Several political parties called Thursday for changes to the economic structure, saying the regime's economic schemes were weighing down the country's competitiveness.
Speaking at a seminar on reforms and economic policies under a new elected government, Chaturon Chaisang, a key member of the Thai Raksa Chart Party, said opportunities for the country's economic growth have been lost over the past several years as no economic reforms have taken place.
He said several of the government's economic measures including shopping tax breaks are believed to have only widened the income gap.
According to Mr Chaturon, the country's economic growth has derailed and its competitiveness gone down over the past years while human resource management and development of the digital economy is also lagging.
He outlined urgent issues that need to be addressed including restoring investors' and consumers' confidence, speeding up exports, revamping budget planning, and restoring fiscal disciplines.
Addressing the same forum, Democrat leader Abhisit Vejjajiva said economic problems have rocked the global community, not just Thailand, and there were several factors at play.
He said the local economic situation seems to have been worst by political instability and the onset of an ageing society, noting that the country has lost resilience to adapt.
He said the regime used more economic stimulating measures than any other government but they do not seem to have been as effective as intended.
He pointed to an example of the use of welfare cards which was limited to Thong Fa shops only. However, the scheme has reportedly only drawn low-income earners away from other shops.
According to Mr Abhisit, the country would need to develop new "indicators" to measure economic growth. Instead of using GDP, the new indicators would also reflect quality of life.
"Economic returns shouldn't be the only factor. Wealth distribution and income gaps should also be evaluated," he said.
He emphasised that income guarantees and a welfare system would be necessary while the monopoly of businesses would have to be solved especially those that use natural resources.
He added that corruption must also be dealt with otherwise these efforts will be in vain.
The Pheu Thai Party deputy leader Kittiratt Na-Ranong said the country seemed to rely heavily on exports but that the main obstacle was a government which came from undemocratic means.
He said the absence of checks-and-balances was bad for the economy.
According to Mr Kittiratt who served as a deputy prime minister in the Yingluck administration, integration between the private and public sectors are a must to drive the economy while regulations and rules that hinder growth must be addressed.
Thanathorn Juangroongruangkit, leader of the Future Forward Party, said the party saw a need to put an end to monopoly in every industry and increase access to financial resources.
He also said it was time for Thailand to offer itself as a production base for foreign investment groups, noting that the government should set its sight on building and developing its own industries.
- See also: Thai economy 'most unequal' in the world
