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have responded well to short-term economy stimulus measures such as the payment of over 92 billion baht due to farmers under the rice pledging scheme, a 2 trillion baht budget for infrastructure, the fast-track approval of projects worth 700 billion baht by the Board of Investment (BOI), favourable corporate income tax, as well as promises to push ahead with mega-projects such as dual-track train and water management programmes.“When it comes down to the reforms on a structural basis, I think the engagement from the NCPO with the chambers of commerce and other agencies has been a big positive,” said Mr Kent. “There also seems a sense of urgency to get things done, which I think from many people’s experience in the room – urgency in the past is not something we’re accustomed to.”Associate Professor Pavida said the NCPO scored well for its attempt to clean up corruption by reshuffling leadership positions in ministries and state enterprises. Yet she foresees many long-term problems from the military’s intervention. “If you look at the current changing and replacing of technocrats on the boards of state enterprises, it is not really strengthening Thailand’s institutions. We should ask if this continues for a while, the legitimacy that the NCPO has could be eroded through some kind of nepotism. People can say that the NCPO is bringing their own people into the key state enterprises.”For Assoc Prof Pavida, the military’s placement of its own people onto the boards of public companies might destroy the system of checks and balances among institutes. Thailand’srank on the Global Competitiveness Index on institutions – an assessment on the level of good governance – fell down a place to 78th for 2013-2014, falling from 57th in 2008-2009.Ms Pavida also forecast market intervention in the form of subsidies for basic goods, especially petrol. But the problem that foreign investors should be wary of is the rise of nationalism.“If we look back on the 2006 coup, what happened was some form of economic nationalism. So there can be more scrutiny of foreign businesses.”An example is the social media campaign that criticizes and scrutinizes foreign ownership in the telecom industry and the subsequent inspection of foreign-owned telecom companies bidding for a 4G licence. “EconomicElite+ 17