Thai Deputy PM Finance Minister Ekkasit Niti Pushes Economic Reform Away from Export Reliance

Deputy Prime Minister and Finance Minister Ekkasit Niti outlined a comprehensive plan to restructure Thailand's economy, reducing its heavy reliance on exports, which currently account for about 70% of GDP. The strategy focuses on three pillars: transitioning to green energy, addressing the challenges of an ageing population, and upgrading the workforce with skills for future high‑tech industries. Niti aims to raise Thailand’s growth rate to above 3% and attract high‑tech manufacturing, citing opportunities from regional free‑trade agreements and investors moving production bases amid global tensions.

He warned that two economic vulnerabilities must be managed: inflation, now at 2.7% driven by higher energy prices, and a current‑account deficit of roughly $14 billion (about 600 billion baht). To stabilize the economy, Niti called for stronger private‑sector investment—up about 10% in the first quarter—and a 9.4% increase in public‑sector spending, arguing that investment‑led growth is safer than consumption‑driven expansion.