The Thai government, under Prime Minister Phaetongthar Shinawatra, is making strides to address economic stagnation and boost the country's Gross Domestic Product (GDP). During the latest broadcast of "Opportunities for Thailand with Prime Minister Phaetongthar," the PM emphasized her commitment to seeing Thailand’s GDP grow and discussed the pressing need for foreign investments.
On March 2, 2025, Shinawatra noted the nation's GDP rose to 3.2% in the last quarter of the previous fiscal year, reflecting some progress from the aggregated 2.5% for the whole year, which itself was up from only 2% the year before. Despite these figures, concerns loom over why Thailand continues to lag behind its ASEAN neighbors. She highlighted the lack of new industrial investments for more than ten years as the primary roadblock to economic momentum.
To remedy this situation, Shinawatra outlined her administration’s plans to collaborate more closely with the private sector and emphasized the importance of boosting funds available for development projects. "We are determined to push forward with GDP growth and bring on new investments to upgrade the agricultural sector and create opportunities for Thai citizens," she stated, calling on businesses to increase their investments.
Several foreign companies, including giant tech firms such as Google and TikTok, are reportedly set to invest more than 1 trillion baht, marking one of the largest influxes of foreign capital seen by Thailand over the past decade. Shinawatra lauded the investments as integral to revitalizing the economy, noting, "If we continue coordinating with the private sector and investing wisely, we can expect our GDP will rise significantly."
Beyond just foreign direct investment, Shinawatra also outlined initiatives aimed at revitalizing the agricultural sector, which is home to some 10 million farmers. She indicated significant changes are necessary as farmers currently account for only about 9% of the GDP. The disparity is alarming, and the PM is adamant about transforming the sector. Alongside investment, she called for education and skill development to meet modern agricultural practices.
There was acknowledgment of global competition affecting Thai produce prices, and Shinawatra cited the need for research development to improve the quality of Thai agricultural products – such as rice and shrimp, which have seen declining exports.
While she presented these hopeful plans, political analysts are observing her approach to government oversight as well. The Thai parliament's structure traditionally allows for extensive scrutiny, yet the government has sought to minimize this, raising questions about transparency and accountability. Historically, Thai political leaders, especially within the opposition, have highlighted the need for rigorous oversight of governance.
During her announcement, she addressed these critiques “The government needs to garner public trust and encourage active participation from all sectors, but we also must push forward aggressively to meet our development goals,” she explained. This stance appears to acknowledge the balancing act she faces between encouraging investment and ensuring her administration is held to account.
Concluding her broadcast, Shinawatra sent out messages of resilience to the public, expressing her confidence not only in her administration but also the potential of the Thai people. "It is the collaboration and strength of our citizens as we guide our nation forward. We will nurture growth across various industries; the time for change and revitalization is upon us,” she urged viewers, emphasizing her dedication to the country's future.
Prime Minister Phaetongthar Shinawatra's dual focus on economic renewal and commitment to transparency presents both challenges and opportunities for Thailand as it navigates these complex times. The road to significant GDP growth, she believes, necessitates public engagement and acknowledgment of Thailand’s potential—a notion firmly embedded within her administration's goals moving forward.