Thailand’s former Prime Minister Thaksin Shinawatra confidently stated that increasing the country’s GDP to 5% should not be overly challenging.
He made these remarks while addressing attendees at the “ISAN NEXT” forum at Nakhon Ratchasima Rajabhat University, where he highlighted that the national debt now exceeds 60% of GDP.
“With the debt ceiling at 70%, the government cannot afford to borrow more. To reduce the debt, the government will need to increase GDP,” Thaksin told the forum, adding, “Although this will be challenging to implement, it is a necessary step.”
Thaksin criticized the effectiveness of selling bonds to financial institutions and suggested offering bonds to the public as an alternative.
He recommended shortening the terms of bonds and warned that failing to implement such measures could keep the country’s growth rate low, potentially capping it at only 2%.
“We must make GDP growth reach 5%, and it shouldn’t be too difficult,” he said.
Thaksin committed to enhancing growth and development in the northeastern region, a stronghold of the ruling Pheu Thai Party.
He highlighted the development of soft power, utilizing the region’s rich culture and artistic talents, and suggested that emerging technologies like artificial intelligence could further these efforts.
Thaksin stated that monopolies have contributed to the region’s economic decline and urged the government to take stronger actions to curb these monopolies while leveraging technology to enhance competitiveness.
For instance, he proposed replacing the current system where jasmine rice must be sold through an exporter’s association with an e-commerce model that allows farmers to sell directly.
He noted that Prime Minister Paetongtarn Shinawatra had tasked cabinet ministers with investigating monopolies in both the public and private sectors to devise strategies for reducing costs.
Thaksin added that a successful high-speed rail project could revolutionize the agricultural sector in several northeastern provinces, making it industrially viable and catering to the Chinese market.
Lastly, Thaksin suggested exploring natural resources in the region, recommending collaboration between the Industry Ministry and the private sector to alleviate poverty.
