Thailand's economy should not succumb to the global economic slowdown projected for next year, but rather continue its recovery propelled by new infrastructure development and increasing digital know-how among people, says Deputy Prime Minister Supattanapong Punmeechaow.
A plan by Amazon Web Services (AWS) to invest US$5 billion (around 190 billion baht) in Thailand over the next 15 years underscores the country's significance as a regional hub for digital data, says Deputy Prime Minister Supattanapong Punmeechaow.
The government has organised its first investment roadshow to Japan after the pandemic, aiming to draw funds for electric vehicles (EVs), smart electronics, the medical field, tourism and services, and the bio-, circular and green (BCG) economic model.
Despite growth prospects, the Thai economy still has to brave a spate of risk factors such as high inflation, soaring energy prices, persistent Covid-19 outbreaks and relatively hefty household debt, says Deputy Prime Minister Supattanapong Punmeechaow.
The government is weighing an array of incentives including lower taxes and cash subsidies to develop the market for electric vehicles, betting the perks may spur automakers to invest more and make Thailand a manufacturing hub for cleaner cars.