Thailand committed to economy, promoting growth and fiscal responsibility - PM

03 Oct 2023 09:37pm
Thailand's Prime Minister Srettha Thavisin - Photo by AFP
Thailand's Prime Minister Srettha Thavisin - Photo by AFP

BANGKOK - Thailand's Prime Minister Srettha Thavisin is committed to promoting economic advancement, fiscal responsibility and sustainable growth to ensure the country emerge as the centre of business and commerce in the region.

He said Thailand is facing unprecedented economic, social and environmental challenges, which have been exacerbated by the Covid-19 pandemic.

"I intend to meet these challenges head-on and lead the nation and its people through this difficult time.”

During his keynote address on "Thailand: The Era of Change” at the opening of the "Bangkok Post Forum 2023”, Srettha outlined the government’s plan to enact policies aimed at stimulating job creation and providing financial support to low-income families and other vulnerable groups, with the goal of eliminating all households living with generational poverty by 2027.

"A progressive stimulus package is planned, which will include the 10,000-baht Digital Wallet Scheme. This will inject around US$16 billion into the economy and is projected to create a ripple effect of US$57 billion, equivalent to five per cent of gross domestic product (GDP) growth next year.

"In the long run, this policy will lay the foundation for a nationwide blockchain-based financial payment system, characterised by rigorous financial discipline and streamlined foreign investment processes.”

Srettha emphasised that the government is focusing on jumpstarting foreign investment.

"The industries of the future are clearly headed in the direction of high-skilled and high-tech industries, and for Thailand to be at the forefront of this shift, it must adapt. Therefore, investments from companies within these future industries will not only directly contribute to the growth of the economy but also prepare Thailand to thrive in the new global economy.”

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To stimulate domestic demand and foreign investments, Srettha announced that the expansion of the export market will be pushed forward.

"The government will be aggressively pursuing trade relations with all members of the international community, including an EU-Thailand Free Trade Agreement, seeking benefits from the Integrated IPEF negotiation, and leveraging on existing cooperation frameworks, such as the Regional Comprehensive Economic Partnership and Asia-Pacific Economic Cooperation.

"Thailand plans to play a proactive and more prominent role on the global stage.”

On fiscal responsibility, Srettha reaffirmed that the government is carefully planning every dollar it spends, working with all parties involved to ensure a balance between spending and revenue in both the short and long term.

In its latest report issued on Sept 7, Moody’s affirmed Thailand’s credit rating with a stable outlook, surpassing several other countries in the region. This highlights several key strengths, including a robust fiscal position, external stability and the resilience of the economic structure, capable of mitigating risks.

"Thailand’s external stability is also robust, with the level of international reserves about 10 times the value of monthly imports, far above the standard criteria. This will ensure solid growth prospects for the Thai economy.”

On sustainable growth, Srettha affirmed Thailand’s commitment to delivering its SDG pledges.

To accelerate the achievement of these goals, he announced that the government plans to increase the share of renewable energy, implement the Utility Green Tariff programme, support the usage of solar rooftop and net-metering, and promote green finance mechanisms by issuing sustainability-linked bonds next year. - BERNAMA

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