Industry Chief Demands Anti-Corruption Fight to Boost Economy

Thansettakij•Economy•21h ago

Reader Briefing

The Chairman of the Federation of Thai Industries emphasizes that robust economic policies require a concurrent, serious crackdown on corruption to prevent budget leakage and maximize state fund efficiency.

•Kreingkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), highlighted the link between fighting corruption and achieving effective economic policies.
•The FTI forecasts Thailand's economy to grow around 2% in 2026, with potential to reach 5% by the end of the government's term in 2029.
•To achieve higher growth, the FTI suggests a cabinet reshuffle focusing on professional economic experts and political stability to boost investor confidence.

Overview

•Kreingkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), stated that for economic policies to yield maximum results, they must be coupled with serious efforts to reduce and suppress corruption.
•Corruption reduction is necessary to seal budget leaks and ensure the utmost efficiency of state funds injected into the economic system.
•An improved Corruption Perception Index (CPI) is expected to enhance Thailand's long-term economic confidence and growth potential.
•For the year 2026, the Thai economy is projected to grow by only 1.6%, according to the IMF and World Bank, with the Joint Private Sector Committee (JPC) estimating growth between 1.6-2.0%.
•To surpass the 1.6% growth mark and reach the government's target of 2.0% GDP growth, the government needs to reorganize its economic cabinet with professionals who possess real knowledge, capability, and experience.
•Political stability is identified as a crucial factor that will rapidly restore investor and business confidence if the political landscape is calm and free from external disturbances.
•Looking ahead over a 4-year period, the FTI is confident that if the government remains stable and completes its term with a strong economic team, the Thai economy can achieve step-by-step growth.
•The FTI anticipates economic growth of approximately 2% in 2026, rising to 3% and 4% in 2027–2028, with a possibility of GDP reaching 5% by the end of the government's term around 2029.

Full article content is available on the original source.

Read on Thansettakij (Thai Version)View in Google Translate

Source: Thansettakij (Original)

Key Quotes

Kreingkrai Thiennukul

"The key goal is to unlock Thailand from the 'Sick Man of Asia' title and become the economic 'Strong Man' again."

เป้าหมายสำคัญ คือการปลดล็อกประเทศไทยจากฉายาคนป่วยแห่งเอเชีย (Sick Man of Asia) และกลับมาเป็น Strong Man ทางเศรษฐกิจอีกครั้ง

Key Entities

Person

Kreingkrai Thiennukul(นายเกรียงไกร เธียรนุกุล)

Chairman of the Federation of Thai Industries (FTI) who advocates for anti-corruption measures and economic growth strategies.

Organization

Federation of Thai Industries(สภาอุตสาหกรรมแห่งประเทศไทย)ℹ️

The Thai industry council represented by its chairman, Kreingkrai Thiennukul, advocating for economic policy improvements.

International Monetary Fundℹ️

An international financial institution whose economic growth projections for Thailand are cited in the article.

World Bankℹ️

An international financial institution whose economic growth projections for Thailand are cited in the article.

Joint Private Sector Committee (JPC)(คณะกรรมการร่วมภาคเอกชน 3 สถาบัน)

A committee representing three private sector institutions that provides economic growth estimates for Thailand.