Thai PM Anutin Pledges to Tackle Economic Fallout From Iran War

Article content(Bloomberg) — Thailand’s new government will prioritize responses to economic challenges posed by the Iran war in order to help millions of people cope with rising living costs, according to a draft policy statement.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentPrime Minister Anutin Charnvirakul, whose conservative Bhumjaithai Party scored a decisive win in the Feb. 8 election, will also ramp up public disbursements and accelerate plans for next fiscal year’s budget when it takes full power later this week. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentAnutin begins his second term under mounting pressure to help net oil importer Thailand navigate the impact of the conflict in the Middle East. The 59-year old is set to deliver his policies to parliament on Thursday, a key step before his new administration can officially take control. Article contentArticle contentThe premier’s administration has already come under heavy criticism over fuel shortages, price spikes and supply-chain challenges. The ripple-on effects of the war have prompted some economists to trim Thailand’s growth outlook considering the Southeast Asian nation counts exports and tourism as two vital drivers of economic expansion.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentAcknowledging the volatility of fuel and energy prices amid global uncertainty, Anutin in his draft policy statement, released late Sunday, vowed to speed relief measures for vulnerable groups. His government will also discuss import and export strategy measures with Thai business associations to alleviate the impact of the war on companies.Article contentThailand will seek to “turn the global crisis into an economic opportunity” by encouraging foreign firms to establish regional offices in the nation and reinforcing the country’s role as a “global food security hub,” according to the draft. Article contentAnutin also pledged that his government — Thailand’s fourth in three years — will deliver its policies with financial discipline and expedite the 2027 fiscal year budget to ensure its implementation within the normal fiscal calendar that starts in October. Expenditure plans for some government agencies that are deemed unnecessary will meanwhile be axed.Article contentArticle contentAnutin’s move to retain his core economic ministers, including Finance Minister Ekniti Nitithanprapas, Commerce Minister Suphajee Suthumpun and Foreign Minister Sihasak Phuangketkeow, has signaled policy continuity and calmed investor anxiety after years of political turmoil in the country eroded confidence.Article contentOn Monday evening, Anutin and 34 other cabinet members are due to take the oath of allegiance before King Maha Vajiralongkorn in a traditional ceremony at the royal palace in Bangkok. Anutin, who now leads a 16-party coalition backed by around 292 lawmakers in the 500-member House of Representatives, also plans to hold a special cabinet meeting on Monday night aimed at approving the draft policy statement. Article contentThe 19-page draft additionally covers economic risks from rising household debt and declining productivity, as well as social threats from an aging society, low birth rates and drugs. Promoting investment in small and medium businesses, restructuring the economy to keep pace with the digital age and putting more emphasis on “high value” tourists are also touched upon.Article contentTrending U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance Ships With Qatar LNG Attempt First Hormuz Exit Since War PMN Business Canada's $150-billion challenge: How to build a homegrown defence sector and fast Economy The worst is yet to come for fuel prices: FP Video News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. U.S. within 'weeks' of oil shortages if war in Iran continues: Eric Nuttall Oil & Gas CRA denied taxpayer with multiple health issues the disability tax credit Personal Finance Ships With Qatar LNG Attempt First Hormuz Exit Since War PMN Business Canada's $150-billion challenge: How to build a homegrown defence sector and fast Economy The worst is yet to come for fuel prices: FP Video News