Thaksin Proposes Economic Strategy for Thailand

Former Prime Minister Thaksin Shinawatra has proposed a comprehensive 14-point strategy to address Thailand's economic challenges, emphasizing the urgent need to tackle the country's high levels of household and public debt. Speaking at the 'Vision for Thailand 2024' event, he called for a halving of the withholding tax on commercial banks to boost liquidity for loans and suggested debt restructuring initiatives to alleviate burdens on households, particularly from mortgages and vehicle leases. Thaksin also advocated for legalizing the underground economy, industrial restructuring, and significant investments in infrastructure, including entertainment complexes and public transportation. He stressed the importance of coordination between the finance ministry and central bank, as well as the need for agricultural reforms to improve competitiveness. Additionally, Thaksin expressed support for a 500 billion baht handout plan initiated by his daughter, the new Prime Minister, aimed at revitalizing the economy through direct financial assistance to citizens. His return to Thailand and renewed political influence signal a potential shift in the government's economic policies as it seeks to improve economic conditions.