Thailand’s sluggish economic growth, at just 1.8% over the past decade, prompted the unveiling of a comprehensive strategy at the Thailand CEO ECONMASS Awards 2023 in Bangkok.
The plan aims to accelerate economic development and position Thailand as a desirable investment hub rather than merely a transit country for Chinese trade.
Prime Minister Srettha Thavisin announced immediate measures, including standardizing metro fares at 20 Baht, offering agricultural debt relief, and lowering electricity costs. Additionally, the government will pursue Free Trade Agreements aggressively to prevent major companies from relocating out of Thailand.
Thailand ranks among the top 10 countries for household debt, and Thai laborers in war-torn Israel prefer higher wages abroad despite repatriation efforts. To address these issues, approximately 540 billion Baht has been allocated for economic revitalization. Funds are earmarked for expenditure within the next six months, with the possibility of reducing the budget if it’s proven that the wealthy do not require the proposed 10,000 Baht subsidy.
The “Land Bridge” project was also highlighted, aimed at boosting Thailand’s appeal as a global investment and manufacturing base through enhanced transport connectivity, rather than creating divisions. (NNT)
