Anutin, whose conservative Bhumjaithai Party scored a decisive win in the Feb 8 election, said late Monday that his government will restructure energy prices as soon as possible, divert some government budget to help the public, and implement relief measures including another iteration of his party’s flagship cash handout scheme and low-interest loans to farmers and small businesses.
Anutin’s cabinet took office on Monday under mounting pressure to help net oil importer Thailand navigate the impact of the conflict in the Middle East. The 59-year old is set to deliver his policies to parliament on Thursday, a key step before his new administration can officially take control.
The premier has already come under heavy criticism over fuel shortages, price spikes and supply-chain challenges. The ripple-on effects of the war have prompted some economists to trim Thailand’s growth outlook considering the Southeast Asian nation counts exports and tourism as two vital drivers of economic expansion.
“We are facing a global crisis,” Anutin said after a special meeting of the new cabinet. “We must accept the reality and adapt together to overcome this crisis.”
Acknowledging the volatility of fuel and energy prices amid global uncertainty, Anutin in a draft policy statement, released late Sunday, vowed to speed relief measures for vulnerable groups and ramp up public disbursements when it takes full power later this week. His government will also discuss import and export strategy measures with Thai business associations to alleviate the impact of the war on companies.
Thailand will seek to “turn the global crisis into an economic opportunity” by encouraging foreign firms to establish regional offices in the nation and reinforcing the country’s role as a “global food security hub,” according to the draft.
Anutin also pledged that his government — Thailand’s fourth in three years — will deliver its policies with financial discipline and expedite the 2027 fiscal year budget to ensure its implementation within the normal fiscal calendar that starts in October. Expenditure plans for some government agencies that are deemed unnecessary will meanwhile be axed.
Anutin’s move to retain his core economic ministers, including finance minister Ekniti Nitithanprapas, commerce minister Suphajee Suthumpun and foreign minister Sihasak Phuangketkeow, has signalled policy continuity and calmed investor anxiety after years of political turmoil in the country eroded confidence.
The draft policy statement was approved by the special cabinet meeting on Monday. Anutin leads a 16-party coalition backed by around 292 lawmakers in the 500-member House of Representatives.
The 19-page draft additionally covers economic risks from rising household debt and declining productivity, as well as social threats from an aging society, low birth rates and drugs. Promoting investment in small and medium businesses, restructuring the economy to keep pace with the digital age and putting more emphasis on “high value” tourists are also touched upon.