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Business – “Thailand’s Economy Hits 30-Year Low Growth Due to Structural Weaknesses and Global Uncertainty”

Article Summary:

The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) emphasized the importance of policy continuity and structural reforms following the upcoming election. Regardless of which political party takes power, engagement with the private sector is crucial for economic progress.

Dr. Poj highlighted that the government should facilitate rather than regulate businesses, as the private sector is the driving force behind Thailand’s economy. This perspective is vital for creating a conducive business environment.

The JSCCIB is advocating for a “Reinvent Thailand” strategy. This approach focuses on formalizing the economy, implementing sustainable debt resolutions to enhance purchasing power, and reducing obstacles to stimulate investment. Additionally, it aims to strengthen supply chains.

Moreover, the committee launched a “Zero Corruption” campaign, which seeks to address the pervasive issue of corruption that hampers economic growth and development. These initiatives are essential for fostering a robust economic landscape in Thailand.

Original Article:

Thailand’s Economy Faces Worst Growth in 30 Years Amid Structural Weaknesses and Global Uncertainty

 

 

Post-Election Priorities

Looking ahead to the upcoming election, the JSCCIB emphasised the need for policy continuity and structural reform regardless of which party forms the next government.

 

Dr Poj stressed that the new government must engage with the private sector rather than acting unilaterally.

 

“The private sector is the actual engine driving the Thai economy, and the government’s role should be to facilitate business rather than just regulate it,” he said.

 

The committee is advocating for a “Reinvent Thailand” approach focused on formalising the economy, sustainable debt resolution to boost purchasing power, reducing business obstacles to encourage investment, and strengthening supply chains.

 

The JSCCIB has also launched a “Zero Corruption” campaign, arguing that corruption represents a hidden…

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