In addition to short-term stimulus measures to revitalise a subdued economy, the new government should prioritise long-term structural and growth-oriented strategies to lift Thailand’s competitiveness, particularly compared with neighbouring countries, says the Thai unit of crypto exchange giant Binance.
In the short term, targeted stimulus schemes such as the “Khon La Khrueng” co-payment programme should be launched to drive growth, said Nirun Fuwattananukul, chief executive of Binance TH by Gulf Binance.
“While limited in duration, programmes like Khon La Khrueng play an important role in supporting consumption as economic momentum slows,” he told the Bangkok Post.
“Well-designed, targeted stimulus can help stabilise sentiment and support small and medium-sized enterprises that are still recovering.”
In the long term, the government’s priority should be increasing Thailand’s foreign direct investment (FDI) competitiveness, said Mr Nirun.
“Thailand has some of the strongest infrastructure and connectivity in Southeast Asia, and remains a preferred destination for both investors and tourists. We should leverage these strengths to attract more high-quality FDI,” he said.
Business operators want less red tape and investment approval processes to be streamlined. Investment incentives should be improved, with special support packages provided for strategic investors, said Mr Nirun.
The second priority should be to strengthen existing industries.
“Key sectors such as automotive have steadily lost ground to regional competitors,” he said. “We need a clear assessment of the gaps, whether in costs, skills or regulatory environment, then we should implement measures to restore competitiveness.”
Mr Nirun said the country must also develop new growth engines.
“Thailand must diversify into high-potential industries, especially in the digital economy. Digital assets, blockchain and crypto-related services are expanding rapidly worldwide,” he said.
“Thailand is already a global destination for digital nomads. With the right regulatory clarity and infrastructure, we can position Thailand as a regional crypto and digital asset hub, attracting new investments, companies and high-skilled talent.”
Structural reforms are needed to raise productivity, said Mr Nirun, adding an ageing and declining population means Thailand must accelerate technologies that improve productivity.
Measures to incentivise artificial intelligence, automation and advanced manufacturing through grants and tax credits are recommended.
Singapore provides a clear reference point, with measures such as targeted incentives that help businesses upgrade while expanding productivity, he said.
Mr Nirun says Thailand can become a digital asset hub.