Bangkok: Deputy Prime Minister and Finance Minister Ekniti is advancing the “Quick Big Win” initiative, a comprehensive five-point plan designed to address debt issues, eliminate investment bottlenecks, and stimulate economic growth in Thailand. The initiative aims to prevent the country’s economy from declining further, with a goal of exceeding 0.3% growth in Q4 GDP and enhancing Thailand’s credit rating.
According to Thai News Agency, Deputy Prime Minister and Finance Minister Ekniti Nitithanpraphas announced that the “Half-Half” project would be presented to the Cabinet next week, with implementation anticipated in October. He detailed the government’s economic policy to Parliament, emphasizing the urgency of addressing the economic challenges, which he likened to a car “falling into a ravine.” The “Quick Big Win” policy aims to strengthen five economic pillars, with the objective of exceeding 0.3% economic growth in Q4 2025 and reducing household debt to below 87.4% of GDP.
The economic strategy, described as “short-term stimulus, long-term gains, and widespread,” seeks to enhance long-term economic potential and benefit small entrepreneurs and citizens. Mr. Ekniti highlighted the importance of fiscal stability, transparency, and good governance to instill confidence in rating agencies.
The initiative’s five pillars include economic and tourism stimulus, with proposals to increase daily spending limits and provide long-term benefits through tax incentives. The government emphasizes fiscal discipline, utilizing an existing budget framework to avoid additional borrowing. In the tourism sector, the policy encourages tourism in secondary cities by offering double tax deductions for hotel renovations.
To address public debt and non-performing loans (NPLs), the plan includes creating an asset management company in collaboration with commercial banks to restructure NPL debt. The initiative also aims to support small businesses through loan guarantees and supply chain financing.
Public savings will be encouraged through a savings lottery and government savings bonds with attractive interest rates. The initiative also focuses on enhancing economic and technological capabilities, partnering with educational institutions to train workers and expediting investment projects through the “Fast Pass” system.
The plan identifies four key economic drivers: exports, private consumption, private investment, and government spending. While the country’s production capacity is underutilized, government spending is seen as a crucial factor in revitalizing the economy.