BANGKOK, Thailand – Prime Minister Paetongtarn Shinawatra chaired the first meeting of the Economic Stimulus Policy Committee on November 19, revealing that Thailand’s GDP grew by 2.3% over three quarters of 2024, signaling continued economic recovery. The government is now planning additional measures to support the elderly.
The meeting was attended by key officials, including Deputy Prime Minister Anutin Charnvirakul, Finance Minister Pichai Chunhavajira, and Bank of Thailand Governor Sethaput Suthiwartnarueput. PM Paetongtarn highlighted that Q3 GDP growth reached 3%, up from 1.6% in Q1 and 2.2% in Q2, driven by exports, public consumption, tourism, and construction.
In the short term, the government will focus on increasing income and alleviating living costs for vulnerable groups, including potential support for the elderly. Existing measures, such as subsidies for low-income earners, will continue.
The PM also acknowledged household debt as a critical issue, with household debt-to-GDP levels reduced to 89.6% in Q3 from 90.7% in the previous quarter. However, the burden remains high. The Ministry of Finance and the Bank of Thailand are designing targeted debt relief measures, such as mortgage and SME loan restructuring, alongside a proposed three-year interest payment freeze to ease financial strain.
For long-term growth, the committee aims to implement policies that enhance Thailand’s economic competitiveness. PM Paetongtarn expressed confidence that the committee’s efforts will yield impactful measures for sustainable development.
