Thailand's New Prime Minister Tells Parliament His Government Will Urgently Tackle Economic Woes
BANGKOK (AP) Thailands new Prime Minister Srettha Thavisin vowed to act quickly to relieve the country's economic problems in his inaugural speech to Parliament on Monday, following four months of political uncertainty while parliamentarians were unable to agree on a government.
Srettha entered politics after a career as a major real estate develope r, and his government is facing high expectations and pressing demands to address a range of economic, political, social and environmental problems in its four-year term.
Thailands economy has slumped after the COVID-19 pandemic all but crippled its lucrative tourism industry. Public debt rose to more than 60% of GDP in 2023, while household debt spiked to over 90% of the GDP this year, he said.
Thailands post-pandemic economy is like a sick person, with a sluggish recovery that puts the nation at risk of entering a recession, Srettha said.
He vowed to quickly take measures to relieve debt problems, mitigate rising energy costs and boost tourism, without going into detail.