Nearly 30 years after IMF rescue, Thailand faces new economic test
Finance Minister Ekniti Nitithanprapas aims to attract foreign investment into semiconductors and data centers to reverse five years of 2.34% average annual growth.
- Next week, Bangkok will host the annual meetings of the International Monetary Fund and World Bank. Finance Minister Ekniti Nitithanprapas seeks to steer Thailand's economy through a new challenge: escaping years of sluggish growth nearly 30 years after the 1997 financial crisis.
- Following the re-election of Anutin Charnvirakul in February, relative political calm provides relief to an economy that has grown by an average of 2.34% annually over the last five years, building on political ownership established after 1997 by former Prime Minister Chuan Leekpai.
- Thailand's public debt-to-GDP ratio nears the 70% ceiling, and investment-to-GDP has declined to around 22% to 23%, Ekniti told Reuters. Fitch Ratings revised the nation's outlook to "stable" last month, citing resilience despite these structural headwinds.
- Ekniti outlined a plan to hit 3% growth within three years by drawing foreign investment into semiconductors, data centres, and electric vehicles. The central bank remains more conservative, projecting a potential growth rate of 2.7% that could take at least four years to reach.
- IMF Managing Director Kristalina Georgieva warned the global economy faces risks from high energy prices and record public debt. Amid this fragmented world, Ekniti believes "Thailand can be a trusted connector" to link fragmented economies and position the nation for sustained development.
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