Ekniti outlines ‘quick big win’ measures to boost economy within 4 months
Newly appointed Finance Minister Ekniti Nitithanprapas has announced “quick big win” measures aimed at stimulating the economy over the next four months.
He stressed the importance of fiscal discipline alongside short-term economic recovery strategies with long-term impacts.
Speaking after paying respects at the Ministry of Finance headquarters in Bangkok on Thursday, Ekniti outlined these “quick big win” measures, which are designed to deliver fast, significant, and widely beneficial results.
Key measures include:
- Economic recovery initiatives with long-term effects, such as the “Khon La Khrueng Plus” project, which is expected to be reviewed by the Cabinet after the second week of October. This project uses existing budget funds and is designed to prevent an increase in the budget deficit. It also benefits those within the tax system, reflecting the government's commitment to fiscal discipline and encouraging public tax compliance.
- Upskilling and reskilling initiatives for small businesses, such as helping vendors move their sales online via e-commerce and incorporating digital technologies for easier accounting. Discussions will take place with financial institutions to link accounting data for easier access to loans.
The government’s main goal is to enhance income-generating capabilities and promote economic spread across the country, with similar initiatives expected to continue throughout the year-end to further stimulate the economy.
Fast-track investment approvals
Ekniti has outlined a series of measures to streamline investment processes, with a focus on unlocking regulatory hurdles. He emphasised the implementation of a PPP Fast Track system under the Board of Investment (BOI) to expedite approvals for key utilities such as water and electricity, ensuring quicker support for real investment projects.
He also highlighted measures that require no additional budget but can enhance the country's competitiveness, such as discussions with the Energy Minister to unlock access to clean energy, which is expected to attract more foreign investment.
In response to Fitch Ratings downgrading Thailand's outlook, Ekniti acknowledged the government's awareness of the warning, stressing the importance of fiscal discipline as a key priority.
He assured that the government remains focused on improving fiscal governance, with transparent policies and clear budgeting processes to restore confidence.
The government aims to reduce the budget deficit back to 3% in the long term, with a significant update to the medium-term fiscal framework scheduled for November.
Ekniti reiterated the commitment to efficiency in public spending, emphasising the importance of using existing budget allocations effectively without increasing expenditure.
