Thailand has new Finance Minister hinh anh 1Thailand's new Finance Minister Arkhom Termpittayapaisith. (Photo: Bangkok Post)

Bangkok (VNA) – Thai King Maha Vajiralongkorn approved the nomination of former Transport Minister Arkhom Termpittayapaisith as Thailand's new Finance Minister.

The appointment decision took effect on October 5.

Arkhom, 64, replaces banker Predee Daochai, who unexpectedly quit on September 1 after only 20 days in office.

Arkhom was appointed deputy transport minister in August 2014, serving in the Prayut administration, and was promoted to transport minister a year later.

He graduated with a BA in Economics from Thammasat University and a Master's Degree in Development and Economics from Williams College in the United States.

Thai economic experts earlier noted that whoever the new finance minister is, the Thai economy heavily hit by the COVID-19 will be a huge challenge ahead.

Thailand's central bank in late September forecast a 7.8 percent GDP drop in the Thai economy and maintained its interest rate at 0.50.

Meanwhile, the World Bank announced the worst scenario for the Thai economy, with a GDP fall of up to 10.4 percent this year, as trade and tourism have been seriously impacted by the pandemic./.