Srettha Thavisin has become Thailand’s 30th prime minister (Photo: thaipbsworld.com) Bangkok (VNA) – Large Thai corporations arehopeful that new Prime Minister Srettha Thavisin will restore investorconfidence and give a boost to the sluggish Thai economy.
The government formation has progressed steadily sinceSrettha was appointed Prime Minister last week, He is now in the process ofputting together the cabinet and businesses towards the positive economicmanagement for the country.
The Thai Chamber of Commerce (TCC), the Federation ofThai Industries (FTI), Federation of Thai Capital Market Organisation believed that Srettha understands what needs to be done and will form acapable economic team to help put Thailand on the right track towards economicprosperity amidst a conducive business and investment climate.
Jareeporn Jarukornsakul, Chairwoman and CEO of WHACorporation, said that having a new Prime Minister will boost businessesand bring investment to Thailand. She emphasised the importance of stimulatingthe economy and investments.
Auttapol Rerkpiboon, CEO and President of PTT, underlined the need for the new government to drive economicpolicies, support businesses, and elevate Thailand's industrial sector,especially in technology-related industries but made the point that relyingsolely on technology imports will be challenging.
According to observers, economic challenges to addressinclude the global economic slowdown affecting trade partners like the US andEurope. Thailand’s exports are predicted to decline by 2-3% this year. Thedomestic economy is also sluggish, with growth at 1.8% in the second quarter,prompting the need for short-term economic stimulus measures and underscoringthe need for a structural adjustment of the economy towards technology andinnovation to enhance value creation in manufacturing and services.
Other challenges include the impacts of the El Niño phenomenon such as reducedrainfall and potential water scarcity issues in 2024.
Overall, the businesscommunity welcomes the new Prime Minister who comes from a business backgroundand expects him to have a comprehensive understanding of the economy and businessdynamics./.
