Thai Prime Minister Questions 2.1% GDP Forecast Amid Strong FDI and Export Data

Key summary

On October 24, Thai Prime Minister Anutin Charnvirakul, who also serves as Minister of Interior, appeared on the program 'Talk with PM Anutin' to question the National Economic and Social Development Board's (NESDB) forecast for Thailand's GDP growth at 2.1% for this year. He instructed the NESDB to re-examine the details and calculation methods behind the estimate. The Prime Minister highlighted that current economic indicators contradict the low forecast, citing foreign direct investment (FDI) in the first half of the year being 30% higher than last year's total, exports growing by over 20%, and increased corporate and personal income tax collections. He emphasized that Thailand is repositioning itself away from competing on cheap labor or electricity costs, focusing instead on skilled personnel, transport networks, logistics, and regional supply chain connectivity. The government aims to promote clean energy adoption, allowing households to generate and sell surplus electricity back to the state grid. Additionally, the Prime Minister noted the success of hosting the IMF–World Bank meeting in Bangkok as a confidence booster for business, investment, and tourism sectors.