AT the marathon parliamentary debate following the delivery of the Bhumjaithai-led government’s policy statement by Prime Minister Anutin Charnvirakul this morning (April 9), Deputy Prime Minister/Finance Minister Ekniti Nitithanprapas this evening thanked MPs for their suggestions on various economic issues while warning that energy prices may not return to pre-conflict low level for another one to two years, PPTVHD36 said.
Thailand is currently being impacted by a global crisis, particularly the conflict in the Middle East, which has triggered an energy crisis. Furthermore, the situation in the Strait of Hormuz, a crucial route for global energy transportation, is highly uncertain. This uncertainty could be prolonged and complex, impacting the global economy broadly and inevitably affecting Thailand, he said.
The impact is not limited to energy but could also spread to the prices of other goods, as the Middle East is a major exporter of oil, natural gas, chemical fertilisers, and many other important raw materials. This could lead to high prices and shortages in the future. Furthermore, there is a risk of stagflation, or economic slowdown accompanied by inflation, which could occur in many countries worldwide.
In the short term, the government needs to urgently implement measures to mitigate the impact on the public, especially the cost of living in keeping with the country’s limited resources that must be used efficiently and in a targeted manner.
The government has been using the Oil Fuel Fund as a primary tool to stabilise fuel prices, a crucial mechanism that many countries lack, he pointed out
Regarding the proposal to reduce excise tax, Ekanit stated that while this measure could lower fuel prices, the tax remains a significant source of government revenue used in the public health sector, such as supporting hospitals, medical personnel, and addressing continuously rising medical costs. Therefore, careful consideration is necessary.
In the energy sector, the finance minister indicated that low energy prices may not return for the next one to two years.
“The government must therefore accelerate the promotion of renewable energy sources such as solar power, ethanol, and biodiesel to reduce costs and increase farmers’ income. Opportunities should also be provided for citizens and businesses to invest in electricity production for their own use and to sell excess electricity back into the system,” he said.
At the same time, the development of technology and artificial intelligence (AI) is another key focus. The government aims to ensure equal access to technology for all groups of people, from small business owners to general labourers, to increase income, reduce costs, and enhance economic potential.
This is also a priority for investment. The government will accelerate efforts to promote public-private partnerships and attract foreign investment, particularly in future industries such as digital technology, robotics, and the healthcare economy. It will also push for technology transfer and skills development for Thai workers through various projects.
Ekanit emphasised that this crisis may be more severe and last longer than anticipated. Therefore, the government must implement both short-term measures to alleviate hardship and long-term measures to enhance the country’s potential, turning the crisis into an opportunity.
CAPTION:
Deputy Prime Minister/Finance Minister Ekniti Nitithanpraphas addressing the parliamentary meeting this evening. Above photo – PPTVHD36, Front Page – Amarin TV
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