Economic stagnation and falling stock prices plague Pheu Thai

Meanwhile, the government has been trying to reallocate budget resources to the local and provincial levels, as evidenced by the approval of 80 integration projects worth a total of 11.648 billion baht during cabinet meetings outside Bangkok.

In terms of attracting foreign investment, Srettha has traveled on roadshows and attended key international meetings in the US, Europe and Japan, meeting with many of the world’s top business leaders. However, concrete results in attracting leading companies to invest remain unclear.

While there has been an increase in investment promotion applications, actual investment numbers, particularly for foreign direct investment (FDI), remain low. So far, large companies announcing investments in Thailand have come mainly from China’s electric vehicle (EV) industry.

Meanwhile, major tech companies like Microsoft have announced investment plans in Thailand, but have not yet disclosed specific investment amounts. Negotiating with large corporations requires ongoing efforts.

The failure to resolve economic problems inevitably affected the popularity of Srettha and Pheu Thai.

On June 9, the NIDA Poll released a study titled “Nine Months of the Sretth Government,” which assessed public satisfaction with the government’s performance over three quarters.

The survey showed that 34.35% of respondents were rather dissatisfied, 31.69% not at all satisfied, 25.19% rather satisfied and 7.40% very satisfied.

On June 30, the NIDA Poll released its Quarterly Political Popularity Survey, Q2 2024.
When asked who they would support for prime minister, 45.50% chose Pita Limjaroenrat of the Move Forward Party. Srettha got only 12.85%, while Paetongtarn Shinawatra of Pheu Thai got 4.85%.

Pit’s popularity continues to grow, in contrast to the declining ratings of Srettha and Paetongtarn.

In response to falling political ratings, key figures in Pheu Thai are well aware of the negative signals but, to varying degrees, have had to come to terms with reality as the past successes of the man widely regarded as a leader continue to cast a shadow.

In terms of strategy, Srettha and Pheu Thai are focusing more on proactive relations with the public.

Srettha recently launched a show called “Talk to Srettha” on Thai public television. The first episode aired on June 22, in which he talked about his travels abroad.

The challenge for proactive PR efforts, however, is that the government’s achievements have not yet materialized, especially in terms of solving economic problems, as economic indicators continue to deteriorate.

Even though the Sretth government has been in power for less than a year, the current sentiment towards the government is not very positive. From now on, the question is how the administration will adjust its strategy to accelerate economic progress.

They also need to turn things around and rebuild their political ratings by helping Pheu Thai rise to the level of the leading party, Move Forward, which – it should be remembered – won the most votes in last year’s general election.