Abhisit Blasts 400bn Baht Borrowing Urges Govt to Stop Comparing Current Economy to Past Major Crises

Today (May 13, 2026) at 10:00 AM, Abhisit Vejjajiva, Leader of the Democrat Party, held a press conference expressing grave concerns over the government’s plan to issue an Emergency Decree for a 400-billion-baht loan. He stated that exercising such power to borrow without standard parliamentary oversight should be reserved strictly for urgent, high-stakes crises. Abhisit countered the government’s frequent justification that "previous administrations have done the same," noting that past interventions—such as during the "Tom Yum Goong" crisis when GDP plummeted or the COVID-19 pandemic when the economy was forcibly halted—were entirely different contexts. He emphasized that today’s exports, tourism, and consumption indices are still showing healthy growth. Abhisit likened the current situation to "light rain" being met with an "oversized umbrella" and questioned whether the government is exploiting the claim of "economic security" as a pretext for political campaigning and funding mega-projects.

Regarding the first 200 billion baht intended for a four-month economic injection, Abhisit warned that this move could exacerbate inflation, driving product prices even higher. He cautioned that if the struggle persists beyond four months, the government will find itself with its "back against the wall" as public debt hits its ceiling, leaving no room for further maneuvers.

Consequently, Abhisit proposed a more economically sound alternative that requires no new borrowing: cutting or exempting the diesel excise tax and implementing a windfall tax. This, he argued, would lower fuel prices and address the cost-of-living crisis at its source. For assisting vulnerable groups through welfare cards, he suggested transferring budgets from non-essential agency spending rather than incurring new debt. As for the remaining 200 billion baht earmarked for clean energy transition, Abhisit viewed this as a non-urgent matter given the lack of infrastructure readiness. He warned that this portion risks subsidizing foreign technology while adding minimal value to the Thai economy, urging the government to reconsider for the nation's long-term interest and to avoid leaving a legacy of debt for the next generation.