Thailand’s new Prime Minister Srettha Thavisin. (Photo: AP) Bangkok (VNA) - Thailand’s new Prime Minister Srettha Thavisin vowed to act quickly to relieve the country's economic problems in his four-year term in his inaugural speech to the parliament on September 11.
He said the national economy was fragile due to the high household debt and public debt, which now exceeded 90% and 61% of gross domestic product (GDP), respectively. Thailand’s post-pandemic economy is like “a sick person,” with a sluggish recovery that puts the nation at risk of entering a recession. He vowed to quickly take measures to relieve debt problems, mitigate rising energy costs and boost tourism.
He said the government will work immediately to implement a campaign promise — 10,000 THB (280 USD) handout for all Thais 16 and older to stimulate the economy by boosting short-term spending.
The government will also solve debt problems of farmers, the general public, small and medium-sized enterprises and other groups. Solutions for farmers would include a debt moratorium.
The PM promised these solutions would neither breach financial discipline nor ruin repayment awareness.
In addition, the PM said, the government would reduce the prices of oil, cooking gas and electricity, and find more sources of energy.
Another immediate economic solution focuses on tourism promotion, which will generate income and create jobs, he said.
The government will waive visa fees for visitors from specified countries and fastrack visas for participants in international events, while promoting international events and improve airports to serve more flights, Srettha said./.
