Deputy PM says pandemic exposed problems in Thai economy, time to improve

As the Covid-19 pandemic hit economies all over the world with business closures and travel bans, issues with Thailand’s economy were exposed, according to Deputy PM Supattanapong Punmeechaow. The country cannot go back to the way it was before the global outbreak, he says.

Thailand’s large tourism industry was battered by the lack of foreign visitors. Small and medium businesses were also heavily impacted, prompting the government to spend more than 800 billion baht in aid measures, the deputy prime minister said at an event in Bangkok.

“It is unacceptable to let Thailand slide back to the period before Covid-19. Since the global economy is changing we must be more proactive in attracting foreign investors.”

Supattanapong says the government will focus on investing in new industries to cut down on the reliance on export and tourism, adding that Thailand’s automotive industry will focus on the manufacturing of electric vehicles, known as EVs.

“EVs will create other related industries such as smart equipment manufacturing and electricity generating from renewable energy. This will create a great opportunity for Thailand to further invest in community power plants, as well as biomass and solar power plants in Laos.”

He says the government still has many projects in the coming year to boost the economy, attract foreign investors and build infrastructure for future expansion, such as building more Skytrain lines in Bangkok.

“Next year the government will also focus on creating economic opportunities at the grassroots level to reduce disparity… We cannot give people free handouts, we also need to create new jobs and new businesses that will support existing and future industries.”

SOURCE: Nation Thailand

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