Many scholars are taking a hard look at the recent government communication methods and strategies, with a notable figure like Burin Adulwattana, the managing director and chief economist at the esteemed Kasikorn Research Centre, taking the lead. He voiced apparent concerns about the decision to adopt a strategy of crisis communication in order to drum up support for the digital wallet project, warning that it might have unintended consequences.
Adulwattana argued the said technique, although designed to rally public support, has unintentionally chipped away at the confidence of investors, both local and foreign. With his expertise, he shed light on an era where news propagates rapidly that leaves investors in a flurry. While some government policies remain ambiguous, a deluge of news makes its way to the public scene. He emphasized the necessity for cohesive and clear dialogue before delivering public statements.
Nonarit Bisonyabut, a commendable senior researcher at the reputable Thailand Development Research Institute (TDRI), shared the same apprehensions. He underscored several cases of contradicting messages, not solely focused on the digital wallet plan but branching out to other issues as well. The confusion, he suggested, debunks a faulty communication strategy, shaking the certainty of all corresponding parties. Nonarit underscored the urgency of establishing clearly outlined communication roles before making any announcement.
Finnomena CEO and founder, Chayanon Rakkanjanan stated that the prevalent unclear interpretations surrounding domestic economic stimulus plans contributed to a noticeable decrease in market capitalisation – a whopping decline of more than 1.13 trillion baht. Chayanon pointed to the inadequacy and mismatched messages from varying sources as a major obstacle to investor confidence. He urged the government to polish its communication methodology to boost investor relations.
The falling market, coupled with a dearth of evident explanations or identification of roots, has stirred discomfort. Although some steps have been made to reestablish confidence via news publications, it’s noted, these actions have been more reactive than proactive. This reactive approach raises suspicions about undisclosed elements, further fanning the flames of uncertainty among the investor community.
Amonthep Chawla, the assistant CEO and managing director of the Research and Investment Advisory Division at CIMB Thai Bank, hammered the importance of clear, authoritative government communication. Drawing from recent history, he affirmed that various news sources had been beneficial but stressed the need for clarity and consistency. He proposed the dissemination of clear, exhaustive information oriented in the same direction, and expressed confidence that revised communication strategies are needed for a successful future. He advised patience, to wait until all sectors are transparent before broadcasting any declarations.