Srettha Thavisin Finance Portfolio: Srettha Thavisin, Thailand’s new finance minister, is also prime minister. This occurs under political uncertainty and economic stagnation. King Maha Vajiralongkorn approved this dual role, approving Thavisin’s economic and political ambitions. The prime minister, who leads the real estate business, must boost Southeast Asia’s second-largest economy, which has been affected by decreasing exports and poor investment.
Last month, the Thai central bank warned that its 3.6% growth prediction for the year could be trimmed further, indicating future challenges. Srettha Thavisin, who became Thai leader last month, entered this tricky economics. This ended Thai politics’ uncertainty when the May election results were unclear.
Thavisin won an August parliamentary vote with his prior role as Sansiri’s luxury real estate leader. This triumph led to a royal notice announcing his new cabinet. The rich Shinawatra dynasty funds Thavisin’s Pheu Thai party. The ministry will oversee defense, trade, transportation, health, and international affairs.
This cabinet shift was significant because it occurred weeks after Thavisin’s election. It coincided with Thaksin Shinawatra’s famous return. Shinawatra dodged eight years in prison by self-immolation for 15 years. Due to his heart issues, he was hospitalized immediately upon returning. King Maha Vajiralongkorn used his right as king to reduce his sentence to a year, saying he was loyal and his health was deteriorating.
This series of political events has raised questions about Shinawatra’s secret arrangement with Thailand’s conservative and royalist military chiefs, his longtime opponents. However, Thaksin Shinawatra and Pheu Thai have rejected any under-the-table negotiations.
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The Pheu Thai party will have to embrace several ambitious economic plans as it takes over major economic ministries. A breakthrough 10,000 baht ($285.63) digital cash giveaway is one of these efforts. This fiscal policy is aimed to boost spending and start a wider economic rebound.
Their primary coalition partner, Bhumjaithai, supports medical marijuana legalization. Educational, justice, and labor ministries are under its control. This political coalition suggests a unique policy mix of traditional Thai politics and new social projects.
Conservative and pro-military parties will oversee the energy and environment ministries due to the country’s political divisions. This equitable split of ministerial functions seems to be an attempt to restore political stability to a country with a lot of partisan warfare.
In front of King Maha Vajiralongkorn, Thavisin and his 33 teammates will swear allegiance. After this ceremony, the government will deliver its comprehensive policy framework to the parliamentary assembly, setting the stage for its plans. Thavisin believes the growing cost of living is a top priority. He wants to cut energy and gas prices and make visas for Chinese tourists easier. This is part of a multi-pronged initiative to revitalize Thailand’s tourism economy.
As Srettha Thavisin begins his leadership path, he will encounter many challenging issues, each with its own political pitfalls. The stakes have never been higher for Thailand, which needs a growing economy and stable government. Thavisin’s pragmatic attitude, balanced cabinet, and big economic goals may not be enough to fix Thailand’s social and economic fabric. Everyone will be watching, though.
Our Reader’s Queries
What is the economic policy of Thailand?
Thailand’s economic policies are centered around a free market approach that emphasizes competition and exports. In recent years, the country has shifted away from its agricultural roots and embraced a more diverse economy, with a significant focus on manufacturing. This transition has been a key driver of Thailand’s economic growth and has helped to position the country as a major player in the global marketplace.
Who is the new foreign minister of Thailand?
Don Pramudwinai served as the leader from 2015 to 2023, and was succeeded by Panpree Phahitthanukorn who has been in charge since then.