Pandemic: “Globalization will become regionalization.” - Narongchai Akaransee Ph.D. - Thailand

In this episode of #BusinessClass, we look at how the #Covid-19 pandemic is affecting the ASEAN nations, particularly #Thailand. We turn to #Dr.NarongchaiAkaransee, a former Thai government minister with extensive business knowledge. Dr. Narongchai explains Thailand’s successful approach to control of the Covid-19 virus. In comparing the government’s reaction to the #CovidCrisis vs. the 2008 financial crisis, he explains how the Thai government decided to distribute wages to 20 million people for three months because, “This time they lost their job because of a government order.” In conversation with #USC’s #DickDrobnick, the two explore the economic effects of the virus coupled with strong governmental controls, “Big control. Very big impact.” They also discuss how Thailand’s bond market and major economic sectors are faring. Dr. Narongchai notes that the virus will hinder economic growth for both auto parts and tourism, “We have been relying so much on #tourism. Last year, tourists arrivals were 40 million.” Dr. Narongchai Akaransee Ph.D, is the Chairman of MFC Asset Management Public Co, Chairman of Ananda Group, Chairman of #Seranee Group, and Board Member of AIA Group. Dr. Narongchai has served as Thailand’s Minister of Energy and Minister of Commerce, Director of National Economic and Social Development Board, and as a Member of Monetary Policy Committee of the #BankofThailand. Interview recorded on April 30, 2020 To maintain social distancing the interview was recorded via the web. Interview by Dick Drobnick, Director – #USCIBEARMBA Program