On the face of it, the government of Prime Minister Prayut Chan-o-cha seems to be saying the right things about sustainable and inclusive growth. The prime minister himself has been touting a Bio-Circular-Green (BCG) economic model for Thailand, pitching it as the overarching theme of the recently concluded Asia-Pacific Economic Cooperation leaders' meeting. Yet, the political economy hidden underneath Gen Prayut's lofty rhetoric is becoming more short-term and exclusive, allowing wealth to be concentrated in fewer hands, giving a handful of conglomerates oligarchical control over the market.
Among these few powerful corporate giants, it is common knowledge that the Charoen Pokphand business group is at the top of the hierarchy. From its base in the agro-industry, CP expanded to lord over a gamut of businesses, from retail and distribution to property development and telecommunications. Its market dominance has benefited from weak regulations and a meek government that appears to favour big business rather than stand up for consumers and ordinary people.
