The leader of the so-called Pheu Thai Family’s chief adviser, Srettha, stated that the Thai economy is currently unstable and need some work before it can fully recover.
According to a recent study from the National Economic and Social Development Council (NESDC), the GDP of the nation increased by 2.6% less than the predicted 3.2%. The NESDC attributed this downturn to a decline in Thai exports.
The country’s economy will advance, according to Srettha, if political parties’ strategies on job creation, economic growth, and environmental protection are successful.
The country’s survival also depends on reducing household debt, increasing agricultural incomes, promoting exports, and developing the tourism sector.
Srettha is one of Pheu Thai’s three candidates for prime minister in the election, which is anticipated to take place on May 7.
He added that Thailand’s tourist sector has been crucial in boosting the economy of the nation in the short term.
The return of foreigners to Thailand can still bring in money in the hospitality industry, he said, even though it hasn’t yet reached pre-Covid levels.
Srettha also thinks that Thailand’s real estate market would expand despite low public purchasing power and banks’ continued reluctance to extend credit.
Nonetheless, he asserted that as the tourism industry expands, more foreigners will start purchasing real estate, which would lead to a boom in the real estate market.
Sansiri, Srettha’s real estate company, posted a record-breaking profit of 4.28 billion baht last year despite the global economic downturn. The company reported total revenues of 50 billion baht, an increase of over 50% from 2021.
This year, Sansiri plans to debut 52 new projects, including 22 condominiums and 30 horizontal buildings. Revenue of 55 billion baht is the company’s goal.
Srettha claimed that 2022 marked the beginning of Thailand’s recovery from the pandemic. He attributed this to Thailand’s effective immunization program and its reopening to foreign tourists.
Nonetheless, he foresaw future difficulties, including rising inflation spurred on by the rise in the cost of commodities and energy.
