Comparing Thailand's economy to a 'sick person', new Prime Minister Srettha promises to urgently solve problems
(Baonghean.vn) - The government of Mr. Srettha Thavisin is currently facing demands to solve a series of economic, political, social and environmental problems during its 4-year term.
According to the AP news agency, Thailand's new Prime Minister Srettha Thavisin has pledged to act quickly to ease the country's economic problems. This is the content he gave in his inaugural speech to the National Assembly, after 4 months of political instability when lawmakers could not reach a consensus on forming a government.
Thailand’s economy has been in recession since the Covid-19 pandemic nearly paralyzed the country’s tourism industry. Mr. Srettha said public debt was set to rise to more than 60% of GDP by 2023, while household debt soared to more than 90% of GDP this year.
On September 11, Mr. Srettha compared the post-pandemic Thai economy to “a sick person”, with a slow recovery putting the country “at risk of falling into a recession”.
He pledged to quickly take measures to ease debt problems, reduce rising energy costs and boost tourism…
He also said his government would act immediately to implement a campaign promise - to give $280 (10,000 baht) to all Thais aged 16 and over to stimulate the economy by boosting short-term spending.
Although not giving details, the new Thai Prime Minister has affirmed that this content will cost about 15.8 billion USD (560 billion baht) and will be ready to implement in the first quarter of next year.
The promise attracted huge attention during the election campaign, but critics have questioned whether it will have a lasting impact.
Constitutional Amendment
Long-term goals mentioned by Mr. Srettha in his speech include boosting international trade, supporting startups, investing more in transport infrastructure, improving agricultural production, decentralizing local government and increasing access to land ownership.
The Thai government will also seek to amend the current military-imposed constitution through a process that allows for public participation. These steps, Mr. Srettha said, would allow the economy to grow and people to “live with dignity.”
The results of Thailand's elections in May showed strong demand for change after nearly a decade of military rule, AP reported.
But Thailand's parliament failed to support a coalition led by the Forward Party, which won the most seats in May's polls, because many members of parliament did not support calls for changes and reforms to the monarchy.
Mr Srettha's Pheu Thai party, which came in a close second in the election, then formed a ruling coalition without the Forward Party, and won the backing of the Senate.
However, the party succeeded by including in its coalition pro-military parties and some parties that were members of the previous government, despite its campaign pledge not to do so.
The agreement has raised doubts about the ability of the Pheu Thai party to fulfill its election promises while reconciling allies from many political factions.
