Boost long-term economic growth

Prior to his speech in Parliament tomorrow, Prime Minister Srettha Thavisin’s government has set an ambitious target of 5% annual GDP growth. That is a surmountable task judging from the fact that last year’s GDP was 2.6%.

It needs to be stressed that the ambitious target was set after the state planning agency downgraded its prediction for annual GDP growth for 2023 from 2.3%–3.7% to 2.5%–3% due to a sluggish second quarter.

Some details on how the government plans to revive the economy were released in a draft policy speech, with an immediate focus on stimulus measures to boost domestic spending, after Mr Srettha and his cabinet were sworn into office last week.

So far, the promise of a 10,000-baht digital wallet handout for Thais aged over 16 has raised consumer confidence, but is it…