Paetongtarn’s 10-point plan to stimulate Thailand’s economy

She told Parliament that her new government was aware of the urgent need to relieve people’s suffering, including their debt burden, the cost of living and risk to social security.

“The government must accelerate the creation of opportunities and economic equality by solving the debt crisis, reducing the cost of living, boosting income and dealing with issues that affect social security,” she said.

She added that this move aimed to restore confidence among Thai people as soon as possible. 

The government’s 10 urgent policies:

1. Promote debt restructuring, especially home and auto loans: Assist formal and informal debtors along with boosting financial literacy of  Thai people in collaboration with banks, financial institutions and asset management firms.

2. Protect benefits of Thai entrepreneurs from unfair competition, especially on online platforms: Tackle debt issues among small and medium enterprises to restore their potential in driving the Thai economy, such as through debt holidays and matching funds.

3. Reduce prices of utilities and promote mass transit systems: Restructure energy prices, amend laws and regulations, survey additional energy resources, and develop mass transit systems. Thailand will negotiate with Cambodia on overlapping claims area in the Gulf of Thailand to reduce energy cost.

4. Collect tax from informal and underground businesses: The proceeds can be allocated for education, public health and utilities.

5. Offer stimulus measures, relieve expense burden and boost career opportunities: Promote the digital wallet handout scheme, which will result in development of the digital economy and public data centre to meet people’s demand.

6. Adopt modern agriculture to boost income: Precision agriculture and food technology will be adopted to secure food security and opportunities to penetrate new markets. The “Thai Kitchen of the World” policy will be revived to boost the value of agricultural products and farmers’ income.

7. Promote tourism: Restructure Thailand’s visa application process to facilitate easy travel, draw international events to the country, and promote man-made destinations like entertainment complexes.

8. Eliminate the narcotics problem: Deal with drug production and distribution, prevent drug smuggling and enforce laws against drug sellers. People should be able to access treatment for drug addiction and vocational training, while ensuring that they will not become addicted again.

9. Tackle domestic and transnational crimes to protect benefits among people: Crack down on call-centre gangs and cybercrimes in collaboration with neighbouring countries, telecommunication operators and commercial banks.

10. Boost people’s potential: Develop skills and offer social welfare to ensure equal opportunities to people, especially people with disabilities, the elderly, ethnic groups and stateless persons.