Prime Minister Srettha Thavisin has underscored the significance of the first economic cabinet meeting, scheduled for Monday, in the government’s ongoing efforts to address financial challenges.
Various agencies will meet to discuss ways of fixing Thailand’s economic problems. The country’s GDP growth of only 1.5% in the first quarter was responsible for its lacklustre performance during the ASEAN meeting.
The Prime Minister has articulated that the meeting is not just a platform for discussion but a concerted effort to identify solutions and formulate effective policies to boost the economy.
Prime Minister Srettha stated that the service and tourism sectors were the main drivers of GDP growth. Without this contribution, Thailand would experience a technical recession, which is problematic. He emphasized the need to tackle credit card debt, non-performing loans, and household debt.
The economic Cabinet is expected to prioritize short-term measures to help the economy, but no unexpected projects are in the works. Smaller group discussions and weekly meetings will gather input from international trade, agriculture, law, and policy to develop appropriate measures. The process will be ongoing.
Despite the demanding workload, the Prime Minister pledged to put in effort for tomorrow’s future. He also plans to visit Bangkok and its vicinity from May 25th to 26th to monitor various projects.
The Premier acknowledged the health consequences of working too hard but emphasized his commitment to the country’s long-term welfare.
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