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The new government should focus not only on short-term measures like stimulus packages to revive the sluggish economy but also on long-term strategies aimed at boosting Thailand’s competitiveness—particularly when compared to neighboring countries—according to the Thai branch of crypto exchange giant Binance.
In the immediate future, targeted initiatives such as the “Khon La Khrueng” co-payment scheme should be implemented to stimulate growth. Nirun Fuwattananukul, CEO of Binance Thailand by Gulf Binance, emphasized that while these programs are temporary, they play a vital role in supporting consumption as economic momentum slows.
“Well-designed, targeted stimulus can help stabilize market sentiment and aid small and medium enterprises that are still recovering,” he stated to the Bangkok Post.
For the long haul, enhancing Thailand’s ability to attract foreign direct investment (FDI) should be a top priority. Mr. Nirun highlighted that Thailand’s strong infrastructure and connectivity remain attractive to both investors and tourists, and these advantages should be leveraged to draw more high-quality FDI.
Business leaders are pushing for simplified red tape and more efficient investment approval processes. Additionally, improving investment incentives and offering special support packages for strategic investors are seen as necessary steps.
Another key focus should be on strengthening existing industries. The automotive sector, for instance, has gradually fallen behind regional competitors, prompting calls for a thorough assessment of issues such as costs, skills, and regulatory hurdles, followed by measures to restore its competitive edge.
Developing new growth sectors is also crucial. Mr. Nirun suggested that Thailand should diversify into high-potential industries, especially within the digital economy. With rapid growth in digital assets, blockchain, and crypto-related services worldwide, Thailand has the potential to position itself as a regional hub for these fields by creating clear regulations and robust infrastructure.
Already a popular destination for digital nomads, Thailand could attract more investments, companies, and highly skilled professionals with the right policies.
Furthermore, structural reforms are necessary to boost productivity amid an aging and shrinking population. Mr. Nirun recommended accelerating technological advancements—such as artificial intelligence, automation, and advanced manufacturing—through grants and tax incentives.
He also pointed to Singapore as a benchmark, noting that targeted incentives can assist businesses in upgrading operations while increasing productivity and competitiveness.