Thailand's New PM Reveals Economic Plan as Consumer Confidence Wavers

Thai Prime Minister Paetongtarn Shinawatra reveals a big plan to boost Thailand’s economy with $13.4 billion in handouts and other new ideas.

On Thursday, September 12, Thai Prime Minister Paetongtarn Shinawatra shared her big plans with the parliament. Her government wants to give away 450 billion baht (about $13.4 billion) to help boost Thailand’s economy. This move aims to jumpstart Southeast Asia’s second-largest economy.

Paetongtarn, the youngest prime minister in Thailand’s history, recently took office after the previous leader, Srettha Thavisin, was unexpectedly removed by a court. Though she is new to this role, Paetongtarn’s plans mostly continue the ideas of her ally, Srettha, and their Pheu Thai party.

Her new policies include important steps like reorganizing the country’s debt and legalizing casinos to attract more investors and tourists. Paetongtarn told the parliament that her government faces many challenges, especially with the economy.

She explained that without smart financial moves, Thailand’s economy might grow by less than 3 percent each year. 

This slow growth could push the country’s debt to a risky level. Currently, public debt is at 63.74 percent of the country’s GDP, and it might hit 70 percent by 2027 if things don’t improve.

Paetongtarn emphasized that her government needs to act quickly to make the economy grow strongly again. One of her main plans is to give a “digital wallet” with 10,000 baht (about $300) to 50 million people. 

This money is meant to help people directly and stimulate the economy. Paetongtarn has mentioned that some of this money could be given in cash, but there are still no details on exactly how or when this will happen.