Ekniti plans to activate the GROW mechanism with the first meeting on 22 June, following two positive signals for Thailand's economy. The agenda includes restructuring in four areas and the upcoming launch of "Thailand Fast Pass," aiming to reform public-private collaboration similar to the era of General Prem.
On 19 June 2026, Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, stated that on 18 June 2026, S&P Global Ratings maintained Thailand's credit rating at BBB+ with a Stable Outlook. This reflects confidence in Thailand’s economy and fiscal stability, forecasting 2% economic growth this year. Political stability supports policy continuity and facilitates long-term economic restructuring and investment strategies.
Also on 18 June 2026, the IMD ranked Thailand’s competitiveness four places higher, moving from 30th to 26th among over 70 global economies. The latest ranking highlights strengths and weaknesses that the government will address through the Joint Public-Private Committee on Economic Problem Solving (GROW), whose first meeting is scheduled for Monday, 22 June 2026.
Ekniti said GROW will serve as a long-term driving mechanism for Thailand, chaired by Prime Minister Anutin Charnvirakul, with himself as vice chairman. The secretariat has been tasked with preparing the meeting agenda aligned with the interests highlighted by S&P, Moody’s, and IMD regarding Thailand’s long-term development direction.
This GROW committee will focus on restructuring multiple foundational areas: energy dependence, technology, labor force, and regulatory reform. For example, the success of the Thailand Fast Pass project demonstrates that regulatory improvements can effectively promote investment. The official launch of Thailand Fast Pass is set for Tuesday, 23 June 2026, to showcase Thailand’s capabilities concretely.
"Both Moody’s and S&P, which maintained Thailand’s credit rating, emphasize investment driving economic growth, including infrastructure, human resources, and regulatory reform. Thailand Fast Pass is a prototype proving that investment can be stimulated without additional budget—simply by unlocking regulations, progress can be achieved," Ekniti said.
Ekniti added that future GROW efforts will establish subcommittees focusing on four main areas: infrastructure, trade and competitiveness, business laws and regulations, and labor. He believes systematic implementation will improve Thailand within 3-4 years. This approach mirrors the public-private cooperation model from General Prem Tinsulanonda’s government, with the public sector supporting and the private sector leading, suitable for today’s rapidly changing global environment.
The Deputy Prime Minister and Finance Minister said the IMD’s competitiveness ranking details reveal both improvements and declines. IMD assesses four main areas: economic performance, government efficiency, business efficiency, and infrastructure. Economic performance indicators show international trade ranking dropped from 4th to 9th due to Thailand’s heavy export reliance and global economic volatility. However, foreign investment ranking improved from 30th to 24th, consistent with increased direct foreign investment. Domestic economy ranking remained stable at 38th.
Government efficiency overall remained at 32nd, but fiscal indicators improved from 31st to 29th, especially tax system ease, rising from 8th to 7th place. This improvement is attributed to increased digital system adoption, such as the e-Tax Invoice system recently approved by the Cabinet. Business law indicators related to licensing remain unchanged, and responsibility for improvement lies with Pakorn.
Regarding business efficiency, Thailand’s ranking improved with private sector potential moving from 39th to 37th and financial sector stability at 36th. Infrastructure remains a weak area, particularly public health and environment ranked 56th and education at 52nd.
"The most concerning infrastructure indicator is energy intensity, where Thailand ranks 67th, reflecting high dependence on imported oil and natural gas. Energy import value accounts for nearly 10% of GDP, necessitating urgent energy transition to reduce national risk," Ekniti stated.
When asked about Vietnam’s first-time IMD ranking at 27th, close to Thailand’s position, Ekniti said Thailand should view Vietnam as an ally and trade partner rather than a competitor. Discussions with Vietnam’s president showed agreement on joint development. Vietnam excels in semiconductors, electronic circuits, and engineering labor, while Thailand is strong in food processing and raw materials, suggesting cooperation for mutual growth.
Ekniti commented on the current economic situation, stating Thailand is not facing a growth crisis but an inflation and cost-of-living challenge felt by citizens. Rising prices stem from high energy costs due to heavy reliance on imported oil and natural gas, a structural problem that must be addressed.
Regarding financial and capital markets, Thailand is experiencing high capital inflows partly due to capital outflows from Indonesia amid its stability and financial crises. Thailand’s commitment to fiscal discipline and continuous policy efforts has built investor confidence, reflected in today’s improved capital markets.