Special Report:

Confidence in Thailand’s economic fundamentals

Prime Minister General Prayut Chan-o-cha has urged the people to be confident about Thailand’s potential, as the country’s economic fundamentals remain strong

BANGKOK: -- In his televised national address on the program "Return Happiness to the People,” the Prime Minister cited the economic issue as a matter of concern for many people, because the Thai economy has been affected by several external factors.

He explained that China, the United States, and countries in Europe have been facing an economic slowdown. As for internal factors, Thai farmers have suffered from the falling prices of agricultural products. The current sluggish economy might have a negative impact on the investment situation.

The Prime Minister reiterated that Thailand’s overall economy remains stable. The Government is rectifying many weaknesses, so that the country will be able come through the crisis. It is also laying down strong foundations for the future of Thailand, to ensure that it will move forward with greater stability.

He said that, in handling economic problems, the Government is mobilizing efforts to implement five major tasks. The first task seeks to urgently ease the hardships of farmers and low-income earners.

In the second task, the Government will ensure that the local economy in the regional areas of the country will be strengthened. Since the Thai economy heavily depends on exports, it needs adjustments to create a balance. For this reason, emphasis will be placed on promoting local economic development for steady growth. Income and employment generation in all provinces nationwide will get a boost through tourism promotion, the "One Tambon, One Product” program, community enterprises, and community markets.

The third task seeks to improve the quality of local products and promote processing, packaging, and research and development in order to add value to various products. Moreover, innovations should also be promoted to help enhance the competitiveness of Thai products. Local personnel will also be developed in order to broaden their knowledge and increase their capabilities.

In the fourth task, the Government will promote large investment projects for the future of the country. It is now in the process of setting up special economic zones and investing in major infrastructure development projects to link various regional areas together. This effort will help accelerate the distribution of wealth to the regional areas of the country.

The fifth task involves the promotion of international relations, especially trade and investment promotion. This task will play an important role in contributing to Thailand’s economic growth.

-- NNT 2015-09-01

A page out of Thaksinomics. So he finally realized that populist policy is really not a bad word. The 5th task works better with an elected government.

Who said "crisis"?

Well, if he is promoting confidence it's time to panic

Lol external factors are the reason? My wife's family is uneducated but they see through that bs. Everyone knows pm caused this mess and are just waiting for the noose to get tighter and tighter. If there were an actual worldwide financial crisis as he makes out this country would be so much further down the toilet, right now it's just circling the bowl.

"the Thai economy has been affected by several external factors."

Which is why Prayut reshuffled his economic cabinet staff because of an INTERNAL failure to re-invigorate the economy.