Anutin’s Core Cabinet Team Intact After ‘Blue Wave’ Thai Vote

i)xun0oo8w94p496c2hvva9a_media_dl_2.png Election Commission of Thailand

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(Bloomberg) — For the first time in weeks, Thailand’s top cabinet ministers could breathe a sigh of relief as they gathered Tuesday at Government House in Bangkok. 

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It was their first meeting since Prime Minister Anutin Charnvirakul won Sunday’s election by an unexpectedly wide margin — dubbed the “blue wave” in a nod to the color of his political party.

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While Anutin appears in no rush to form a coalition government — which includes dolling out cabinet positions as part of the party horse trading — he’s made clear a core cadre of advisers will stay.

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“Our pack of four will remain,” Anutin said on election night, referring to himself and the holders of three key portfolios: finance, commerce and foreign affairs.

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Until Anutin first became prime minister in September, after the sudden ouster of his predecessor, Bhumjaithai had never led a government and lacked a track record in economic management. And it faced daunting challenges — negotiating a tricky trade deal with Donald Trump’s White House, a worsening economic malaise and a border conflict with Cambodia that packed loads of political risks.

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To navigate those challenges Anutin tapped Finance Minister Ekniti Nitithanprapas, Commerce Minister Suphajee Suthumpun and Foreign Minister Sihasak Phuangketkeow. 

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“We have had the right people to tackle all those problems,” Anutin said. 

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Anutin’s pledge that the three would stay in place bolstered the sense policy continuity that buoyed markets after the election, sending the baht and Thai stocks sharply higher.

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The three ministers “showed outstanding performance despite the short time they had,” said Win Phromphaet, executive chairman of Kasikorn Asset Management Co. 

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‘Technocratic Core’

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With Ekniti continuing as finance chief, the government’s economic direction is expected to reflect his technocratic roots in the revenue and treasury departments: gradually shrinking budget deficits and prioritizing foreign investment. His close relationship with Bank of Thailand Governor Vitai Ratanakorn is also expected to keep fiscal and monetary policy aligned. 

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Ekniti’s return would act as a “critical volatility crusher” for Thai markets, said Kiatnakin Phatra Securities economist Pipat Luengnaruemitchai. “We expect fiscal discipline to remain a priority, with the 70% debt-to-GDP ceiling acting a firm anchor against excessive populist spending promises.”

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For Suphajee, a former executive at International Business Machines Corp. and Dusit Thani Pcl, the focus is likely to remain on accelerating free-trade agreements, diversifying export markets, and negotiating lower US tariffs. Alongside Ekniti, she has also been working to attract investments, positioning Thailand as a “trusted partner” for companies seeking access to the wider Asian region.