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MONDAY, December 11, 2023

Srettha upbeat on Thailand’s financial strength, says it will not bow under global crises

Srettha upbeat on Thailand’s financial strength, says it will not bow under global crises
TUESDAY, October 03, 2023

Prime Minister Srettha Thavisin believes Thailand is still quite financially strong and should survive any future global financial crises.

Srettha, who also holds the Finance portfolio, was speaking to reporters on Tuesday, a day after he met Bank of Thailand governor Sethaput Suthiwartnarueput.

Srettha said he and the governor discussed Thailand’s economic scenario after his government has started enforcing its economic policies.

He said he also sought the BOT governor’s opinion on how economic ratings agencies, the public and foreign investors view Thailand’s economic policies.

Srettha said the central bank chief offered him useful suggestions and that he would take heed of them.

The premier added that he also discussed the country’s economic situation with the two deputy finance ministers – Krisada Chinavicharana and Julapun Amornvivat – as well as the Finance Ministry’s permanent secretary.

He said that based on these discussions, he can confidently say that Thailand will survive any global financial crisis as it is still financially strong.

Srettha added that the government will not intervene in the current depreciation of the baht but will let it unfold according to market mechanisms.

He added that if the Thai baht was weak, it would bode well for the export sector, which accounts for 50% of the country’s GDP. He said tourism only accounts for 20% of the GDP and it is already benefiting from the weakening baht.

Srettha said that though oil and fuel imports were being affected by the weak baht, the government will start looking for alternative energy sources.