Economic experts urge govt to improve its communication strategy to build confidence

However, this heightened communication has drawn criticism from scholars who question the government’s communication strategies.

Burin Adulwattana,Kasikorn Research Centre

Burin Adulwattana, managing director and chief economist at the Kasikorn Research Centre, said the government’s move to convey a sense of crisis to garner support for the digital wallet project may have repercussions. This strategy, aimed at mobilising public support, has inadvertently affected the confidence of both Thai and foreign investors.

“There are too many people releasing news and investors are withdrawing. Some policies are still unclear, but a significant amount of news has been released. Clear talks are necessary before releasing statements,” he said.

Nonarit Bisonyabut, TDRI

Nonarit Bisonyabut, a senior researcher at the Thailand Development Research Institute (TDRI), echoed these concerns. He highlighted instances of conflicting messages not just related to the digital wallet project but also other issues.

This, he said, reflects a flawed communication strategy that impacts the confidence of all involved parties.
Nonarit pointed out that there is a need for communication responsibilities to be clearly defined before announcements are made.

Chayanon Rakkanjanan, CEO and founder of Finnomena

Chayanon Rakkanjanan, CEO and founder of Finnomena said there was a significant drop in market capitalisation by over 1.13 trillion baht in the recent past. He attributed this downturn partly to the lack of clarity in domestic economic stimulus measures. He said inconsistent communication, with different sources providing conflicting information, has hindered investor confidence. Chayanon said the government must refine its communications strategy for the benefit of investors.

After the significant market downturn, there has been a lack of clear explanation or the identification of causes. While efforts have been made to boost confidence through news releases, they are perceived as somewhat reactive, raising questions about undisclosed factors and contributing to heightened uncertainty among investors.

Amonthep Chawla, CIMB Thai Bank

Amonthep Chawla, assistant chief executive officer and managing director of the Research and Investment Advisory Division at CIMB Thai Bank, pointed to the importance of government communication. He said in the recent past, there have been multiple sources of news that are acceptable, but clarity and consistency are necessary.

He recommended the delivery of information that is clear, comprehensive and aligned in the same direction. He said it was advisable to wait until all aspects are clear before making announcements, and expressed confidence that adjustments in the communication strategy are necessary for the future.