Thailand’s economy is expected to continue growing amid the inflation crisis, as authorities reaffirm their commitment to addressing all existing challenges.
Energy Minister Supattanapong Punmeechaow said he was optimistic that the economy will see sustained growth. His remarks were delivered at the Better Thailand Open Dialogue, during a session focusing on the national and global economy.
The minister said Thailand has seen increased investment over the past five years, particularly in the Eastern Economic Corridor (EEC), with exports remaining the nation’s primary driver for growth.
He noted that growing consumption has led to a rapid increase in household debt at 15%, while the government works to keep the debt ratio at appropriate levels.
Supattanapong added that the government has been successful in reopening the kingdom to international tourists, starting with the Phuket Sandbox campaign on November 1, 2021. Since then, the nation has welcomed some 1.2 million international visitors.
However, Thailand is now facing new challenges in the form of the Russia-Ukraine conflict and rising inflation, leading to a 10-year high in goods and energy pricing. Despite these challenges, the minister pointed out that the country continues to maintain favorable credit ratings.
He also said the government has invested 2 trillion baht to improve infrastructure and support modern development, including the adoption of electric vehicles and modern industries in the EEC.