TCC lists living costs, tourism sector, budget payouts as top 3 challenges for new govt to address
Sanan Angulbolkul, chairman of the Thai Chamber of Commerce (TCC), recently outlined steps the new government can take to address urgent challenges in an interview with thansettakij.com.
He began by assessing the composition of Prime Minister Srettha Thavisin’s Cabinet, noting that though some positions have been filled by persons possessing relevant expertise, others are being held by members of the same political party that previously managed those ministries. This mix of new and experienced individuals will ensure continuity and bring fresh ideas, especially in the economic sector, which is the top priority, he said.
The TCC chief also called on the government to collaborate with the private sector to achieve at least a 5% increase in the GDP. He said the government need to urgently address three key matters within its first 100 days, namely:
• Cost of living: He said the government should implement economic stimulus policies to ease people’s burden, like reducing the cost of fuel, electricity and water. The government should also address the high level of business and household debts, as well as facilitate access to funding for business owners.
• Tourism sector: Acknowledging the importance of tourism for the Thai economy, Sanan said the first step would be to streamline the visa process for Chinese tourists and even waive the fee. The target for Chinese tourists this year is 5 million, yet the first seven months have only seen 2 million arrivals from China. TCC has said that improving the e-visa system could also speed up the entry procedure.
• Budget disbursement: Sanan has also called for the swift disbursement of pending budgets and the preparation of the fiscal 2024 budget to ensure continuous progress in various projects. This, he said, will boost confidence, attracting new foreign investments that will help create jobs and contribute to growth in exports.
Additionally, Sanan said that TCC and the University of the Thai Chamber of Commerce both believe that the government’s 10,000-baht digital cash handout, requiring a budget of about 560 billion baht, could push the GDP up by 3-4% and generate the circulation of up to 1.5 trillion baht. This would help boost domestic purchasing power, resulting in a 5% GDP expansion next year provided there is an export growth of 3-5%.
Sanan added that it was imperative for the government to act quickly to ensure this year’s GDP does not fall below 3%. This involves expediting tourism measures, addressing urgent economic issues and maintaining a strong partnership between the public and private sectors.
