Thai PM Calls for Greater Policy Coordination After Growth Miss

Thailand's Prime Minister, Paetongtarn Shinawatra, has called for greater policy coordination among government agencies and the private sector to boost economic growth, following a disappointing growth rate in the fourth quarter of 2024. The Thai economy expanded by 3.2% year-on-year in the last quarter, missing the forecasted growth of 3.9% and falling short of the 3.9% growth rate in the previous quarter.

The National Economic and Social Development Council (NESDC) Secretary-General, Danucha Pichayanan, attributed the slowdown to reduced private investment and consumption growth. Despite the lower-than-expected growth, the Thai economy still managed to grow by 2.5% in 2024, up from a revised 2.0% growth in 2023.

The Thai government is optimistic about achieving 3.5% growth in 2024, despite concerns about high household debt and sluggish demand from China. The government aims to stimulate the economy with measures targeting industries like automotive and real estate, and is committed to addressing the structural problems in the economy, including high household debt and lower education standards, to boost growth in the long term.

The Thai government sees the private sector as a crucial driver of economic growth and is focusing on boosting private investment and consumption to support economic growth in 2025. The NESDC has forecasted that private investment and consumption will contribute significantly to the country's economic growth in the coming year.

The Thai government is also working on resolving constitutional differences to create a more stable political environment, which is essential for economic growth and development. The government is optimistic about achieving its economic growth targets, despite the challenges posed by high household debt and sluggish demand from China.




In conclusion, the Thai government is committed to addressing the challenges facing the Thai economy and is taking proactive measures to stimulate economic growth. The government is optimistic about achieving its economic growth targets and is working to create a more stable political environment to support economic growth and development. The Thai government sees the private sector as a crucial driver of economic growth and is focusing on boosting private investment and consumption to support economic growth in 2025.