Pichai Chunhavajira Named Thailand’s Finance Minister to Revive Economy
In a bold move to jumpstart Thailand’s economy, former energy executive Pichai Chunhavajira has been appointed as the country’s finance minister. The 75-year-old, who previously served as an adviser to Prime Minister Srettha Thavisin, will now take on the challenging task of reviving Southeast Asia’s second-largest economy.
Pichai’s extensive experience in the financial sector includes serving as the chair of the board of Bangchak Corp and as a member of the Stock Exchange of Thailand and the central bank board. His appointment as finance minister and deputy prime minister was officially announced by the king in the Royal Gazette.
Thailand’s economy has been facing significant challenges, including high household debt, borrowing costs, and the impact of China’s economic slowdown. The country’s gross domestic product unexpectedly shrank in the final quarter of 2023, with growth slowing to 1.9% last year.
One of the key policies that Pichai will oversee is the government’s flagship 500 billion baht ($14 billion) handout scheme, aimed at providing financial support to 50 million Thais. However, the scheme has faced criticism for its potential impact on public debt and concerns about its effectiveness.
Despite the challenges ahead, analysts believe that Pichai’s experience and knowledge of both politics and economics will help in coordinating policies with the central bank. With his background in business administration and previous roles in prominent companies, Pichai is expected to bring a fresh perspective to Thailand’s economic recovery efforts.
As the new finance minister, Pichai will play a crucial role in shaping the country’s economic future and steering it towards growth and stability.