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The former economic czar insisted that he would not return to the political arena unless it was really necessary. "[But], if I could help make this country better, I would [reconsider]," he said.

Somkid was credited with helping lift Thailand out of the economic doldrums during 2001-2006 when Thaksin Shinawatra was prime minister.

In the wake of the September 19, 2006 coup, Somkid's relationship with his former boss changed significantly. He has chosen to lean towards a political faction led by Somsak Thepsuthin, a former Thaksin ally, rather than stay with Thaksin's former People's Power, or the current Pheu Thai Party.

At a seminar held by the Stock Exchange of Thailand and Nida Business School last week, Somkid floated the idea of a Thai version of the American "New Deal" to revitalise the economy and society.

He lamented that Thailand was now in a state of peril due to more than three years of political instability and the current global economic crisis.

Hence, he proposed a New Deal for Thailand based partly on what was made famous by former US president Franklin D Roosevelt during the Great Depression, which included a complex package of economic programmes to give relief to the unemployed. reform business and financial practices and promote economic recovery.

As for Thailand, the country should survive the economic crisis over the next two years if the US economy recovers late this year and starts to grow again around 2011.

However, the Thai political outlook is more worrisome as there could still be more upheavals along the way.

Given the three major consequences of the current global economic crisis, he said Thailand would have to adapt to a new geopolitical landscape in which the rise of China will serve as a counter-weight to the US.

Somkid, previously tipped as one of the candidates for the prime ministership, suggested that Thailand needs to come up with a better strategy to gain from the rise of China, whose economy will soon be the world's third largest.

Secondly, the current global economic crisis, with its huge impact on the US and other Western economies, has led to the rise of "state capitalism", in which governments play a much bigger role in the economy as they intervene to save major financial institutions to prevent the collapse of the economic system.

Third, Somkid said a new economic model was emerging as a result of the global crisis, as Thailand and other export-dependent countries could no longer depend on foreign investment, tourism and exports as engines of growth.

He urged Thailand to quickly shift to a new model in which domestic and local markets would have to play a bigger role in driving economic growth.

Since the domestic economy is still relatively small, he called for big reforms, starting with the agriculture sector, which involves the largest section of the population.

The farm sector, in which Thailand probably has the most competitive strengths, holds the key to future prosperity.

Also key is the government's economic stimulus package of Bt1.5 trillion for 2009-2011. Clear-cut strategies are needed to execute the huge programme successfully, he said.

In the end, Somkid urged all young business and other civil-society leaders to volunteer for top political jobs to help chart a new course for this country.

Somkid told his audience that these jobs should be seen as the national duty of competent persons and they might join any parties of their wish.

He pledged to stand behind new blood in politics and serve as their adviser when the time was right.

His parting shot: "Thailand needs this New Deal or else it will likely have a bleak future."