MARCO HOLIDAY” FROM MARCO THEORY TO THE REAL WORLD”

MARCO HOLIDAY” FROM MARCO THEORY TO THE REAL WORLD” SUCCESSFULLY HELD IN CHIANGMAI UNIVERSITY

TIME: 18 FEBRUARY,2024
LOCATION: AT FACULTY OF ECONOMICS, CMU

“Marco holiday 2024” was successfully held on February 18, 2024, at the faculty of Economics of Chiang Mai University, and invited two professional professors, Professor Nattaphat from the Bank of Thailand, and Professor Poonyawat from Siam Commercial Bank. It attracted many outstanding and studious professors and students from the faculty of Economics to participate. The theme of this event is “From Marco theory to the real world”, letting people to analyze and understand the role and impact of macroeconomics through real-world cases.

First, Professor Nattaphat gave a lecture on the Thai economy and the role of the central bank. He discussed the Bank of Thailand and monetary policy in pratice, Thailand’s recent economic conditions and the latest monetary policy direction of monetary policy respectively.Topic 1: The objective of monetary policy in Thailand —“To promote sustainable and sufficient economic growth without causing inflation problems or economic and financial imbalances.”Therefore, Professor Nattaphat mainly analyzed and talked about the inflation problem, which has always been the most concerning to people. The first question is why inflation is undesirable, because it erode the purchase of money，which is the money in people’s hands is no longer valuable. Undermine the country’s competitiveness because people’s purchases decline. And exacerbates income distribution. In addition, it is too high Inflation will affect economic growth, Hungary and Zimbabwe are very typical examples. At the same time, it does not mean that deflation is good, because households and businesses may decide to postpone consumption, investment, and employment because of deflation. Overall, Price stability is an important foundation for sustained economic growth, so the central bank’s aims to maintain low inflation.Topic 2: Latest monetary policy decisions. First From the vote of committee maintain the policy rate at 2.50 percent. Second The current level of policy interest rate remains consistent with sustaining growth while fostering macro financial stability in the longer term. Third The Committee notes heightened uncertainties associated with cyclical and structural factors and will take into account growth and inflation outlook in deliberating monetary policy looking ahead.

At the end of the speech, the professor focused on public relations and warning on financial fraudulent activities. Because there are various means of financial fraud in modern society, everyone needs to have relevant and basic knowledge to prevent their money from being defrauded. Therefore, the professor provides many ways to help people solve problems, such as calling customer service numbers, bank official websites, and social media.  While we understand the role of Thailand’s economy and monetary policy, we must also learn to protect our own financial security.

Then Professor Poonyawat gave a speech–world economy in 2024…and onwards.

At the beginning of 2024, the second year after the global economic recovery from covid-19, the global economy continues to expand from the service industry, while the manufacturing industry has emerged from contraction. Although the global economy is beginning to recover, the global insurance distribution pattern reflects more uncertain risks, which means that global economic growth will face many difficulties. For example, first, global cooperation has been an important driving force for economic development in the past. However, the benefits are uneven and not inclusive, leading to people’s distrust of the old model. Second, economic decoupling has begun to change the global trade pattern. And the downside risks brought by the following four major headwinds are still high: 1. China’s economic slowdown. 2. Geopolitical issues. 3. Global financial condition. 4. Climate change. As we all know, Thailand is extremely vulnerable to the effects of climate change. But under the new growth framework, Thailand could benefit from improvements in the solar backbone and technology ecosystem, especially green patents, and renewable energy investments. In general, if we want to reignite the global economy, we need a New Global Cooperation Model: Coopetition Moving faster, ensuring inclusive transition, and aiming beyond net zero Long-term, more balanced, quality of growth.Conculsion

This event invited two professional professors to help students better understand what macroeconomics is and the role of policies and frameworks in it.  and use it in real society.  Let students feel the charm of macroeconomics and encourage people to have the courage to explore social and economic issues.

This article is part of an assignment for the module 751309 Macroeconomic Theories 2.Faculty of economics,ChiangMai University.

The article is written by Qianwen Xu-651615518