Prayut says economy in good shape, finances strong enough to withstand any emergency
Thailand’s finances are “strong and stable” with substantial progress in infrastructure and investment, Prime Minister General Prayut Chan-o-cha said in a Facebook post on Wednesday, while offering updates on the economic situation.
Prayut said as the new government is being formed, he continued to follow up on and supervise the projects initiated during his term in office (since August 2014).
He said the country’s finances were strong and stable, and should be able to withstand any emergency situation in the remaining two months of fiscal year 2023 (ending September 2023), such as floods, drought, and natural disasters.
The country also has adequate budget to subsidise people in different groups, he added.
Prayut said that there had been “substantial progress” in infrastructure projects, such as the dual track railway linking Nakhon Pathom and Chumphon provinces over a distance of 420 kilometres, which is 90% complete and should be usable by the year-end.
Meanwhile, the construction of the fifth Thai-Lao Friendship Bridge (Beung Kan-Bolikhamsai) is now over 82% complete and should open next year. The bridge will help promote cross-border trading and exports of agricultural produce to Laos, Vietnam and China, he said.
Prayut added that in the first six months of this year, foreign companies had invested 10.77 billion baht in the Eastern Economic Corridor, or 22% of the country’s overall foreign direct investment.
The electric vehicle (EV) industry, meanwhile, has grown 15% in the first six months of 2023 compared to the same period last year with 48.9 billion baht in investment and over 3,000 jobs created. From January to June 2023, 31,738 new EVs were registered, three times the number last year.
Prayut added that his government was still pressing forward in negotiating with foreign countries to open new markets and boost international relationships, especially Malaysia, which is a high potential market for Thailand’s halal food industry.
“All this progress is a result of the government’s commitment to create a better future for all Thais, together with cooperation from all related parties and the peaceful atmosphere,” said Prayut. “I urge that, moving forward, we all maintain this positive atmosphere to be a norm in Thai society.”
Meanwhile, the Finance Ministry announced on Wednesday a downward adjustment of its 2023 gross domestic product growth forecast by 0.1 percentage point to 3.5%.
The ministry’s Fiscal Policy Office estimated that exports would contract by 0.8 percentage point and revenue from the tourism industry would be 1.25 trillion baht, 50 billion baht lower than its previous estimate, from 29.5 million foreign arrivals.
