Bangkok: "Wittaya" has expressed concerns over a prolonged sluggish period for the Thai economy, attributing the situation to factors such as US taxes and the structural issue of household debt. He advocates for financial institutions to collaborate in formulating serious debt resolution measures, along with implementing system-wide interest rate reductions.

According to Thai News Agency, Mr. Vitai Ratanakorn, President of the Government Savings Bank, addressed the challenges facing the Thai economy during a lecture at the 2025 Senior Economic Journalist Capacity Development Project 'Knowing the Financial World, Breaking Debt to Sustainability.' Organized by the Economic Journalists Association, the event shed light on the current economic perspective in Thailand. Mr. Ratanakorn emphasized that the Thai economy is struggling, particularly in exports and tourism, which are crucial drivers. External influences, notably US taxes, compound these challenges, alongside structural problems like household debt, income disparity, an aging society, and political uncertainty.

Mr. Ratanakorn stated that resolving the Thai economy's issues requires a collaborative approach among all relevant agencies. He stressed that macroeconomic stability is vital to foster economic growth, and a single measure would not suffice. Instead, coordinated efforts to implement actionable measures are necessary.

The Government Savings Bank has initiated steps to address retail debt, including interest rate reductions, debt forgiveness, and credit-building programs. These efforts aim to alleviate retail debt and reduce reliance on informal loans for over a million individuals. Despite these measures, the bank has managed to contribute over 27 billion baht to the government by enhancing efficiency and managing expenses. Mr. Ratanakorn believes that if the entire financial system could reduce interest rates and financial institutions implement practical debt relief measures, the grassroots economy and purchasing power would gradually improve.