In her inaugural address to Parliament, Thailand’s new Prime Minister Paetongtarn Shinawatra laid out her administration’s strategy for tackling the country’s economic challenges. As she stepped into office, Paetongtarn, leader of the ruling Pheu Thai Party and daughter of former Prime Minister Thaksin Shinawatra, emphasised the continuation of her predecessor’s policies while introducing new measures aimed at revitalising the Thai economy.
Paetongtarn highlighted the urgent need to address Thailand’s economic difficulties, including high household debt, rising living costs, and stagnant incomes. Her government plans to implement immediate relief measures, such as reducing energy costs, improving tourism, and introducing technological advancements in agriculture. Additionally, the administration aims to tackle debt through restructuring initiatives and promote financial literacy across the nation.
Part of the economic strategy involves enhancing the formal economy by legalising and taxing informal and underground sectors. This includes a controversial proposal to open casinos within integrated “entertainment complexes,” which will feature a mix of hotels, shopping malls, and other attractions. These complexes are expected to bolster tourism and generate substantial revenue for the government.
Expansion of entertainment complexes to boost tourism
Among the boldest elements of Paetongtarn’s plan is the development of mega-projects, specifically entertainment complexes designed to attract both domestic and international tourists. These complexes will serve as man-made destinations, offering a range of amenities including casinos, resorts, theatres, and shopping centres. The government anticipates that these projects will stimulate job creation, elevate Thailand’s tourism sector, and significantly contribute to national economic growth.
The proposed entertainment complexes are set to become major contributors to Thailand’s gross domestic product (GDP) by drawing high-end luxury tourists as well as mass-market visitors. This move is part of a broader strategy to position Thailand as a leading global destination for entertainment and cultural experiences. Emphasis will be placed on integrating local cultural elements into these complexes to provide a distinctive experience that leverages Thailand’s rich heritage.
In her speech, Paetongtarn also touched on other critical areas such as education, healthcare, and environmental sustainability. She outlined a comprehensive 10-point plan to enhance economic stability, including modernising agriculture, reducing utility costs, and increasing support for small and medium-sized enterprises (SMEs). The plan also addresses social issues by proposing reforms to the digital wallet scheme, which will now focus on aiding vulnerable low-income groups.
In terms of drug policy, Paetongtarn’s administration intends to support medical cannabis under regulated conditions, diverging from her predecessor’s stance on re-criminalising the substance. Furthermore, the new government plans to strengthen measures against drug abuse and ensure fair competition for local businesses facing challenges from international operators.
Unlock winning moments: Discover the best odds on SiGMA Play.
