Thailand: Economy will not recover quickly: Finance Minister Arkhom

  • The Thai economy will not recover quickly even though exports are likely to expand, Finance Minister Arkhom Termpittayapaisith said 12 May 22.
  • He pointed out that tourism has not fully recovered yet and that Thailand’s economy has been affected by rising energy and fresh food prices since the beginning 2022, causing inflation to rise to 5%.
  • He noted that energy prices have risen sharply due to the Russia-Ukraine war, but said the government had launched measures that include lowering the diesel price to mitigate the impact on the cost of living.
  • “However, it is necessary to spend more cash to maintain the diesel price at THB30 per litre as the oil price will keep rising,” Arkhom pointed out.
  • Arkhom said the government and business sectors must adapt to a digital economy and society, climate change and an aging society in order to boost economic growth.
  • “However, the government will invest in infrastructure to boost the country’s competitiveness,” the minister said. “Meanwhile, the Finance Ministry will help facilitate private sector business operations,” he added.

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