Thai Former Energy Executive Pichai Chunhavajira Named Finance Minister to Revive Economy

Thai Former Energy Executive Pichai Chunhavajira Named Finance Minister, Faces Economic Challenges

In a bold move to revive Thailand’s economy, former energy executive Pichai Chunhavajira has been appointed as the country’s finance minister at the age of 75. Pichai, who has served as an adviser to Prime Minister Srettha Thavisin, will also take on the role of deputy prime minister, according to the official Royal Gazette.

Pichai’s extensive experience in the energy sector includes serving as the chair of the board of Bangchak Corp since 2012. He has also held positions on the board of the Stock Exchange of Thailand and the central bank board. With a master’s degree in business administration from Indiana University of Pennsylvania, Pichai brings a wealth of knowledge and expertise to his new role.

The Thai economy has been facing challenges, including high household debt, borrowing costs, and the impact of China’s economic slowdown. Gross domestic product unexpectedly shrank in the final quarter of 2023, and growth has been slowing down, with the state planning agency revising its growth forecast for 2024.

One of the key policies that Pichai will oversee is Prime Minister Srettha’s 500 billion baht ($14 billion) handout scheme, which aims to provide financial support to 50 million Thais. However, the stimulus package has faced criticism for its potential impact on public debt and concerns about its effectiveness.

Despite these challenges, Pichai’s appointment is seen as a positive step towards improving policy coordination with the central bank. Analysts believe that his seniority and economic knowledge will be beneficial in navigating the country’s economic challenges.

As Thailand’s new finance minister, Pichai will play a crucial role in steering the country towards economic recovery and sustainable growth. With his background in the energy sector and extensive experience in finance, Pichai is well-equipped to tackle the tough task ahead and lead Thailand towards a brighter economic future.