Self-fulfilling Prophesy and the Thai Economy

Economic Issues in Thailand: Our Self-Fulfilling Prophecy?

Janpha Thadphoothon

At the outset, it's important to note that I am neither an economist nor an expert in macroeconomics. As an English teacher, my perspective on the Thai economy is that of an ordinary individual. However, based on my observations from various media sources, I can't help but feel a sense of unease about the entire situation.

In this blog article, I aim to articulate my apprehensions and uncertainties surrounding the ongoing debate in and around Thailand regarding the potential economic crisis. The crux of the matter revolves around whether Thailand is indeed undergoing a significant economic downturn.

This issue holds paramount importance, as the eligibility for Thailand to secure overseas loans hinges on the justification of its necessity. Essentially, the country must find itself in a dire economic situation to warrant external financial support.

Much of what I have gathered is derived from hearsay and media reports. Some senior ministries within the current government assert the urgent need for an economic boost, proposing the injection of fresh funds, exemplified by the proposed "10,000 Baht" digital money initiative.

However, opposition voices, dissenting from the government's stance, argue that Thailand is not in a state of crisis. They caution against accumulating more debt for a country already burdened with financial obligations. There are other reasons and options Thailand could take. they argue.

Referring to Yuval Noah Harari's view on money, it is fundamentally based on the notion of trust. According to Harari, the value of money is intricately tied to the trust and confidence that individuals within a society have in it. The worth of a currency extends beyond its physical form; it is a reflection of the shared trust embedded in the beliefs of the community using it.

Central to economic theory is the assumption of human rationality. Nonetheless, a significant number of economists argue that, in practical terms, humans often deviate from rational behavior within economic frameworks.

What causes concern is the prevailing mentality surrounding the economy. It appears that little is being done to rectify the situation, leaving one to ponder if there is an anticipation of the impending downfall of the Thai economy.

I am compelled to consider the interplay between expectations, beliefs, and reality, operating at the subconscious level of perception. There is a possibility that we, as observers, might be unintentionally fulfilling our own expectations. In simpler terms, the fear is that we might become the architects of the very outcome we dread.

I hope that my concerns are merely whimsical and unrelated to the actual economy. I am optimistic that the Thai economy transcends mere words and debates. The true economic reality runs deeper than our expectations or mere wishes.