Thai Prime Minister Confirms GDP Growth Exceeds 2.1% Target; Cabinet to Review E20 Tax Cut Amidst Export Concerns

Key summary

On October 24 at Lumphini Park Field, Thai Prime Minister Anutin Charnvirakul stated that Thailand's GDP for the year will definitely exceed the 2.1% estimate due to improved investment, exports, employment, and tax revenue figures. He noted foreign investment in the first half of the year was roughly 30% higher than last year's full-year value, while exports expanded by over 20%. The Prime Minister announced that the Cabinet would consider reducing excise taxes on E20 fuel on Tuesday, October 27, citing volatile crude oil costs as a driver for price increases. Meanwhile, Surachai Jirakul, Minister of Agriculture and Cooperatives, pledged to investigate within one week whether CP Ram's application for new plant variety protection rights on four basil lines complies with the law, addressing farmer concerns about domestic consumption. Additionally, the Thai Association of Exporters (SOT) urged exporters to diversify markets and monitor European protests closely, while the government promotes a solar rooftop installation project covering 1 million households under a 400 billion baht emergency fund, with specific loan allocations for ground-mounted and floating solar panels to accommodate structural limitations on older homes.