Thursday October 12, 2023 – E-Saan Poll, Center for Business and Economy Research (ECBER), Faculty of Economics, Khon Kaen University, revealed the result of the survey on “Economic Index of E-saan Household Economy, 3rd Quarter, 2033 and Estimate for the 4th Quarter, 2023”. Assoc. Prof. Sutin Wianwiwat, Ph.D., Head the E-saan Poll Project explained that the survey was conducted with the aim to survey the opinion of E-saan people towards the household economy, to assess the household economy in different aspects, to calculate the economy index of E-saan economy during the 3rd Quarter of 2023, and to evaluate the government’s work on economy. In the survey, additional questions were asked related to the policy on the digital 10,000 baht. The survey was conducted from October 6-8, 2023 from a sample group of 1,097 people aged over 18 years in 20 provinces in the Northeast.
Questions were asked about the household earning and assets, chances of finding a new job, circulation of money for expenditure and debt payment, and purchase of high-cost items. Different indexes were computerized and the results show the indexes from 0 – 100. The index from 0 – 19.9 indicates very bad situation, 20.0 – 39.9 means bad, 40.0 – 59.9 means moderate, 60.0 – 79.9 means good, and 80.0 – 100 means very good. The results were as follows:
1) Income index and household assets during the 3rd quarter was 2, indicating that the household income and assets were at the bad condition, and worse than the previous quarter, which was 33.1. It was estimated at 33.4, showing that the situation will be slightly better during the next quarter.
2) Index of new employment or new business of the 3rd quarter was 39, indicating the situation in this respect was bad, but slightly better than the previous quarter, which was 32.7. For the next quarter, the index was estimated to be slightly improved, at 33.3.
3) Index of circulation of money for expenditure and debt payment for the 3rd quarter was 31.7, indicating that the circulation of money and debt payment were bad and worse than the previous quarter. It was estimated that the situation would be slightly better in the next quarter, i.e., at 33.7.
4) Index of high-cost item purchase of the 3rd quarter was 5, showing that the confidence of E-saan households in buying high-cost items was bad, but slightly better than the previous quarter which was 32.4. It was estimated that in the next quarter, the index would be higher, at 34.4.
5) Economic index of E-saan households in the 3rd quarter was 32.3, indicating the overall Isaan household economy being as a bad level and worse than the previous quarter, which was 8. The index was anticipated to be better during the 4th quarter, at 33.7.
When the sample group was asked to evaluate the government’s work in economy during the 3rd quarter, the score was 31.86 out of 100, adjusted from the 2nd quarter, which was 27.8. The overall work of the government during the 3rd quarter was 33.2, higher that the 2nd quarter, which was 29.4. The government score was lowest in the 3rd quarter of 2021, only at 20.3, while the overall work was 19.3, resulting from the severe pandemic of Delta Covid.
An additional question was asked if the digital 10,000 baht should be given to all aged over 16 years, or to only the low-income group. The majority, 64.2% wanted it to be given to all, while 22.2% wanted it to be given to low-income group, followed by 9.4% stating that the money should be used for other things and 4.2% said they were not certain.
Another question was asked on the condition of the use of the digital 10,000 baht. More than half, 57.7%, said it should be used anywhere, 32.2% said within the province, 7.4% said within the district, 2.7% said within the 4 kilometers based on the house registration.
Assoc. Prof. Sutin Wianwiwat added as an economist and finance expert that he understood the worries of economists, academics, and the private sector who caution and instruct the government related to the digital money policy. He also understood the needs of the people who are now in trouble economically with debt problems. That is why many want the government to give out the money now.
The government should listen to the opinions from all and adjust the policy for utmost efficiency and benefits. He proposed an idea not mentioned before, that is adjusting the digital money from 10,000 baht to 5,000 baht and another 5,000 baht as a loan amount or low-interest OD, or interest-free for the first 1-2 years. This will reduce a lot of the allocated budget for the government, and still stimulates the economy nearly similar to the former plan. Moreover, it will not bring much impact on the confidence of the financial stability. At the same time, people will still have the 10,000 for their expenditure, but they would spend it more on necessary things or on investment that brings earning. When they are able to pay the debt, the money will be there for the future when they are in trouble.
News: Panit Khatnak
