On 8 March 2021, H.E. Mr. Arkhom Termpittayapaisith, Minister of Finance of Thailand, spoke at Asia House’s Virtual Private Roundtable on Thailand’s economy and its outlook. Participants of the roundtable were policymakers and members of prominent businesses in the UK. Minister Arkhom strengthened the confidence in Thailand’s economic recovery based on the country’s resilience and strong fundamentals. Thailand’s economy has improved continuously towards year end and shown signs of quick recovery. Thailand’s success in COVID-19 management has enabled the government to gradually ease restrictions and enact early stimulus measures, resulting in a speedy economic rebound. The GDP growth for 2020 and 2021 is projected at around 2.8 and 3-4 percent respectively, with targeted priority sectors in construction, domestic consumption and tourism.

 

 

Minister Arkhom highlighted key economic measures which can provide vast opportunities for UK businesses, especially the infrastructure development megaprojects. The high-speed rail network and mass transit system will also excel Thailand’s regional connectivity and centrality. In pursuit of Thailand 4.0 national strategy, the Government has accelerated technological advancement for the 12 targeted industries under the Eastern Economic Corridor (EEC). Furthermore, the Government has also adopted the Bio-Circular-Green (BCG) Model to be in line with the emerging sustainability megatrends.

 

 

The roundtable was well-received and a success. Corporate members from leading UK’s global companies, such as Prudential, HSBC, Standard Chartered, Air Asia, Mandarin Oriental Group and De La Rue, expressed interest in expanding partnerships with Thailand.