BANGKOK, Feb 18 — Thailand’s Prime Minister Paetongtarn Shinawatra has expressed confidence that the government’s economic stimulus measures for 2025 will effectively boost the country’s gross domestic product (GDP) growth.
She emphasised the need for collective efforts to address longstanding issues across all sectors following its position as one of Asean’s lowest-performing economies in 2024.
"GDP in the fourth quarter of 2024 grew in nearly all sectors, but private sector investment has declined, largely due to challenges faced by SMEs, which account for 75 per cent of the country’s economy," Paetongtarn said during a post-Cabinet press conference in the southern province of Songkhla today.
She added that the Thai government is making every effort to stimulate the economy and encourage private-sector investment.
Paetongtarn highlighted the necessity of financial and fiscal policies working in close coordination to address public needs effectively.
"Inflation is currently at a low level, underscoring the importance of collective efforts. All sectors are crucial; the government cannot tackle this alone," she stressed.
The Prime Minister also noted that investment would be a significant factor in contributing to GDP growth alongside tourism.
Acknowledging that the economy has been underperforming for some time, Paetongtarn reiterated the importance of collective action.
"No single measure can work like magic to instantly improve the economy. Each ministry, along with the private sector, must work together.
“The challenges we face are not new; they have accumulated over a long period and require joint efforts from all parties," she said.
The government aims to stimulate the economy through various measures, including supporting private sector initiatives in tourism and infrastructure development.
"Tourism must not be limited to major cities; secondary cities are equally important.
“Alongside tourism development, private sector investment must focus on addressing systemic challenges to drive sustainable growth,” Paetongtarn said.
For 2024, Thailand's GDP expanded by 2.5 per cent, falling short of the 2.7 per cent forecast, as the manufacturing and agriculture sectors contracted, according to the Office of the National Economic and Social Development Council.
— Bernama
