PIER: Declining unity may hit growth

Asia's Tech News Daily
PIER: Declining unity may hit growth

Anti-government protesters create flames by lighting up aerosol cans during a demonstration in support of the release of political prisoners outside Bangkok Remand Prison on Wednesday. AFP

The Bank of Thailand's Puey Ungphakorn Institution for Economic Research (PIER) believes the country's differences of opinion could have an effect on future Thai economic growth as people's trust in one another declined over a 10-year period.

According to the World Values Survey, Thailand’s social trust and reconciliation score in 2008 was 40 before declining to 30 in 2018, said PIER researcher Tanisa Tawichsri.

Younger Thais adjusted their attitudes and became less conservative, according to the latest PIER survey.

PIER surveyed 2,016 people on their opinions from August to September this year, finding three fragile areas: social trust, confidence in public organisations and social unity.

Social unity had the lowest score, below 30 on a scale of 0-100.

The differences of opinion are related to generational and income factors among people and led to a large gap in terms of social inequality.

Lower-income earners have less trust in society than higher-income earners, said Ms Tanisa.

Members of the younger generation have changed their attitudes and become more liberal, she said.

The score for liberal opinion among Gen Z respondents — those younger than 30 years of age — is particularly high at 90 out of 100.

The younger generation also has less confidence in public organisations than older generations.

The younger generation having less confidence in public organisations could impact government policies.

Members of the younger generation might not wish to collaborate with public policies, or they may ignore them, including economic policies, which could affect economic growth, said Ms Tanisa.

On the other hand, the younger generation is demanding a stronger welfare state, and this could lead to an improvement in the country’s social welfare, she said.

Social vulnerabilities have been laid bare during the pandemic, raising the level of the country’s economic inequality.

In particular, the country’s diminishing unity could reduce confidence among people, business operators and investors, which would lead to suffering in relation to the country’s economic activities.

Krislert Samphantharak, a PIER adviser, said even though differing viewpoints have weakened Thai society the past several years, the problem could be tackled.

He pointed to four instruments to relieve social vulnerability: an open mind, listening, talking, and collaborating properly and reasonably.

Mr Krislert said inequality has widened in several countries, hastened by the impact of the pandemic.

For Thailand, acceptance of different opinions is a key factor to relieve problems and develop a path towards reconciliation, he said.

The World Values Survey in 2020 found people in several countries, excluding Thailand, demanded higher equality across many fields.

Many countries have been dealing with inequality for a long time, with the problem exacerbated during the pandemic.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

‘The app is a copycat': Meesho's Vidit Aatrey on competition from Flipkart and Amazon, evolution of social commerce and more

Vidit Aatrey, Founder & CEO, Meesho Meesho is emerging as a dark horse in the cutthroat e-commerce wars in India, which was so far dominated by Amazon and Flipkart. SoftBank-backed Meesho ... Read more »

Buy ICICI Bank; target of Rs 950: Emkay Global Financial

Emkay Global Financial’s report on ICICI Bank ICICI Bank is focusing on hyper-personalized digital offerings – be it retail, SME or corporate – to improve customer experience and thus capture ... Read more »

Tech talent most in demand as Singapore hiring picks up in 2022: Surveys

SINGAPORE (THE BUSINESS TIMES) – As Singapore hiring activity picks up in 2022 and workers look to switch jobs, tech talent will be particularly in demand, according to two surveys ... Read more »

Online seminar: this is how you can regain success at the fair after a great year

With the fantastic stock market year almost over, it is high time to look at the opportunities for 2022. We have seen major differences in returns between the various stocks ... Read more »

Toyota Kirloskar Motor partners with Karnataka Bank for financing solutions

Toyota Kirloskar Motor (TKM) on Monday said it has partnered with Karnataka Bank to finance its vehicles across cities and towns in India. The company has signed a memorandum of ... Read more »

Costs and shortages hit growth outlook and Omicron could add further risk - CBI

Britain's economic recovery is forecast to remain "pretty firm" though prospects have been dampened by the emergence of "short-term headwinds" according to a new forecast from the business group. Read more »

