In his speech to the National Assembly, Paetongtarn said the Thai government plans to accelerate a comprehensive debt restructuring, particularly in home and car loans, as the liability of households in the Southeast Asian nation is estimated at more than 90 percent of its gross domestic product (GDP). .
With household debt in Thailand currently exceeding 16 trillion baht (about US$474 billion) and non-performing loans on the rise, Paetongtarn said the initiative aims to help borrowers both inside and outside the system. formal financial, the Xinhua news agency reported.
He highlighted the government's commitment to protecting Thai business owners, especially small and medium-sized enterprises (SMEs), from unfair competition from foreign online platforms. SMEs, which account for around 35 percent of employment and GDP, will also receive financial assistance to strengthen their vital role as drivers of the economy.
Emphasizing the need to build confidence and encourage consumer spending, while easing financial burdens and creating employment opportunities, the prime minister said the government will push forward its main campaign promise, the delivery plan digital wallet, which will prioritize vulnerable groups and lay the foundation for Thailand's digital economy.
Paetongtarn noted that without financial and fiscal measures to support economic expansion, the kingdom's economic growth is expected to be less than 3 percent annually.
"It is a major challenge for the government to urgently restore robust economic growth," he said. "We must explore new opportunities to increase incomes both nationally and individually, whether by restructuring the economy or developing new growth engines."
The two-day parliamentary session, scheduled to conclude on Friday, marks the formal start of Paetongtarn's administration.
Paetongtarn, 38, leader of the Pheu Thai Party and daughter of former Prime Minister Thaksin Shinawatra, was elected Thailand's second-youngest female prime minister after winning a parliamentary vote in August.
With household debt in Thailand currently exceeding 16 trillion baht (about US$474 billion) and non-performing loans on the rise, Paetongtarn said the initiative aims to help borrowers both inside and outside the system. formal financial, the Xinhua news agency reported.
He highlighted the government's commitment to protecting Thai business owners, especially small and medium-sized enterprises (SMEs), from unfair competition from foreign online platforms. SMEs, which account for around 35 percent of employment and GDP, will also receive financial assistance to strengthen their vital role as drivers of the economy.
Emphasizing the need to build confidence and encourage consumer spending, while easing financial burdens and creating employment opportunities, the prime minister said the government will push forward its main campaign promise, the delivery plan digital wallet, which will prioritize vulnerable groups and lay the foundation for Thailand's digital economy.
Paetongtarn noted that without financial and fiscal measures to support economic expansion, the kingdom's economic growth is expected to be less than 3 percent annually.
"It is a major challenge for the government to urgently restore robust economic growth," he said. "We must explore new opportunities to increase incomes both nationally and individually, whether by restructuring the economy or developing new growth engines."
The two-day parliamentary session, scheduled to conclude on Friday, marks the formal start of Paetongtarn's administration.
Paetongtarn, 38, leader of the Pheu Thai Party and daughter of former Prime Minister Thaksin Shinawatra, was elected Thailand's second-youngest female prime minister after winning a parliamentary vote in August.
