Populist Measures Roll Out as Thai PM Eyes 5% Economic Growth

The new Thai Prime Minister Srettha Thavisin said on Monday that his government will introduce more stimulus measures by the end of this year to help lower living costs, which includes one of the most anticipated electricity prices reduction and minimum wage hike. 

The electricity prices were cut last week, but the government noted that it is expecting further cuts. It is expected to take weeks before the government could announce further reduction.

The PM expects to raise economic growth for Thailand by an annualized 5% moving forward. GDP this year is expected to increase 2.8%. 

More populist measures are within sight as the Thai PM promised to suspend debts for farmers, raising minimum wages and most importantly THB 10,000 handouts to all Thais via digital wallet to spur the economy. 

The Thai PM added that he wants to open up new agriculture markets in Africa and the Middle East, focusing on halal products. The expansion of free trade agreement is also in the pipeline, but the PM did not specify any particular countries for this plan.

Lastly, he pointed out that Thailand needs to have good relations with both the U.S. and China without bias.