Thailand to roll out more policies this year to lower cost of living, says PM
THAI Prime Minister Srettha Thavisin said on Monday (Sep 18) that his government will be rolling out more policies by the year’s end to lower living costs, such as gradually reducing electricity prices and raising the minimum daily wage.
To counter soft demand for Thai exports and low investor confidence, Srettha and his 11-party government have promised to revive South-east Asia’s second-biggest economy with a series of populist measures. These include suspending debts for farmers, raising minimum wages, and providing handouts to all Thai adults through digital wallets.
“We’ve already reduced electricity prices (and) want to reduce (them) more, but it will take several weeks,” the premier said, adding that the country’s economic situation is “not so good”.
Thailand’s economy is expected to grow 2.8 per cent this year, but Srettha has a target of 5 per cent annual growth.
“In addition to lowering the cost of living is increasing wages,” he said, adding that an announcement could be expected in November.
At a forum hosted by Thai media outlet Thairath, Srettha, who took office last month, spoke on a range of topics. Among others, he spoke on the impact of the El Nino weather phenomenon on the rice-growing country’s second harvest of the year and the need to explore alternative crops.
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He said his administration wants to open up new agriculture markets in Africa and the Middle East, with a focus on halal products, in addition to expanding free trade agreements with partner countries, but did not provide details.
Srettha, a real estate mogul and political newcomer, has come under fire in parliament for policies that the opposition say lack clear direction. But the premier has said the policies would be fiscally responsible.
Srettha said he will attend the United Nations General Assembly in New York this week, adding that his administration will maintain the country’s neutral stance on the world stage.
“We have good relations with China and the United States. We have to be neutral. Not leaning one way or the other,” he said. He also plans to meet top business executives during his US trip, to draw more investment to Thailand.
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