BANGKOK- Thailand will target annual economic growth of 5 percent on average over the next four years, planning higher spending and looking to boost tourism as it strives to emerge as a regional hub for travel, Prime Minister Srettha Thavisin said on Friday.
Real estate mogul and political newcomer Srettha said his government aimed to grow the daily minimum wage over that period, rising to more than 400 baht ($11.4) this year and 600 baht in 2027, from 330 baht to 370 baht now.
Srettha, who is also finance minister, told a seminar on budget preparations for fiscal year 2025 that the government was committed to boosting tourism, a key source of jobs, by permanently waiving visas for Chinese tourists from March.
“Our target is still clear, that the Thai economy must grow at an average of 5 percent in the four-year period,” he added.
That represents a sharp increase from last year’s estimate of a sluggish 2.4 percent in Southeast Asia’s second-largest economy, and short of its 2022 figure.
Thailand attracted close to 40 million visitors in 2019, before the COVID-19 pandemic disrupted travel.
The populist government’s growth plans center largely on economic stimulus and luring long-term investment.
The 2025 budget would have a key role in supporting the government’s policies, Srettha added.
The government plans spending of 3.6 trillion baht, with a budget deficit of 713 billion for fiscal 2025, which starts on Oct. 1, Budget Bureau head Chalermphol Pensoot told the seminar.
