Bangkok (VNA) - The Thai Government aims to carry out structural reforms and unlock investment projects worth 480 billion THB (over 15 billion USD) to push gross domestic product (GDP) growth beyond 1.5% this year.
Speaking at an event on January 15, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas acknowledged that Thailand’s growth potential has steadily declined from around 5% in the post-1997 period to just 2.7% at present, with actual GDP growth this year forecast at only 1.5%.
Ekniti attributed the sluggish economic performance to deep-seated structural problems that require serious and comprehensive solutions. To restore growth to the 4–5% range, Thailand needs to raise its overall investment ratio back towards the historical level of 40% of GDP, compared to the current 23%.
A central pillar of the government’s strategy is to unlock stalled projects worth 480 billion THB that are awaiting approval under the Board of Investment’s Fast Track programme. The finance minister expressed confidence that successfully releasing these delayed investments would help the economy exceed the 1.5% growth threshold this year.
In addition, the Thai Government has identified new growth engines in a range of priority industries, known as the “New S-Curve”, including smart agriculture, electric vehicles, automation systems, data centres serving as the foundation for artificial intelligence (AI), as well as comprehensive health care and wellness industries.
A key requirement across all sectors is technology transfer to Thai workers and the integration of small and medium-sized enterprises into supply chains.
To address the challenges posed by an ageing society, Ekniti proposed the “Skill Bridge” programme to better connect workforce capabilities with the needs of the business sector. The initiative focuses on reskilling and upskilling workers across all age groups, including those aged 60 and above, enabling them to acquire new competencies required by the market.
The finance minister also proposed mobilising the Thailand Future Fund to invest in infrastructure, particularly power transmission systems and modern facilities, in order to raise capital without increasing public debt.
He stressed that national development requires close coordination among the government, the private sector and the Bank of Thailand (BoT) to restore the country’s competitiveness./.
