Thai PM gathers tycoons for rare economy talk amid crisis alarm

THAI Prime Minister Anutin Charnvirakul is set to host some of the country’s top billionaires and industry titans for a rare discussion on the economy, which is facing “a wave of crises” triggered by the Middle East conflict. 

Gulf Development chief executive officer Sarath Ratanavadi, Charoen Pokphand Group senior chairman Dhanin Chearavanont and members of the Chirathivat family that controls retailer Central Group are among those confirmed to attend the meeting, according to government spokeswoman Rachada Dhnadirek. 

Leaders from several industries, including agribusiness, electronics, banking and automotive are scheduled to meet Anutin in Bangkok on Friday evening (May 15) to “frankly express their concerns, suggestions, and perspectives on the future of the Thai economy”, Rachada said. Their input will be incorporated into government’s policy response, she said.

The meeting — the first such gathering convened by Anutin after he won the general election in February — is expected to focus on investment, competitiveness and long-term growth strategies as the government looks to bolster confidence among business leaders and accelerate economic momentum. 

“The prime minister wants to hear suggestions from business leaders regarding urgent tasks that need immediate action, strategic foundations for the next four years, policies or regulations that should be abolished,” Rachada said. 

The meeting comes amid a grim warning from Finance Minister Ekniti Nitithanprapas that Thailand faces a wave of crises, including cost of living, unemployment, higher inflation and damage to local businesses stemming from the global energy shock.  

Thailand’s economic policymakers have also framed the meeting effort to project unity and confidence at a time when the country faces mounting external pressures, including weak global demand, trade uncertainty, and slower growth than its South-east Asian peers.

The Bank of Thailand expects growth to slow sharply to 1.5 per cent this year, down from 2.4 per cent last year, while inflation is projected to remain above its 1-3 per cent target range in the coming months.

The meeting also comes during a relatively rare period of political stability in Thailand, where prolonged political turmoil and frequent changes in government have often weighed on business sentiment and delayed major investment decisions. 

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Anutin has unveiled a 400 billion baht (S$15.4 billion) borrowing plan, with half of the funds allocated to reducing living costs and the remainder dedicated to supporting a long-term energy transition. The move has faced pushback from opposition parties, which have petitioned the Constitutional Court to halt the plan.

“When you administer medicine to someone who is sick, it might take five or six months to see results,” Ekniti told reporters on Thursday. “But you need to give them medicine today.” BLOOMBERG