Bangkok: The Thai Chamber of Commerce has emphasized the need for economic restructuring, stating that the nation's GDP growth should not be overly dependent on loans. Mr. Wisit Limluecha, Vice Chairman of the Chamber, highlighted this in an interview on the Good Morning ASEAN program on MCOT News FM 100.5. He pointed out that the GDP forecasts from the IMF and World Bank, which rank Thailand at the bottom within ASEAN, are indicative of structural issues rather than the debated 500 billion baht loan. The current public debt ceiling stands at 70% of GDP, with 66% currently used, leaving room for borrowing. However, the focus should be on how the government allocates funds to address the prevailing economic challenges.

According to Thai News Agency, Mr. Limluecha underscored that Thailand is experiencing a "crisis within a crisis," influenced by rising oil prices and geopolitical tensions involving Iran, which impact global energy markets. As Thailand is a net oil importer, these factors exacerbate economic pressure, compounded by the ongoing US-China conflict and a global economic downturn. Historically, Thailand's government has opted for borrowing and economic stimulus measures, but Mr. Limluecha advocates for a more cautious approach this time. He suggests prioritizing budget management, reducing expenditure, and supporting vulnerable groups before considering further borrowing.

He further emphasized that Thailand's primary issue is its outdated economic structure, which has not evolved with global industry shifts. The country's traditional reliance on the automotive and electronics sectors is waning as technology moves towards electric vehicles and high-value chip industries. Without adaptation, Thailand risks becoming an importer, losing its competitive edge in exports. The development of a skilled workforce to support emerging industries is crucial for maintaining economic competitiveness and growth.