Bangkok: The Prime Minister presided over the inaugural session of the economic stimulus board, highlighting a 2.3% GDP growth over three quarters and considering new measures for elderly support.

According to Thai News Agency, Ms. Paethongtarn Shinawatra, the Prime Minister, led the first assembly of the Economic Stimulus Policy Committee. The meeting included Mr. Anutin Charnvirakul, Deputy Prime Minister and Minister of Interior, Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, and other notable government officials. The Prime Minister pointed out that based on economic data from the third quarter of 2024, announced by the National Economic and Social Development Board on November 18, 2024, the Thai economy has shown continuous improvement. The GDP growth rate increased to 3% annually, up from 1.6% and 2.2% in the first and second quarters, respectively, resulting in an overall 2.3% growth fueled by exports, government consumption, tourism, and the construction sector.

The governme
nt expressed confidence in the Thai economy’s growth potential. Consequently, the Economic Stimulus Policy Committee was formed to ensure that governmental policies produce tangible benefits, aiming to stimulate the economy while enhancing citizens’ quality of life. The committee will also focus on strategies to boost Thailand’s long-term capabilities.

In the short term, the government aims to increase income and alleviate living costs for vulnerable groups, initially through subsidies for low-income individuals. Future measures will consider additional support for the elderly. Another pressing concern is the high household debt, which, although reduced to 89.6% of GDP from 90.7% in the previous quarter, remains significant. The government plans to address this issue with measures targeting home loans, car loans, and SME loans. The Ministry of Finance and the Bank of Thailand are working on solutions to meet citizens’ needs while ensuring fiscal discipline.

For long-term strategies, the Prime Minister empha
sized the government’s commitment to enhancing economic growth and competitiveness. He expressed optimism that the committee would develop effective measures to support these goals.