Bangkok: The Prime Minister, Ms. Paethongtarn Shinawatra, has publicly urged citizens not to lose hope, even as Thailand’s GDP for 2024 ranks last among ASEAN countries. In the program “Thai Opportunity with Prime Minister Paethongtarn,” she confirmed that both the government and private sectors are collaborating, noting the significant foreign investment of over 1.13 trillion baht in Thailand, the highest in a decade. The Prime Minister emphasized her commitment to driving investment and boosting confidence among foreign investors.
According to Thai News Agency, during her appearance on the program, the Prime Minister discussed Thailand’s economic situation following the National Economic and Social Development Council’s (NESDB) announcement that the GDP grew by 2.5% in 2024. Concerns have arisen over Thailand’s slower economic growth compared to other ASEAN nations. The GDP growth of 3.2% in the fourth quarter of 2024 was attributed to policies such as visa-free entry, government investment, and Board of I
nvestment (BOI) incentives. The Prime Minister acknowledged that Thailand’s lack of investment in new industries over the past decade has contributed to the slower growth and stressed the need for upskilling and reskilling Thai workers to keep pace with regional competitors.
The Prime Minister highlighted the importance of developing new industries such as semiconductors and electric vehicles (EVs) and preparing the workforce for future demands. In contrast, countries like Malaysia and Vietnam have been proactive in training for these industries. The Thai government aims for collaboration with the private sector to foster this development. SMEs, which comprise 75% of the country’s economy, are encouraged to invest more, with commercial banks urged to provide loans to support industry growth, thus boosting GDP.
Addressing budget constraints, the Prime Minister mentioned her efforts to manage the existing budget prudently, with a focus on investment rather than regular expenditure. She reassured citizens that
the GDP growth, although modest, represents an improvement from the previous year and expressed optimism for further growth driven by government and private sector cooperation.
The Prime Minister also announced upcoming investments from global companies like Google, TikTok, and NVIDIA. The BOI reported record foreign investments exceeding 1.13 trillion baht in 2024, which the Prime Minister attributed to strategic international engagements, including participation in the World Economic Forum in Davos. She emphasized the stability and advantages of investing in Thailand, such as cost-effective factory setups.
Industries set to invest in Thailand include digital technology, semiconductors, automotive, and clean energy sectors. The Prime Minister outlined the benefits of these investments, such as job creation and higher wages, which will contribute to the overall economic upliftment of the Thai population. She also underscored the importance of educational opportunities, including scholarships, to prepare the
workforce for future industries.
Reflecting on a recent visit to the South, the Prime Minister humorously recounted villagers’ expectations for infrastructure investments, reminiscent of her father’s tenure as Prime Minister. She assured them of her commitment to equitable development across all provinces, stating that every region is part of Thailand and deserves attention and support.
The Prime Minister concluded by expressing her determination to increase the country’s GDP and improve citizens’ economic well-being. She called for collective efforts across all sectors to achieve rapid GDP growth, emphasizing that the government’s ultimate goal is to enhance the quality of life for all Thai citizens. She encouraged the public to remain hopeful and resilient as the country embarks on this journey of economic development.