Thailand unveils strategy to boost economic growth and attract investment, including lowering metro fares and reducing household debt.
Thailand Unveils Comprehensive Strategy for Economic Growth
Thailand’s slow economic growth has prompted the unveiling of a comprehensive strategy aimed at accelerating development and positioning the country as an attractive investment hub. Prime Minister Srettha Thavisin announced immediate measures to address the issue, including standardizing metro fares, offering agricultural debt relief, and lowering electricity costs. The government also plans to aggressively pursue Free Trade Agreements to prevent major companies from relocating out of Thailand. Approximately 540 billion Baht has been allocated for economic revitalization, with funds earmarked for expenditure within the next six months.
Addressing Household Debt and Labor Migration
Thailand ranks among the top 10 countries for household debt, and efforts to repatriate Thai laborers from Israel have been met with resistance due to higher wages abroad. To tackle these issues, the government has allocated a significant budget for economic revitalization. However, the allocation may be reduced if it is determined that the proposed 10,000 Baht subsidy for the wealthy is unnecessary.
The “Land Bridge” Project
Thailand’s “Land Bridge” project aims to boost the country’s appeal as a global investment and manufacturing base through enhanced transport connectivity. The project seeks to position Thailand as more than just a transit country for Chinese trade, but rather as a desirable destination for investment. By improving transport connectivity, Thailand hopes to become a preferred location for businesses looking to establish their manufacturing base.
Source : National News Bureau of Thailand
