Prime Minister Srettha Vows To Cure Thailand’s “Sick” Economy

Thailand is currently perceived as a “sick” nation, a situation the new government is poised to promptly address by implementing a series of economic recovery measures.

These include initiating digital money handouts and lowering energy costs, stated Prime Minister Srettha Thavisin during his policy statement to the parliament on Monday morning.

He conveyed that the nation’s financial structure was fragile, a result of soaring household debt that currently surpasses 90% of the gross domestic product, coupled with a substantial public debt representing 61% of the GDP.

“Under the present economic circumstances, Thailand is like a sick person… Tourism and spending are recovering so slowly that there is the risk of economic recession. It is necessary to stimulate the economy and spending,” Mr Srettha noted.

He revealed that his administration has promptly crafted strategies to stimulate the economy, encompassing initiatives like the 10,000-baht digital currency distribution.

“The money will be distributed to all areas and create jobs and economic activity, and the government will earn revenue,” Mr Srettha mentioned.

Additionally, the government plans to address the financial challenges of farmers, the general public, small and medium-sized businesses, and other demographics. Strategies directed towards farmers are set to encompass a hiatus on debt repayments.

The prime minister assured that these remedies would neither breach financial responsibility nor diminish the emphasis on diligent repayment.

Furthermore, Mr Srettha highlighted that the government is committed to lowering the costs of oil, cooking gas, and electricity, alongside identifying alternative energy resources.

A prompt economic remedy will be the elevation of tourism promotion, an initiative expected to catalyze income and job creation, he noted.

The administration intends to eliminate visa charges for guests from designated nations and accelerate visa processing for attendees of international events.

Moreover, the government is poised to foster global events and enhance airport infrastructure to accommodate a higher number of flights, Mr Srettha emphasized.

He acknowledged that swift advancements in technology were influencing the nation’s competitive stance, and the economy was similarly affected by the economic alliances established by global powers, a phenomenon that has overtaken globalization.