"Ekniti" to convene JPPCC meeting on 22 June, sets up four economic reform teams
Ekniti to chair first JPPCC meeting on 22 June using S&P, Moody’s and IMD data to guide reforms. Four panels to drive restructuring, Fast Pass push, GDP seen at 2%.
At Government House on 19 June 2026, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the government is preparing to convene a meeting of the Board of Investment (BOI)-related committee on 22 June, following what he described as two positive signals for Thailand’s economic outlook.
He referred to S&P Global Ratings’ decision to affirm Thailand’s sovereign credit rating at BBB+ with a Stable Outlook, saying the move reflects continued confidence in Thailand’s economy and fiscal stability. He added that the economy is projected to grow at around 2% this year, while political stability within the government would help ensure policy continuity and support long-term structural reforms and investment.
Ekniti also pointed to the IMD World Competitiveness Ranking released on 18 June, in which Thailand moved up four places from 30th to 26th out of more than 70 economies. He said the latest results highlighted both strengths and weaknesses that the government would address through the Joint Public and Private Sector Committee for Economic Problem Solving (JPPCC), which is set to hold its first meeting on Monday, 22 June 2026.
He noted that one of the most concerning indicators in the infrastructure category is energy intensity, where Thailand ranks 67th, reflecting heavy reliance on imported oil and gas. Energy imports account for nearly 10% of GDP, he said, stressing the need to accelerate the energy transition to reduce national risks.
The JPPCC will serve as a long-term national economic steering mechanism chaired by Prime Minister Anutin Charnvirakul, with Ekniti serving as vice-chair. He said the committee secretariat has been instructed to prepare an agenda aligned with priorities highlighted by S&P, Moody’s and IMD, particularly Thailand’s long-term development direction.
Future work under the committee will focus on structural reforms in several key areas, including energy, technology, workforce development, and regulatory reform. He cited the Thailand Fast Pass initiative as an example of how regulatory simplification can effectively support investment. The scheme is set to be formally launched on Tuesday, 23 June 2026, as a demonstration of Thailand’s competitiveness potential.
Ekniti said both Moody’s and S&P emphasise the importance of investment-led growth, particularly in infrastructure, human capital, and regulatory reform. He added that Thailand Fast Pass serves as a prototype showing that not all reforms require budget expenditure, as removing regulatory barriers alone can unlock investment momentum.
He also said the committee will establish four sub-working groups covering infrastructure, trade and competitiveness, legal and regulatory reform, and labour. He expressed confidence that if implemented systematically, Thailand could see meaningful progress within three to four years, based on a public-private partnership model similar to that used during the era of former Prime Minister Prem Tinsulanonda.
Ekniti added that IMD’s competitiveness assessment comprises four main pillars: economic performance, government efficiency, business efficiency, and infrastructure. He noted mixed results across indicators: international trade competitiveness fell from 4th to 9th due to export dependence on global volatility, while international investment improved from 30th to 24th, reflecting stronger FDI inflows. Domestic economy performance remained unchanged at 38th.
Government efficiency remained stable overall at 32nd, though fiscal performance improved from 31st to 29th. Tax system efficiency rose from 8th to 7th, driven by digitalisation measures such as the e-Tax Invoice system recently approved by the Cabinet. However, business legislation indicators remained unchanged and will require further reform, which will be overseen by Deputy Prime Minister Pakorn Nilprapan.
Private sector efficiency improved slightly, with business capability rising from 39th to 37th, while financial sector stability remained at 36th. Infrastructure remained a weaker area, particularly health and environment at 56th and education at 52nd.
Responding to questions about Vietnam entering the IMD rankings for the first time and placing 27th, close to Thailand, Ekniti said Thailand should view Vietnam as a partner rather than a competitor. He said both countries agree on cooperation, noting Vietnam’s strengths in semiconductors, electronics and engineering labour, while Thailand is strong in food processing and raw materials, making collaboration mutually beneficial.
He added that Thailand is currently facing not a growth crisis, but a cost-of-living and inflation challenge driven by high energy costs linked to heavy reliance on imported oil and gas. This structural issue, he said, must be addressed.
On financial markets, he said capital inflows into Thailand’s equity market have increased, partly due to outflows from Indonesia amid fiscal and stability concerns. Thailand’s continued commitment to fiscal discipline and policy consistency, he said, has strengthened investor confidence and improved market sentiment.
