In January 2020, Thailand’s finance ministry assessed that the economy would grow by 2.8% this year. In June, the projection was overhauled descending to a – 8.5% withdrawal, the best drop among significant South Asian countries.
To help move the nation through the pandemic-driven downturn, 61-year-old veteran financial leader Predee Daochai was picked in a bureau reshuffle as the new finance minister toward the beginning of August. But he surrendered on September 1 after only 26 days at work.
A former co-president of Kasikornbank and administrator of the Thai Bankers’ Association, Predee refered his resignation to health reasons for stepping down. Disputes within the bureau—revealed by an assortment of sources—were in all probability the main impetus behind Predee’s acquiescence.
As indicated by Pavida Pananond, who is a professor of international business at Bangkok’s Thammasat University, assuming control of the finance ministry in the midst of the pandemic was not going to be as easy as a pie by any means, paying little mind to Daochai’s broad experience in the financial sector.
He was challenged with guiding Thailand out of its most exceedingly awful monetary withdrawal since 1997, an assignment made considerably additionally overwhelming by the way that, he was a first-time government official.
In March this year, Thailand shut its borders and executed business lockdowns in a generally fruitful endeavor to contain the pestilence. Albeit numerous limitations have since been lifted, Thailand still can’t seem to return for international tourism. Because of the global monetary decline, trades have plunged over 20%.
The next finance minister who takes over from Predee Daochai, should zero in on the more extensive picture by taking a gander at Thailand’s financial basics – from work abilities and profitability to obsolete regulatory formality.
However, he ought to anticipate that things would be a bit more complicated by the ongoing antigovernment fights requiring the disintegration of Parliament and changes of the government. Particularly, the rising political temperature which can just add to making any endeavor to restore foreign and domestic investor confidence much harder.
Predee Daochai is a businessperson who has been at the head of 8 different companies and currently is Chairman for National ITMX Co. Ltd. and Co-President & Executive Director at Kasikornbank Public Co. Ltd., Chairman at Kasikorn Factory & Equipment Co. Ltd. (a subsidiary of Kasikornbank Public Co. Ltd.).
He is also on the board of Muang Thai Group Holding Co. Ltd., Bangkok Patana School, Dole Thailand Ltd. and Thai Institute of Directors Association and Chairman for The Thai Bankers’ Association and Director at Asean Bankers Association.
In the past, Predee Daochai held the position of Chairman of Centara Hotels & Resorts Leasehold Property Fund, Chairman for Kasikorn Leasing Co. Ltd., Chairman at Kasikorn Research Center Co. Ltd. and Chairman at Kasikorn Asset Management Co., Ltd.
He received a graduate degree from the University of Illinois and a graduate degree from Thammasat University.