PM and Cabinet announce policies to the National Assembly

BANGKOK (NNT) - Prime Minister and Minister of Finance Srettha Thavisin led a cabinet meeting to announce policies to the National Assembly, in accordance with Section 162 of the Constitution of the Kingdom of Thailand. The key points are as follows:

- The government aims to communicate its intentions and strategies to create harmony and unity in Thai society. This will lead to collaboration in the development of the economy, society, and governance for the well-being of all Thai citizens.

- Currently, Thailand faces challenges in its economy, society, and politics, exacerbated by the COVID-19 pandemic. The situation is far from stable, and no effective remedies have been implemented. Social and political issues persist without systematic solutions.

- Over 30% of Thailand’s GDP comes from the industrial sector, focused on a narrow range of products. Exports have been in decline for three consecutive quarters, partly due to outdated technology.

- Rapid technological changes are challenging the country’s competitive abilities and will dictate the economic landscape that the government must address.

- Thailand is grappling with a household debt higher than 90% of GDP, a potential economic vulnerability. Additionally, public debt exceeds 61% of GDP, a potentially limiting factor for future fiscal policies. Chronic debt issues exacerbate income inequality, with more than 14 million people below the average income still awaiting state aid.

- The agricultural sector, employing no fewer than 10 million people or one-third of the workforce, contributes only 7% to the GDP. This reflects low income-generating efficiency, causing the average Thai farmer to be in debt by less than 300,000 Baht per household. Currently, the sector also faces challenges from the El Ni?o phenomenon.

-Socially, Thailand is transitioning to a fully aged society, with the elderly population constituting more than 20% of the total population. The challenge of developing human resources to replace this segment is becoming increasingly critical due to a consistent decline in the number of newborns.

- Politically, Thailand is undergoing changes in law, governance, and a lack of respect for diversity, creating a worrying situation for society. Outdated laws contribute to issues of corruption and a lack of faith in the political and administrative systems of the country.

-The aforementioned challenges contribute to poverty, inequality, and hardship for the citizens. Urgent solutions are required to create a better future for all Thais.

By Na-ark Rojanasuvan

Source: https://thainews.prd.go.th/en/news/detail/TCATG230911131932419