During her recent television appearance, Thai Prime Minister Paetongtarn Shinawatra addressed the nation's economy and its growth projections, reassuring citizens and investors about the positive trends. On March 2, 2025, during the program titled "Opportunities for Thailand with Prime Minister Paetongtarn," she outlined the latest economic developments, emphasizing the importance of collaboration among all sectors to boost the economy.
The National Economic and Social Development Council (NESDC) reported encouraging figures, showing Thailand's Gross Domestic Product (GDP) growth reached 3.2% for the fourth quarter of 2024. The overall growth for the entire year stood at 2.5%. Despite concerns from various sectors about Thailand lagging behind its ASEAN neighbors, the Prime Minister expressed optimism about the country's economic prospects. "I want to talk about the economy and share the numbers from the NESDC... we grew by 2.5% overall," she stated, highlighting the positive trend.
She highlighted key government initiatives contributing to this growth, such as the recently implemented free visa policy, which simplifies travel and tourism, alongside significant public investment projects targeting various sectors. "The government is working on budget constraints, and we aim to make the most of it... GDP growth is important for everyone," Paetongtarn emphasized. Notably, she recognized the long-standing issue of minimal investments in new industries over the past decade and stressed the need for urgent action.
A collaborative effort between the government and the private sector was identified as pivotal to driving future GDP growth. The Prime Minister remarked, "We need cooperation from all sectors to push Thailand's GDP forward, not just one party," reinforcing the idea of unity as central to economic success. The encouragement for Small and Medium Enterprises (SMEs), which make up 75% of the economy, was also prominent, highlighting potential resources and partnerships available to them.
Despite past hurdles, she pointed to the promising sectors like semiconductors and electric vehicle manufacturing as areas ripe for investment. These industries have been developing skills and infrastructure, comparable with regional competitors like Malaysia and Vietnam, which have focused heavily on such technologies. The PM indicated, "We've only started paying attention to skills development recently, but it's something we must pursue aggressively," affirming the government's commitment to rekindle Thailand's competitive edge.
Further elaborations included the measures underway to boost foreign investments, with firms like Google and NVIDIA planning to invest significantly within Thailand. According to the Forward Business Investment Committee, 2024 saw foreign direct investment reaching over THB 1 trillion, the highest level seen over the last decade. This renewed interest reflects confidence among global businesses, with the Prime Minister noting, "We've created clear goals and are actively engaging with potential investors."
Paetongtarn showcased her commitment to stability during her tenure. "I must remain throughout the term to promote investment, assuring everyone we won't suddenly change direction," she expressed, weaving the narrative around political stability alongside economic resilience. It was also noted the upcoming World Economic Forum, where she intends to highlight Thailand's economic recovery and draw more international interest.
The Prime Minister's communication also touched on agricultural reforms, as agriculture involves nearly 47% of the country's land use yet accounts for just 9% of GDP. "Farmers work hard but earn very little; this is a trend we must change," she highlighted the need for increased support and the introduction of innovations to improve productivity and income.
Investor confidence is not just about numbers; it transcends to people's daily lives. Enhanced investment leads to job creation and, thereby, higher wages. More employment contributes positively to livelihoods, bringing spending power within the local economy. “Investments should reach all strata of society; GDP improvements impact even the most local levels,” she reiterated.
Encouragement from the public, she stated, is key to overcoming challenges. "I ask for your support," state the PM encouragingly. The government endeavors to transform the country through sustainable growth and cooperative engagement. Closing her discussion, she confidently added, "This is the year of opportunity; everyone must hope and get their chances."