Bangkok Post
Economic restructure proposed
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While economists and industry leaders say the proposals by executives to Prime Minister Anutin Charnvirakul on May 15 are practical and should be implemented, they noted more needs to be done by the government to ensure sustainable growth, calling for structural reform focusing on improving small business competitiveness.
Key facts
- While economists and industry leaders say the proposals by executives to Prime Minister Anutin Charnvirakul on May 15 are practical and should be implemented, they noted more needs to be done by the government to ensure sustainable growth,
- Economic growth in the second quarter this year is vulnerable despite a 2.8% expansion in the first quarter year-on-year, driven mainly by electronics exports, as the recovery has not been broad-based, he said.
- Independent economist Aat Pisanwanich said Mr Anutin's meeting with chief executives who oversee businesses accounting for as much as 70% of the country's GDP presents a positive image, showing he is open to the views of business leaders
- SMEs contribute around 30% of the country's GDP.
- An alternative is imposing requirements for these platforms to ensure a minimum of 30% of products sold online are Thai-made, said Mr Aat.
- In addition, foreign investors operating in Thailand should be required to source at least 30% of their raw materials from Thai SMEs, he noted.
Summary
Amonthep Chawla, chief economist at CIMB Thai Bank, said the proposals cover both short-term economic stimulus and long-term growth initiatives, which are reasonable and feasible for the government to implement.
Stimulus measures such as the co-payment scheme support domestic consumption amid sluggish demand, primarily caused by the impact of the war in Iran, he said.