BANGKOK, Thailand – Thailand must urgently rebuild its economic foundations and raise its competitiveness after years of weak growth, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said, setting a four-year target of economic growth above 3%. Speaking under the theme “New Horizons of Fiscal Policy: Empowering People, Building Resilience,” Ekniti said Thailand’s potential growth rate has fallen to around 2%, making structural reform and new investment essential to restoring stronger long-term expansion. The government has set a long-term goal of transforming Thailand into a high-income country within 12 years. Over the next four years, it aims to strengthen the foundations needed to support that ambition, with investment playing a central role.
Ekniti said the government wants to raise total investment to 30% of GDP from around 23% currently. Without new investment, he said, Thailand would struggle to generate sustainable economic growth. “If we have no investment, what will we grow with? The economy will continue to decline,” he said, stressing that investment must become a key engine of expansion. The government also aims to improve Thailand’s global competitiveness ranking to the top 20 from its current position of 26, while raising economic growth above 3% from the current 2.8–2.9%. Ekniti identified emerging industries including artificial intelligence, semiconductors and next-generation automotive manufacturing as key areas for future investment. The government plans to develop policies that attract new technology, encourage technology transfer and strengthen local supply chains. Investment in infrastructure and human capital will also be essential, he said, allowing Thailand to capture opportunities created by changes in the global economy.
Ekniti said Thailand has several advantages, including its strategic geographical position, which allows it to trade with both Western and Eastern markets, sufficient raw materials and relatively strong infrastructure. “The wind is already blowing. The government’s job is to become the tailwind and make sure it blows in the right direction,” he said. However, Ekniti acknowledged that fiscal policy faces significant constraints, with the government having far less budgetary room than in the past. Every baht therefore needs to be used efficiently. The government plans to pursue targeted economic management through a five-part “5T” framework: Targeted measures to provide focused assistance; Transition in the energy structure; Transform to strengthen the economy; Transparency through digital monitoring; and Together, bringing the private sector into policy screening.
Ekniti warned that failing to act would leave Thailand’s economy on a continued downward path.
“If we do nothing today, Thailand’s economy will only move backwards,” he said, adding that improving the country would require cooperation among government agencies, the private sector and businesses. He said Thailand still has opportunities and that decisions taken today should focus on creating stronger foundations for future generations and moving the country toward a new economic horizon.
