New Thai Cabinet prioritises economic recovery, property and tourism sectors
The newly confirmed Cabinet, featuring many Pheu Thai Party members, is focusing on economic recovery matters and pledged to reduce energy costs to ease financial burdens.
Prime Minister Srettha Thavisin engaged with various business sectors but concerns about potential bias make it unlikely that the property sector will receive preferential treatment.
Tritecha Tangmatitham, MD of SET-listed developer Supalai, believes the PM’s economic understanding will support businesses that drive economic growth but warns against perceived favouritism towards property businesses during the recovery.
Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), is optimistic about the new Cabinet, especially the economic ministers. He believes that the new government brings hope for a full recovery and robust economy.
The FTI is particularly enthusiastic about implementing the 10,000-baht digital wallet scheme to boost individuals’ purchasing power. Burin Adulwattana, managing director and chief economist of Kasikorn Research Center, believes that this initiative could help spur economic activity and drive GDP growth.
The government is not only focused on the property sector but also on boosting the tourism industry, particularly by improving the visa process for Chinese tourists.
The Tourism Council of Thailand anticipates significant developments in tourism, given the appointment of a Pheu Thai member, Sudawan Wangsuphakijkosol, as the new tourism and sports minister.
Addressing the escalating household debt, which reached 16 trillion baht in the first quarter of this year, is a priority to strengthen consumer purchasing power and support long-term economic recovery and growth.
The FTI hopes the new government will boost investor confidence, explore new trade opportunities, negotiate more free trade agreements, address non-tariff barriers, and support small and medium-sized enterprises.
The Pheu Thai Party plans to reduce power bills in its first Cabinet meeting to ease the cost of living.
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