Forum hears proposals on improving growth, financial access, competitiveness and more

Economic policy specialists from eight political parties competing in the Feb 8 general election gather for “Election 2026: Decoding the Economic Future”, held by the Bangkok Post and TNN16, at SCBX Next Stage in Siam Paragon in Bangkok on Thursday. (Photo: Pattarapong Chatpattarasill)

With Thailand’s economic growth projected to drop to the lowest in a decade in 2026, excluding the pandemic years, weighed down by long-standing structural problems, corruption and grey capital, policymakers from across the political spectrum gathered to exchange in-depth perspectives on the country’s economic outlook ahead of the Feb 8 general election.

They shared their views on a variety of topics at “Election 2026: Decoding the Economic Future”, a forum held by the Bangkok Post and TNN16.

Most political parties have pledged to fast-track efforts to address household debt and corruption as top priorities during their first 90 days in office.

Pichai Naripthaphan, a former commerce minister from the Pheu Thai Party, said the party’s policies focus on reducing expenses, increasing income and expanding opportunities, with the goal of transforming Thailand into a high-income country.

This effort requires upgrading the export sector and addressing persistently high household debt levels, he said. To reduce the cost of living, the party proposes a flat 20-baht electric train fare.

To increase state revenue it is proposing a “9-millionaire lottery” aimed at drawing more people into the tax system.

Economist Anusorn Thammajai of the People’s Party encouraged Thailand to stop deflationary pressures and an economic recession by injecting 250 billion baht into the system.

The first 50 billion baht, he said, would be provided as loans to small and medium-sized enterprises, the next 100 billion would be invested in SMEs, and the final 100 billion would be extended as credit for the real estate sector.

In addition, the party proposes a 1,000-baht cash handout to 12 million people to stimulate economic circulation.

Werapong Prapha, deputy leader of the Democrat Party, said the party wants to tackle scammer-related crimes by enforcing asset seizure laws and addressing corruption in the public sector.

‘State Watch’ platform

Democrats would introduce a “State Watch” platform to monitor government procurement, expand negotiations on free trade agreements (FTAs) with more countries, develop income insurance policies for workers and farmers, and provide welfare for the elderly, people with disabilities, and mothers and children.

Suradech Taweesaengsakulthai of the Thai Sang Thai Party said it proposes debt relief and capital injection, offering micro-loans ranging from 10,000 to 100,000 baht for small borrowers, and SME loans from 1-10 million baht at interest of 12% per year, along with a strong anti-corruption drive.

Kanate Wangpaichitr from the Thaikaomai Party said the party would dismantle the old economic structure that has been in place for 50 years and create 1,000 regional- and global-level SMEs. He said these firms would form supply chains supporting tens of thousands of domestic companies.

Aekpittaya Iemkongaek from the Rak Chart Party said the party would focus on resolving debt problems for retail borrowers by purchasing debt from financial institutions.

Two profitable state-owned financial institutions, each earning about 15 billion baht annually, would be assigned to jointly provide 300 billion baht in loans to small borrowers over three years.

Mr Anusorn said Thai economic growth of 3-5% remains achievable, provided household incomes are increased and debt burdens reduced. He said corruption must be tackled to address budget leakages.

Mr Werapong said the Democrats also believe 5% GDP growth can be achieved within four years by reforming public administration so it does not obstruct the business sector.

Credit bureau reforms essential

A fundamental overhaul of the credit bureau system is needed as the current practice of blacklisting borrowers for three years after a single default has excluded around 5 million working-age Thais from formal finance, Atavit Suwanpakdee of the United Thai Nation Party told the forum.

He proposed replacing it with a credit score-based framework that would restore access immediately after debts are repaid and reward responsible borrowers with lower interest rates.

SMEs need easier access to capital and genuine one-stop services, while salaried and gig workers earning less than 40,000 baht per month should be exempt from income tax and supported through reskilling vouchers, said Mr Werapong.

Mr Aekpittaya of Rak Chat warned that Thailand’s ageing population and shrinking workforce would constrain rapid income growth, underscoring the importance of skills development.

Mr Suradech said Thai Sang Thai supported attracting fresh capital inflows through digital foreign investment and nationwide megaprojects, alongside “Super FDI” initiatives aimed at bringing advanced technologies back to Thailand.

EEC revival in spotlight

Forum participants also touched on ways to revitalise the Eastern Economic Corridor (EEC) by focusing more on investment in modern digital technology, notably data centres and AI, as well as better facilitation of business development,.

“We have to fuel EEC growth with electricity and water,” said Mr Pichai Naripthaphan of Pheu Thai.

Spanning parts of Chon Buri, Rayong and Chachoengsao, the EEC is set to host 12 targeted S-curve industries, including new-generation cars and smart electronics. The area is to be developed into a high-tech industrial hub.

The area requires further development to facilitate investment in data centres, which require a vast amount of clean electricity and water to cool computer servers, said Mr Pichai.

“Data centres and AI are going to change the world,” he said. “I believe our electricity and water are available to serve investment in these technologies.”

Mr Atavit agreed additional clean energy supplies were needed to serve new investment, especially for data centres.

He said EEC officials also need to improve the ease of doing business by reducing paperwork and shortening the lengthy process of developing companies in the corridor.

Time to speed up trade talks

The forum also heard proposals for finalising negotiations on US tariffs and other free trade agreements (FTAs), while exploring new markets to mitigate the effects of the trade war.

The Democrats’ Mr Werapong said Thailand must conclude the US tariff negotiations as soon as possible.

“We will appoint economic envoys to ensure negotiations proceed transparently and inclusively, involving the business sector and civil society,” he said. “This will enhance public understanding of Thailand’s negotiating position with the US.”

He also proposed creating an “FTA fund” to help farmers and small and medium-sized enterprises adapt and enhance their competitiveness.

He said Thailand must explore new export markets to reduce reliance on the US and Chinese supply chains, identifying the EU, the UK and Middle Eastern countries as promising destinations.

Mr Anusorn proposed forming a strategic team for trade negotiations that would prioritise the interests of the entire population rather than specific sectors.

The party suggests a “Go North-Go South” strategy to strengthen ties with East Asian countries, aimed at developing Thailand’s own technologies.

He said Thailand must also expand into Africa and Latin America to reduce its reliance on the US market.

“In trade negotiations, we may grant market access for some imported products to benefit consumers and promote competition,” he said.