Paetongtarn Shinawatra Pledges Full Term to Boost Thailand’s Economic Growth

Bangkok, The Gulf Observer: Thai Prime Minister Paetongtarn Shinawatra has identified key factors contributing to Thailand’s sluggish economic growth and pledged that her administration will serve its full term to accelerate economic expansion.

Speaking in her weekly “Empowering Thais” program on Sunday morning, the prime minister highlighted that Thailand’s gross domestic product (GDP) grew by only 2.5% last year. She attributed this slow growth to a lack of substantial investment in new industries and insufficient preparation for future sectors over the past decade.

Comparing Thailand’s progress with neighboring countries, Ms. Paetongtarn pointed out that Malaysia has long positioned itself as a hub for semiconductor manufacturing, while Vietnam has actively trained its workforce in coding and digital skills.

“But Thailand has not been serious in these fields. We must upskill and reskill Thai workers,” the prime minister emphasized.

She also called on the private sector to collaborate with the government in strengthening the national economy. In particular, she urged commercial banks to facilitate loan approvals, enabling small and medium-sized enterprises (SMEs) to enhance their investments.

Budgetary constraints, Ms. Paetongtarn noted, were another contributing factor to slow GDP growth, as the majority of the national budget is allocated to fixed government expenditures. To address this, her administration is working to control fixed payments, allocate more funds for investment, and attract foreign capital.

The prime minister underscored recent successes in drawing foreign investment, stating that Thailand secured investment projects worth 1.13 trillion baht last year—the highest in a decade. Looking ahead, global technology giants Google, TikTok, and Nvidia are set to invest in Thailand this year, further bolstering economic prospects.

Ms. Paetongtarn reaffirmed her commitment to fulfilling her first term, stressing that it is crucial for stimulating investment and fostering economic growth. She expressed confidence in Thailand’s potential for exponential GDP expansion under her leadership.

Her remarks reflect the government’s strategic focus on enhancing workforce skills, encouraging private sector participation, and attracting foreign investment as key drivers of economic progress in the years ahead.