Thai PM Gathers Tycoons for Rare Economy Talk Amid Crisis Alarm

8p0946oqxwolfudwzjpx25fd_media_dl_1.png Commerce Ministry, Bloomberg

Article content

(Bloomberg) — Thai Prime Minister Anutin Charnvirakul is set to host some of the country’s top billionaires and industry titans for a rare discussion on the economy, which is facing “a wave of crises” triggered by the Middle East conflict. 

Article content

Gulf Development Pcl Chief Executive Officer Sarath Ratanavadi, Charoen Pokphand Group Senior Chairman Dhanin Chearavanont and members of the Chirathivat family that controls retailer Central Group are among those confirmed to attend the meeting, according to government spokeswoman Rachada Dhnadirek. 

Article content

Article content

Article content

Leaders from several industries, including agribusiness, electronics, banking and automotive are scheduled to meet Anutin in Bangkok on Friday evening to “frankly express their concerns, suggestions, and perspectives on the future of the Thai economy”, Rachada said. Their input will be incorporated into government’s policy response, she said.

Article content

Article content

The meeting — the first such gathering convened by Anutin after he won the general election in February — is expected to focus on investment, competitiveness, and long-term growth strategies as the government looks to bolster confidence among business leaders and accelerate economic momentum. 

Article content

“The prime minister wants to hear suggestions from business leaders regarding urgent tasks that need immediate action, strategic foundations for the next four years, policies or regulations that should be abolished,” Rachada said. 

Article content

The meeting comes amid a grim warning from Finance Minister Ekniti Nitithanprapas that Thailand faces a wave of crises, including cost of living, unemployment, higher inflation and damage to local businesses stemming from the global energy shock.   

Article content

Article content

Thailand’s economic policymakers have also framed the meeting effort to project unity and confidence at a time when the country faces mounting external pressures, including weak global demand, trade uncertainty, and slower growth than its Southeast Asian peers. The Bank of Thailand expects growth to slow sharply to 1.5% this year, down from 2.4% last year, while inflation is projected to remain above its 1-3% target range in the coming months.

Article content

The meeting also comes during a relatively rare period of political stability in Thailand, where prolonged political turmoil and frequent changes in government have often weighed on business sentiment and delayed major investment decisions. 

Article content

Anutin has unveiled a 400 billion baht ($12 billion) borrowing plan, with half of the funds allocated to reducing living costs and the remainder dedicated to supporting a long-term energy transition. The move has faced pushback from opposition parties, which have petitioned the Constitutional Court to halt the plan.

Article content

“When you administer medicine to someone who is sick, it might take five or six months to see results,” Ekniti told reporters on Thursday. “But you need to give them medicine today.” 

Article content