'Economist’ expresses both praise and concern

Published on February 7, 2005

Prime Minister Thaksin Shinawatra’s landslide victory at the polls yesterday is testament to his genuine popularity among those who have received tangible benefits from his skilful economic management and populist policies, says an influential international news magazine.

But The Economist says in its current issue that people’s tendency to forgive some of his serious transgressions, including disdain for democratic values and blatant conflicts of interest, exposes a serious flaw in Thailand’s political system.

“We owe Thaksin Shinawatra, Thailand’s prime minister, an apology. Four years ago, when he won his first election, The Economist was sceptical. We said his position as Thailand’s richest man exposed him to insuperable conflicts of interest, that his instincts were alarmingly undemocratic and that his populist election promises were unrealistic and bound to produce either disappointment or real economic damage.

“. . .With Thaksin reckoned to be sure of increasing his mandate – we are happy to revise this assessment.”

The magazine says Thaksin managed to deliver on his 2001 election promises, consisting mainly of three give-aways – cheap healthcare, debt forgiveness for farmers and micro-credit for villages – while keeping Thailand’s borrowing at a manageable level.

It also credited Thaksin with making possible a booming economy. “Though more debt than is admitted to may have been squirreled away off the national balance sheet, our fears on the economy have proved exaggerated.”

But the magazine says Thaksin continues to look “guilty as charged” on issues including conflict of interest, disdain for democratic values and gross violations of human rights, which keep Thailand uncompetitive economically and threaten to throw Thailand back to one-man rule.

“In office, he has behaved more like an unelected strongman than a parliamentarian. His hatred of criticism is legendary.

“He and his associates are accused of using their power and money to discourage dissent. Shin Corp, for example, bought control of Thailand’s only independent television station before the 2001 election. Since then, relatives of the secretary-general of Mr Thaksin’s party have bought a big stake in the country’s most outspoken newspaper, The Nation.”

The safeguards provided by Thailand’s 1997 Constitution, especially the Constitution Court and anti-graft commission, have been weakened during Thaksin’s first term, the magazine said.

Post your comment to this story here