Ekniti rejects populism, champions 10+ strategy for economic stability

At the Queen Sirikit National Convention Center, Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, and assistant to the election campaign of the Bhumjaithai Party, took the stage at the party's final rally ahead of the February 8th election.

In his speech under the theme of “Professional Governance and Unity for National Security,” he shared his decision to leave his secure government position and the opportunity to become the permanent secretary of the Ministry of Finance, stating that he was deeply concerned for the country’s future. He said he was willing to leave behind the next six years of public service for the sake of the nation’s wellbeing.

Ekniti expressed concern that Thailand could face another crisis and that while many people talk about issues, few are willing to take action. "If we only talk without taking action, Thailand will certainly face a crisis," he warned.

Ekniti further mentioned that global credit rating agencies like Moody’s, Fitch Ratings, and S&P Global have recently downgraded Thailand’s fiscal stability. His first action upon assuming office was to focus on improving fiscal health, including the repayment of debts to the Bank for Agriculture and Agricultural Cooperatives (BAAC), which had never been settled in previous years. As a result of these efforts, S&P later upgraded Thailand’s fiscal stability, confirming the country's improved outlook. He expressed no regrets about leaving his government position to contribute to rescuing the nation from a potential crisis.

Ekniti likened Thailand to a car stuck in a mud pit, struggling with both economic conditions and internal and external debt, which led to the introduction of policies like the "Half-Half Plus" program and other initiatives like the "Tourism Recovery Program". These programs have contributed to a stronger economic growth forecast for the fourth quarter, increasing from a previous projection of 0.3% to 1.8%.

Moreover, he emphasized debt management projects like the “Fast Debt Repayment” initiative and policies designed to improve liquidity for SMEs, including instructing the Revenue Department to refund 60 billion baht in taxes to SMEs by Q4. Ekniti stressed that all the financial operations did not create additional debt but used pre-allocated budgets to meet targeted goals while maintaining strict financial discipline.

“I confirm, as the head of the economic team, that the Bhumjaithai Party will not engage in populism because when populism is implemented, it leads to creating debts for future generations, leaving them burdened with liabilities. Therefore, we must use money effectively within the framework of fiscal discipline,” he stated, urging all political parties to avoid populist measures.

Ekniti expressed satisfaction with having pulled the Thai economy out of the "mud," but his concern now is how to make the country strong enough to compete globally, especially as foreign observers see Thailand as the "sick man of Asia". He likened the country to a critically ill patient in the ICU, and as “Dr. Ekniti,” he said he had been able to remove Thailand from the ICU. However, the challenge remains: how to strengthen the economy to compete on the global stage.

At the 2026 World Economic Forum Annual Meeting in Davos, Switzerland, he highlighted that Thailand was now sitting at the global negotiating table, amidst a fragmented world order, securing 500 billion baht in investments. This achievement was driven by the 10+ policy, which he likened to "10 pills" that will continue to make Thailand a strong player in Asia.