ADB Backs Thailand's Investment Potential Amid Economic Jitters

Deputy Finance Minister reveals confidence from Asian Development Bank and signals upcoming talks on boosting the Thai economy

 

Thailand's Deputy Finance Minister Julapun Amornvivat, has reported strong confidence in the country's investment prospects from the Asian Development Bank (ADB), following his attendance at the organisation's 58th annual meeting in Milan.

 

He also indicated that discussions are on the horizon to explore further measures to stimulate the Thai economy.

 

Speaking to reporters in Bangkok on Friday, Julapun emphasised the positive relationships Thailand maintains with all nations within the ADB's cooperation framework.

 

He stressed the importance of strengthening these ties, particularly in the face of volatile global trade. He noted that during group discussions with various foreign ministers, a consistent belief in Thailand's economic resilience and its capacity to attract foreign investment was expressed.

 

To capitalise on this, Julapun stated that Thailand needs to actively engage with potential investing nations, offering support to foster stronger partnerships and drive the Thai economy forward.
  

He highlighted the crucial collaborative role of the Finance Ministry, Foreign Affairs Ministry, and Commerce Ministry in gathering and preparing the necessary information.

 

Addressing concerns about the ADB's GDP forecast for the ASEAN region, Julapun acknowledged that discussions had taken place on the broader economic outlook.

 

He confirmed that the ADB's data presented at the meeting indicated a likely slowdown in economic growth across Asia and globally, not just in Thailand, due to prevailing economic uncertainties.

 

While specific figures for Thailand were not detailed, he conceded that the country is also feeling the impact. In response, the Prime Minister has instructed a thorough review of existing economic stimulus mechanisms and a more robust approach to ensure sufficient economic growth to meet the needs of the populace.
  

Turning to the Ministry of Finance's immediate plans for economic stimulus, Julapun stated that work is actively underway at both ministerial and civil service levels, involving other relevant government departments. 

 

He announced that Deputy Prime Minister and Finance Minister Pichai Chunhavajira is scheduled to convene a meeting next week to propel comprehensive economic stimulus projects forward.

 

This will involve a detailed examination of all current and potential new measures to assess their effectiveness in areas such as tourism, investment, and employment. The aim is to implement these measures swiftly to counteract the prevailing economic headwinds.

 

Finally, regarding the delayed Phase 3 digital wallet handout for 2.7 million young people aged 16-20, Julapun urged patience. He explained that the specifics are currently under review and that a comprehensive announcement will be made once all details are finalised.

(2025/05/09-00:00)