“Pichai”, Minister of Finance, looking for opportunities to revive the economy in 2025

General

Deputy Prime Minister Pichai is confident that GDP in 2024 will grow by 2.7 percent, looking for opportunities and challenges next year, aiming to overcome household debt problems, supporting green industries. Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, said at the Economic Reporters Association's 2024 Economic Seminar on the topic of "Opportunities and Challenges in 2025" that GDP in 2024 is expected to expand by 2.7 percent. If we want GDP in 2025 to expand by 3 percent, we must look for opportunities and overcome many challenges. By working with the Bank of Thailand to push inflation up to 2-2.5 percent, the government must drive many other areas, including: 1. Elevating to a digital society, following the trends of the modern world, so that society, the public, and entrepreneurs turn to using innovations and technology to develop production, trade, investment, and use in daily life. Aiming to push every supply chain towards a Green Economy, with every sector having to adjust in the same direction to support the trends of the modern world by producing goods that reduce environmental problems. Investment, borrowing, spending, all behaviors must be based on caring for the environment. 3. Moving forward to raise competitiveness, develop labor skills, increase skills to support production of modern industries. 4. When Thailand faces the challenge of a population of 60 million people, the number of elderly people is increasing, and the labor force is decreasing, so it must adjust to support such problems. Tourism is the main hope. We need to develop the tourism infrastructure to bring in income to the country. Investing in the logistics system, connecting with China, focusing on solving structural problems, working with the Bank of Thailand to solve household debt, such as seized pickup trucks, housing debt, finding ways to have the opportunity to borrow again, in order to have purchasing power, because no matter how much the price of goods increases, if there is no money to buy, the purchase amount will disappear, which is still contrary to the truth. Rich people and capitalists still have liquidity but are not willing to invest more. Therefore, we must travel to find ways to encourage investment, stimulating the economy. Mr. Pichai added that he has also discussed with the OECD Secretary-General to expedite the process of becoming a member within 5 years. We must proceed with both laws and procedures to be in line with OECD standards, especially tax policies. Currently, the BOI is in the process of preparing tax measures according to the agreement to collect a minimum corporate income tax (Global Minimum Tax) from multinational companies worldwide at a rate of 15 percent, which will be presented to the BOI board on November 1. Source: Thai News Agency

“Pichai”, Minister of Finance, looking for opportunities to revive the economy in 2025

General

Deputy Prime Minister Pichai is confident that GDP in 2024 will grow by 2.7 percent, looking for opportunities and challenges next year, aiming to overcome household debt problems, supporting green industries. Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, said at the Economic Reporters Association's 2024 Economic Seminar on the topic of "Opportunities and Challenges in 2025" that GDP in 2024 is expected to expand by 2.7 percent. If we want GDP in 2025 to expand by 3 percent, we must look for opportunities and overcome many challenges. By working with the Bank of Thailand to push inflation up to 2-2.5 percent, the government must drive many other areas, including: 1. Elevating to a digital society, following the trends of the modern world, so that society, the public, and entrepreneurs turn to using innovations and technology to develop production, trade, investment, and use in daily life. Aiming to push every supply chain towards a Green Economy, with every sector having to adjust in the same direction to support the trends of the modern world by producing goods that reduce environmental problems. Investment, borrowing, spending, all behaviors must be based on caring for the environment. 3. Moving forward to raise competitiveness, develop labor skills, increase skills to support production of modern industries. 4. When Thailand faces the challenge of a population of 60 million people, the number of elderly people is increasing, and the labor force is decreasing, so it must adjust to support such problems. Tourism is the main hope. We need to develop the tourism infrastructure to bring in income to the country. Investing in the logistics system, connecting with China, focusing on solving structural problems, working with the Bank of Thailand to solve household debt, such as seized pickup trucks, housing debt, finding ways to have the opportunity to borrow again, in order to have purchasing power, because no matter how much the price of goods increases, if there is no money to buy, the purchase amount will disappear, which is still contrary to the truth. Rich people and capitalists still have liquidity but are not willing to invest more. Therefore, we must travel to find ways to encourage investment, stimulating the economy. Mr. Pichai added that he has also discussed with the OECD Secretary-General to expedite the process of becoming a member within 5 years. We must proceed with both laws and procedures to be in line with OECD standards, especially tax policies. Currently, the BOI is in the process of preparing tax measures according to the agreement to collect a minimum corporate income tax (Global Minimum Tax) from multinational companies worldwide at a rate of 15 percent, which will be presented to the BOI board on November 1. Source: Thai News Agency