The Strategist

Thailand's new government sets to raise annual GDP growth rate to 5%

09/21/2023 - 11:06

According to Prime Minister Srettha Thavisin, Thailand is "lagging behind Vietnam" in the number of free trade agreements it has signed.

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The new Thai Cabinet wants to boost production and draw in foreign capital to reach a 5% annual GDP growth rate, said Thai Prime Minister Srettha Thavisin in an interview with Bloomberg.

"As a nation, we have been closed for a time. I must ensure that everyone is aware that Thailand is open for business. I must strengthen the economy, make it function, and ensure that people have money in their pockets," he declared.

Thavisin noted that Thailand "lags behind Vietnam" in the number of free trade agreements signed, pointing out that the previous government should have communicated more with potential partners "to attract more investment." He said the Thai economy has the potential to achieve GDP growth of 6-7% in three years, but it will be a difficult challenge.

He also commented on the weakening of the national currency, which has reached a 9-month low against the dollar. "If you have a weak baht, it's good for exports. It is good for tourism, which we are actively developing," he emphasized.