Exchange of Thailand (SET), Sompon Kiatpaiboon, indicated that Thailand is suffering from what he called ‘Corruption Disease’ while another senior economist showed his concerns on the public debt and the Government’s lack of spending discipline. 

Speaking at a seminar held by the Thailand Future Foundation and the Economics Reporters Association, Mr. Sompon described the Corruption Disease as influential factor disabling people in positions of power to see anything beyond personal benefits and gains. He said if the disease is left unattended, the nation would not be able to move forward.

Meanwhile, former Commerce Minister Narongchai Akaraseranee stated that although Thailand is not in its prime stage, it still performs well. He viewed the nation’s dependency on the global economy as the cause of its drawback. He explained that whenever the international economy fluctuates, so will Thailand’s economic status.

He also raised another concern: the public debt, which is now in a combination of old and new ones that the nation is unable to wash off as its administration does not have the spending discipline.