The Banker names Thailand’s Arkhom top finance minister in Asia-Pacific

Pornchai Thiraveja, director-general of the Fiscal Policy Office and spokesman for the Finance Ministry, said The Banker applauded Arkhom for his economic policies that helped Thailand survive the crisis in the fallout of the Covid-19 pandemic.

The Banker, which is a subsidiary of Financial Times, said the pandemic had a huge impact on Thailand because it is heavily dependent on tourism, which makes up for 12-18% of its GDP.

“Under the governance of Finance Minister Arkhom Termpittayapaisith, the country is starting to see its economy recover. The country is expected to see a 3.3% increase in GDP for 2022 and a target of 3.5% growth has been set for 2023,” The Banker said.

“In order to meet these economic targets, Mr Termpittayapaisith has been keen to revive the Thai economy, as the country moves on from the pandemic and welcomes tourists back. His strategy is to focus stimulus spending on supporting vulnerable groups and low-income households.”

The Banker also noted that Thai consumers were given a helping hand with the rollout of the Khon La Khrueng subsidised shopping scheme.

Arkhom, meanwhile, thanked The Banker for the honour, saying: “When the Covid-19 pandemic wreaked havoc on the world economy, fiscal policies aided individuals as well as businesses, and maintained the level of domestic consumption in Thailand.

“The country’s digital, particularly payment, infrastructure made those aids easily accessible and effectively targeted towards the most vulnerable,” he added.

“With ample fiscal space, the Ministry of Finance was able to enact extensive spending measures, while remaining prudent with public debt management and strictly complying with the law governing fiscal discipline,” Arkhom told The Banker.

“With an emphasis on sustainability, the running of future fiscal policies should lend itself to a fiscal position that is sound, strong, and sustained over the long run. With the signal to reduce the level of budget deficit beginning in 2023 onwards, it is expected that Thailand would achieve a balanced budget within 10 years.”

Meanwhile, Angola’s Vera Daves de Sousa was named the Global and Africa’s Finance Minister of 2023.

“Vera Daves de Sousa has been the face of the country’s economic reform programme since becoming the country’s first woman minister of finance in 2019. Her championing of this agenda in the face of significant obstacles sees her awarded The Banker’s African and Global Finance Minister of the Year award for 2023,” The Banker said.