BANGKOK: Thai Prime Minister Paetongtarn Shinawatra on Thursday outlined her government\u2019s policy agenda to parliament, headlined by plans to give away 450 billion baht ($13.4 billion) in handouts to jumpstart Southeast Asia\u2019s second-largest economy.
\nPolitical newcomer Paetongtarn\u2019s cabinet was sworn in this month, after parliament elected her Thailand\u2019s youngest premier following the shock removal of predecessor Srettha Thavisin by a court decision.
\nThe polices largely continue ally Srettha\u2019s agenda and that of their populist Pheu Thai party, including debt restructuring and legalizing casinos to draw in investment and more tourists.
\nPaetongtarn told parliament her government was facing challenges, including structural economic problems, and said the government would act with urgency to stimulate growth.
\n\u201cIf there are no financial and fiscal measures to support economic growth, it is expected that the country\u2019s economic growth rate will not exceed 3 percent per year,\u201d she said.
\nThat would result in the public debt level approaching the ceiling of 70 percent to gross domestic product (GDP) in 2027, she said. Public debt stood at 63.74 percent of GDP at the end of July.
\n\u201cTherefore, it is a great challenge that the government must urgently restore the country\u2019s economy to quickly grow strongly again,\u201d Paetongtarn said.
\nWhile she highlighted the signature plan for a \u2018digital wallet\u2019 handout of 10,000 baht ($300) to 50 million people, some of which Paetongtarn has previously said will be given in cash, there were no updates on how or when it would be rolled out.
\nThe government had said this week it would distribute 145 billion baht ($4.2 billion) of the program to support vulnerable groups later this month.
\nThe scheme has been criticized by economists and former central bank governors as fiscally irresponsible, which the government rejects. It has struggled to find sources of funding.
\nThe government insists the policy is necessary to energize the economy, which the central bank expects to grow 2.6 percent this year, up from 1.9 percent in 2023 but far adrift of most regional peers.
\nConsumer confidence dropped for a sixth straight month to a 13-month low in August, a survey showed on Thursday.
\nPaetongtarn, 38, made her debut appearance in parliament as Thailand\u2019s second female prime minister. She is the fourth member of her family to hold the top job.
\nAmong those was her father, the billionaire Thaksin Shinawatra, Thailand\u2019s most influential and divisive politician over the past two decades, who has backed the stimulus plan and is a key figure behind her Pheu Thai party.<\/p>\n","protected":false},"excerpt":{"rendered":"
BANGKOK: Thai Prime Minister Paetongtarn Shinawatra on Thursday outlined her government\u2019s policy agenda to parliament, headlined by plans to give away 450 billion baht ($13.4 billion) in handouts to jumpstart Southeast Asia\u2019s second-largest economy. Political newcomer Paetongtarn\u2019s cabinet was sworn in this month, after parliament elected her Thailand\u2019s youngest premier following the shock removal of […]<\/p>\n","protected":false},"author":2,"featured_media":430796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-430788","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"yoast_head":"\n