LG Electronics scores win against Tinno Mobile over patent case

Photo by: LG Press Release LG Electronics officially pulled out its mobile phone business this year, and now it is running after companies that it believes violated its patent rights. ... Read more »

Attention for Intertrust on Damrak after CSC takeover bid

Photo: ANP On Monday, attention will be focused on Intertrust at the Amsterdam stock exchange. The financial services provider has agreed to a takeover offer of 20 euros per share ... Read more »

AFSPA should be repealed: Meghalaya CM Conrad K Sangma

Meghalaya Chief Minister Conrad K Sangma on Monday said that the Armed Forces (Special Power) Act, 1958 should be repealed as he joined the growing chorus for withdrawal of the ... Read more »

Tax authorities fill in deductible items with tax assessment themselves

Photo: ANP Many Dutch people will receive a provisional assessment for next year in the coming weeks. A new feature is that the tax authorities automatically fill in the deductible ... Read more »

1 tourist killed, 8 injured in van crash

Rescuers help passengers of a van after it crashed while descending from Doi Ang Khang in Fang district of Chiang Mai on Monday. (Photo: Panumet Tanraksa) CHIANG MAI: A van ... Read more »

Honda issues recall for 725,000 SUVs and trucks in the US

Photo by: emrecan arık/Unsplash Honda recalls around 725,000 units of vehicles after the discovery of an issue with the hoods. It was reported that the mentioned car part could pop ... Read more »

Delhi govt to organise international level stage play on life of BR Ambedkar: Arvind Kejriwal

File image of Delhi Chief Minister Arvind Kejriwal (Image: ANI) The Delhi government will hold an international level stage play based on the life of Babasaheb BR Ambedkar at the ... Read more »

Financial intermediaries must be kept in check to avoid a repeat of the 2020 turmoil

Investment funds and asset managers are playing an ever more crucial role in the financial system. They provide funding in areas that traditional banks do not cover, manage and share ... Read more »

Banking Central | Battling with inflation, MPC sees Omicron as new cause for concern

The bi-monthly review of the Monetary Policy Committee (MPC), the outcome of which will be announced on December 8, will likely be a quiet affair. The general consensus among economists ... Read more »

Intertrust comes into the hands of industry peer CSC

Last month, Intertrust announced that it had been approached by several parties about an acquisition. Investor CVC Capital Partners was willing to pay 18 euros per share. But exclusive talks ... Read more »

Inox Wind shares rise 5% as subsidiary looks to raise up to Rs 500 crore via IPO

Inox Wind’s share price added 5 percent to hit Rs 154.15 intraday on December 6 as its subsidiary is looking to raise up to Rs 500 crore by way of ... Read more »

Most Bought smallcases for November 2021

The year 2021 is slowly drawing to an end. With approximately 20 days or more for 2021 to wrap up, we take a step back to look at the Most ... Read more »

Hainan hosts first China Sporting Goods and Equipment Import Expo

The exhibition was attended by representatives of more than 300 companies from both China and other countries and regions of the world Read more »

Sanya city concludes its 25th Hainan International Wedding Festival

It was held on November 28-30 in the city's Tianya Haijiao coastal park Read more »

India's airlines add more non-stop flights to their networks as air traffic nears pre-pandemic levels 

Representative Image The domestic aviation market in India is now close to pre-pandemic levels. As of December 5, India recorded 30 consecutive days of domestic passenger numbers being over 300,000, ... Read more »

Asia's biggest flower market makes stars out of influencers

E-commerce is big business in China and influencers and livestreamers have made their fortunes showcasing products for luxury brands and cosmetics firms, now the nation’s horticulture industry is getting in ... Read more »

India-Russia partnership steady & strong: Jaishankar

The India-Russia partnership is unique and has remained remarkably steady and strong in a world of rapid geopolitical changes, External Affairs Minister S Jaishankar said. The India-Russia partnership is unique ... Read more »

Thailand detects first Omicron case

An airport staff member talks to a traveller at Suvarnabhumi Airport on Nov 15 2021. (Photo: Somchai Poomlard) Thailand has detected its first case of Omicron. The coronavirus variant was ... Read more »

Japan's Kirin seeks arbitration to help end Myanmar venture

BANGKOK — Japanese beverage giant Kirin Holdings said Monday it is seeking commercial arbitration in a dispute over unwinding its joint venture brewery in Myanmar. The company said it filed ... Read more »

