Thai businesses pin high hope on economic policies of new government

Large Thai corporations are hopeful that new Prime Minister Srettha Thavisin will restore investor confidence and give a boost to the sluggish Thai economy.

Thai businesses pin high hope on economic policies of new government -0
Srettha Thavisin has become Thailand’s 30th prime minister
(Photo: thaipbsworld.com)

The government formation has progressed steadily since Srettha was appointed Prime Minister last week, He is now in the process of putting together the cabinet and businesses towards the positive economic management for the country.

The Thai Chamber of Commerce (TCC), the Federation of Thai Industries (FTI), Federation of Thai Capital Market Organisation believed that Srettha understands what needs to be done and will form a capable economic team to help put Thailand on the right track towards economic prosperity amidst a conducive business and investment climate.

Jareeporn Jarukornsakul, Chairwoman and CEO of WHA Corporation, said that having a new Prime Minister will boost businesses and bring investment to Thailand. She emphasised the importance of stimulating the economy and investments.

Auttapol Rerkpiboon, CEO and President of PTT, underlined the need for the new government to drive economic policies, support businesses, and elevate Thailand's industrial sector, especially in technology-related industries but made the point that relying solely on technology imports will be challenging.

According to observers, economic challenges to address include the global economic slowdown affecting trade partners like the US and Europe. Thailand’s exports are predicted to decline by 2-3% this year. The domestic economy is also sluggish, with growth at 1.8% in the second quarter, prompting the need for short-term economic stimulus measures and underscoring the need for a structural adjustment of the economy towards technology and innovation to enhance value creation in manufacturing and services.

Other challenges include the impacts of the El Niño phenomenon such as reduced rainfall and potential water scarcity issues in 2024.

Overall, the business community welcomes the new Prime Minister who comes from a business background and expects him to have a comprehensive understanding of the economy and business dynamics.

World

Philippines intensifies crackdown on illegal gamers
World

Philippines intensifies crackdown on illegal gamers

Philippine President Ferdinand Romualdez Marcos on December 12 ordered the police and law enforcement agencies to intensify the crackdown on illegal gaming and cyber cam hubs that continue to operate despite the ban, which will take effect by the end of December, the Presidential Communications Office (PCO) said.

Malaysia eyes to become global medtech hub
World

Malaysia eyes to become global medtech hub

Malaysia is on track to become a global medical technology (medtech) hub with its strong policies in attracting and executing the right investments, including the New Industrial Master Plan 2030 (NIMP 2030), said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Southeast Asia poised to become global AI hub
World

Southeast Asia poised to become global AI hub

In the first half of 2024, Southeast Asia (SEA) attracted over 30 billion USD in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.

Trends drive job openings in Thailand
World

Trends drive job openings in Thailand

Thailand reported 414,000 unemployed people in the third quarter this year, up from 401,000 year-on-year, according to the National Economic and Social Development Council (NESDC).