Thailand Governor Sets Four Priorities to Strengthen Economic Resilience

Bank of Thailand Governor Vitai Ratanakorn outlined four priorities for sustaining Thailand’s growth through future economic shocks: wider digital adoption, resilience to global fragmentation, climate adaptation finance and preparation for demographic change.

Ratanakorn delivered the speech at the Bangkok Business Summit on Sept. 3. Thailand’s “New Horizons” vision sets out the priorities ahead of the International Monetary Fund-World Bank Group Annual Meetings in October.

The priorities are accelerating digital and artificial intelligence adoption, strengthening resilience to global fragmentation, expanding climate adaptation finance and preparing for demographic change. Thailand’s average economic growth declined from 5.3% after the 1997 Asian financial crisis to 3.7% after the global financial crisis and 2.4% after the COVID-19 pandemic.

The central bank’s announcement also emphasized making digital finance safe, trusted and accessible as its use expands.

Bank of Thailand initiatives including “Financing the Transition” and the Thailand Taxonomy have supported more than 750 businesses and mobilized over 210 billion baht. The taxonomy covers six economic sectors that account for 95% of Thailand’s greenhouse gas emissions and 50% of its gross domestic product.

Ratanakorn described Thailand’s stability and reliability as strengths in attracting investment amid trade disruption.