‘Shouldn’t be too difficult,’ he claims
PUBLISHED: 22 Dec 2024 at 06:04
Nakhon Ratchasima: Former Prime Minister Thaksin Shinawatra has stated that it is feasible to increase Thailand’s GDP to 5%. Speaking at the “ISAN NEXT” forum held at Nakhon Ratchasima Rajabhat University, Thaksin pointed out that the nation’s debt has surpassed 60% of GDP.
“With the debt ceiling set at 70%, additional borrowing by the government is not an option. To mitigate this debt, a boost in GDP is essential,” Thaksin explained, emphasizing the importance of tackling this challenge.
He commented that the current strategy of selling bonds to financial institutions has not effectively bolstered the economy and suggested that selling bonds directly to the public might prove beneficial.
Thaksin advocated for shorter bond terms, warning that without these changes, the country’s growth could stagnate at approximately 2%. “We must aim to achieve a GDP growth of 5%, and I believe it shouldn’t be too difficult,” he remarked.
In addition, Thaksin expressed his commitment to fostering growth and development in the northeastern region, which is a key area of support for the ruling Pheu Thai Party. He highlighted the potential of soft power in leveraging the region’s cultural wealth and artistic talent, while also suggesting that advancements in technologies like artificial intelligence could further enhance government initiatives.
Thaksin noted that the economic decline in the region has been exacerbated by monopolistic practices and urged the government to implement measures that curtail these monopolies while embracing technology to boost competitiveness.
He provided an example involving jasmine rice exports, proposing that shifting from an association of exporters to an e-commerce model would allow farmers to sell directly to consumers.
Thaksin revealed that Prime Minister Paetongtarn Shinawatra has tasked cabinet ministers with investigating monopolies in both public and private sectors to formulate strategies aimed at reducing costs.
Furthermore, he emphasized that a successful high-speed rail system could greatly benefit northeastern provinces by transforming the agricultural sector into a more industrialized framework, thus meeting the demands of markets such as China.
He also called for the exploration of natural resources in the region, suggesting collaboration between the Industry Ministry and the private sector, which could serve to alleviate poverty in the area.