Hong Kong's New World Development launches discounted housing in line with city's subsidised Housing Ownership Scheme

Hong Kong property firm New World Development has announced the launch of subsidised homes at discounts ranging from 40 to 50 per cent, aimed at helping lower income groups get ... Read more »

Elon Musk has strong views on hydrogen. Not everyone agrees

A car is fueled with hydrogen at the Frankfurt Auto Show IAA in Frankfurt am Main, Germany, on September 13, 2017.TOBIAS SCHWARZ | AFP | Getty Images Tesla CEO Elon ... Read more »

EXCLUSIVE | Competition is being reactive, many people threatened by our growth: Meesho founder Vidit Aatrey

Vidit Aatrey, Founder & CEO, Meesho Meesho is emerging as a dark horse in the cutthroat e-commerce wars in India, which was so far dominated by Amazon and Flipkart. SoftBank-backed Meesho ... Read more »

Here's how Shriram Properties plans to use the funds from its proposed IPO

A part of the funds raised from the proposed Rs 600 crore initial public offering (IPO) of Shriram Properties, a real estate development company, will go to finance the growth ... Read more »

Ed-tech firm upGrad to acquire Talentedge for Rs 400-500 crore

Ed-tech firms upGrad has entered into an exclusive agreement to acquire Talentedge in what would mark a consolidation in the higher online education space in the country. The deal size is pegged ... Read more »

Tech investor SoftBank crashes hard on Japanese stock market

Photo: ANP Japanese tech investor SoftBank went down hard on the stock exchange in Tokyo on Monday. Investors were concerned about the declining value of the company’s investment portfolio. The ... Read more »

This Week: Consumer borrowing, job openings, Costco earns

A look at some of the key business events and economic indicators upcoming this week: JUST CHARGE IT The Federal Reserve issues its latest monthly tally of U.S. consumer borrowing ... Read more »

Godrej Properties ties up with TDI Group for luxury housing project in Connaught Place 

Representative image Mumbai-based Godrej Properties Ltd (GPL) has announced that it has entered into a joint venture with TDI Group to develop an ultra-luxury residential project over 1.25 lakh sq ft in Connaught ... Read more »

Chinese developer misses major bond repayment of $179 million

China’s real estate industry has cooled in recent months after Beijing tightened home buying rules and launched a regulatory assault on speculation. BEIJING: Another Chinese property developer said Monday it ... Read more »

Premchai's poaching case approaches final ruling

President of Italian-Thai Development Plc Premchai Karnasuta (left) and three of his staff are arrested on Feb 4, 2018 for allegedly hunting wildlife in the World Heritage Thungyai Naresuan Sanctuary. ... Read more »

Audi launches entry-level variant of A-4 sedan, priced at Rs 39.99 lakh

German luxury carmaker Audi is seeking to accelerate its sales growth in India with the launch of its all-new Q5 SUV, one of its volume drivers next month, according to ... Read more »

Nifty can correct 1,000 points till Budget, says Sandeep Bhatia of Macquarie Group

As coronavirus concerns resurface with the possibly more infectious Omicron strain and the US Federal Reserve taper remains on cards, Indian markets will likely continue to see a pullback, Sandeep ... Read more »

In pics | Snowfall in Himachal Pradesh, Uttarakhand, Jammu & Kashmir

Many areas in Jammu and Kashmir, Uttarakhand and Himachal Pradesh have received snowfall. (Image: ANI) Narkanda district in Shimla district of HP turned picturesque white as fresh snowfall was recorded ... Read more »

Look forward to continue working with Bangladesh PM to further deepen ties: Narendra Modi

Besides Prime Minister Narendra Modi, senior Union ministers Rajnath Singh and Amit Shah, along with Parliamentary Affairs Minister Pralhad Joshi, will represent the government at the meeting. (Illustration: Moneycontrol) As ... Read more »

Kakao enters healthcare business, deepening rivalry with Naver

Photo by: Kakao Website Kakao has entered the digital healthcare business, and this will surely expand its rivalry with Naver Corp. that is already operating its medical service business. The ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic