BANGKOK (Bloomberg): Thailand’s new Prime Minister Anutin Charnvirakul said he will nominate a seasoned bureaucrat as finance minister to steer an economy grappling with the fallout of US tariffs and high household debt.
Ekniti Nitithanprapas was chosen as he has headed several key departments at the finance ministry, and is a capable professional who can take on demands of the job quickly, Anutin told reporters after a meeting with prospective cabinet candidates in Bangkok Saturday.
Auttapol Rerkpiboon, a former chief executive of state-controlled energy behemoth PTT Pcl, will become the new energy minister, while veteran diplomat Sihasak Phuangketkeow will head the foreign ministry, Anutin said.
The cabinet picks come a day after Anutin was elected premier and will need royal endorsement, which is expected in the coming days. The premier told reporters he has completed his cabinet line-up, but declined to provide more names.
Ekniti, 53, will shoulder the responsibility of driving the economy along with Vitai Ratanakorn, who is set to take over as the next Bank of Thailand governor on Oct. 1. Some media earlier reported outgoing Governor Sethaput Suthiwartnarueput was among candidates being considered for the finance role.
The challenges awaiting Ekniti include a sputtering economy, hit particularly by US President Donald Trump’s trade war, a downturn in the vital tourism sector and the highest household indebtedness in Southeast Asia. The economy is forecast to expand about 2% this year, less than half the pace of growth expected for regional peers such as Indonesia and the Philippines.
Anutin, a conservative politician with royalist credentials, will head a minority government after he won the prime minister vote with the support of the pro-democracy People’s Party - the largest bloc in parliament. He has promised to call fresh elections within four months of taking office and initiate steps to rewrite the constitution.
His move to pick technocrats to lead key ministries is a positive sign, said Burin Adulwattana, managing director and chief economist of Kasikorn Research Center Co.
"Ekniti has had a lot of experience at the Finance Ministry and understands its work well, particularly on tax matters,” Burin said. "His appointment would ensure continuity during the government’s short tenure, rather than bringing in someone new to the role.”
Ekniti currently heads the Finance Ministry’s Treasury department and sits on the boards of TMBThanachart Bank Pcl and PTT Exploration & Production Pcl - posts he would need to relinquish to join the cabinet. He holds a master’s degree in economics from the University of Illinois and a doctorate from Claremont University.
The new government will implement policies that can benefit the population, Anutin said when asked if he would reintroduce a co-payment program that was popular during the pandemic to stimulate consumption.
Anutin’s coalition includes pro-royalist and conservative parties, some of which previously supported former Prime Minister Paetongtarn Shinawatra. She was dismissed by the Constitutional Court for ethical misconduct.
Her removal fractured her coalition and opened the way for Anutin’s rise, capping a week of political upheaval.
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