Unlocking Thailand’s Economic Revival: Pae Thong Than’s 10 Emergency Policies to Tackle 9 Pressing Challenges
Thailand’s New Government Unveils 10 Urgent Policies to Stimulate Economy and Combat Challenges
Government House News reports that Prime Minister Paethongthan Shinawatra chaired a special Cabinet meeting on September 7, 2024, to discuss the draft policy to be announced to the State. The government has published a draft policy, 85 pages long, specifying “hope, opportunity, and economic and social equality.”
Urgent Policies to Address the Nation’s Challenges
The policy draft outlines 10 urgent policies, which indicate the government is aware of the suffering of the people, including debt problems, income, living expenses, stability, and security in society. These policies aim to create economic opportunities and equality by resolving debt, reducing spending, increasing revenue, stimulating the economy, and solving problems that affect the stability of society.
1. Debt Restructuring Across the System
The government will push for debt restructuring, especially in the group of home and car loans, helping debtors both in the system and out of the system. This policy will be implemented through the state’s specialized financial institutions, commercial banks, and asset management companies.
2. Supporting Thai Entrepreneurs
The government will care for, promote, and protect the interests of Thai entrepreneurs, especially SMEs, from unfair competition from foreign competitors. This includes solving the debt problems of SMEs, such as debt suspension and the creation of a Matching Fund.
3. Reducing Energy and Utility Prices
The government will accelerate measures to reduce energy and utility prices, adjust the energy price structure, and develop a fuel reserve system for the country’s strategic stability. This includes the exploration of additional energy sources and negotiations on overlap areas with Cambodia to reduce energy costs.
4. Creating New State Revenues
The government will create new state revenues by introducing the economy outside the tax system and the shadow economy into the tax system. This will allocate benefits to education, health, and public services, including subsidies to basic expenses of people.
5. Economic Stimulus
The government will accelerate economic stimulus, building trust and encouraging spending. This includes easing the burden of spending and increasing career opportunities, prioritizing vulnerable groups.
6. Transforming Traditional Agriculture
The government will transform traditional agriculture into modern agriculture, using the concept of “leading market, adding innovation, increasing income.” This includes bringing agricultural technology, such as precision agriculture and food technology, to develop careers in agriculture, fisheries, and livestock.
7. Promoting Tourism
The government will accelerate the promotion of tourism, continuing the successful restructuring of the country’s entire visa structure to facilitate visa applicants. This includes promoting a new form of tourism industry, adding man-made destinations, and attracting tourists and large sums of money.
8. Solving the Drug Problem
The government will solve the drug problem in a decisive and comprehensive manner, starting from cutting off sources of production and distribution. This includes repression, confiscation, and treatment of drug addicts.
9. Solving the Crime Problem
The government will rush to solve the crime problem, online crime, and transnational crimes. This includes protecting the interests of the people, increasing the potential and efficiency in preventing and suppressing call center gangs, and quickly dealing with online crimes.
10. Promoting Potential Development and Social Welfare
The government will promote potential development and provide social welfare in line with changing social conditions. This includes creating equal opportunities and economy, particularly for vulnerable groups, such as people with disabilities, the elderly, and ethnic groups.
Challenges Facing Thailand
The policy draft assesses the challenges Thailand faces in 9 areas, including:
- Challenges in people’s lives: insufficient income to cover expenses.
- An ageing society: faster than the country’s level of development and faster than other countries in the region.
- Stability and security of society: threatened by the spread of drugs.
- Liquidity problems: faced by small and medium-sized enterprises (SMEs) operators.
- Traditional Thai industries: unable to adapt to rapid technological change.
- Climate change: affecting both the agricultural and tourism sectors.
- Political instability: following the coup, with highly polarized conflict.
- Centralized bureaucratic system: not fully responding to the needs of the people.
- Geopolitical situation: changed, causing divisions between great powers and other countries.