Srettha, Pheu Thai’s choice for leader, was appointed prime minister on Aug. 22 and is hoped to bring stability to Thailand’s economy and business environment.
Due to the chaos in recent months, officials delayed unveiling the 2024 fiscal budget, which is now due at the beginning of 2024 even though the fiscal year kicks off on Oct. 1.
The prime minister also pledged to relieve the country's debt problems. This year, public debt has ballooned to more than 60% of gross domestic product while household debt has spiked to over 90% of GDP. "The money will be distributed to all areas and create jobs and economic activity, and the government will earn revenue," the prime minister said in his Sept. 11 speech.Pheu Thai also plans to spend 300 billion baht on welfare for the elderly over several years and increase minimum wages and farmers' income as part of efforts to increase GDP growth to 5% annually.
Other experts warned against overthinking the fiscal damage since many of Pheu Thai's populist pledges may not materialize. The Palang Pracharat Party and United Thai Nation Party are fiscally conservative so they might not agree with Pheu Thai's policies, analysts at Stratfor explained.
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