Thai finance minister quits, less than a month into the job

Thailand’s Finance Minister Predee Daochai has unexpectedly resigned. (AP pic)

BANGKOK: Thailand’s Finance Minister Predee Daochai submitted his resignation less than a month after he took office.

The resignation of the former co-president of Kasikornbank will be effective from tomorrow, according to a Royal Gazette announcement today.

The banking veteran, 61, was named as the new finance minister on Aug 6. He joined Prime Minister Prayuth Chan-Ocha’s cabinet on Aug 12.

It was not clear why Predee resigned but the local media said he wanted to quit for health reasons.

Predee’s resignation adds uncertainty in reviving Thailand’s faltering economy amid the Covid-19 pandemic.

The Finance Ministry has downgraded its 2020 economic forecast to 8.5% contraction in the country’s gross domestic product (GDP) from 2.8% in January, due to the Covid-19 pandemic impact.