Paetongtarn Shinawatra, the daughter of former Thai leader Thaksin Shinawatra, has been elected as the new prime minister of Thailand. She secured the support of 319 lawmakers in the 500-member House of Representatives, making her the youngest prime minister in the country’s history. Her nomination was backed by a coalition led by the Shinawatra-controlled Pheu Thai Party, as well as conservative and military-backed parties. This comes after the previous prime minister, Srettha Thavisin, was dismissed by the Constitutional Court for an ethics violation.
Paetongtarn’s appointment as prime minister comes at a time of political uncertainty in Thailand, with the top opposition party being dissolved and the popularity of the ruling party declining. Analysts believe that her leadership may be overshadowed by her father Thaksin Shinawatra, a powerful figure in Thai politics. It is unclear whether her government will be stable, and there are doubts about her ability to effectively address economic issues that the country is facing, such as low growth, high household debt, and the cost of living.
While Paetongtarn is expected to continue some of the policies of her predecessor, she may abandon a plan to distribute cash payments to stimulate the economy. It is also likely that most members of Srettha’s cabinet will retain their positions, with a few exceptions. Paetongtarn has pledged to tackle the economic crisis facing Thailand with the support of her coalition, focusing on boosting growth through fiscal policies and addressing household debt and the cost of living.
In addition to economic challenges, Paetongtarn will also need to navigate the complexities of leading an uneasy coalition government. She will need to find ways to attract foreign investment, boost high-tech industries, and stem the outflow of foreign funds from the stock market. The country’s central bank, which has kept borrowing costs high, has been criticized by Paetongtarn for hindering economic progress. The Thai stock market has performed poorly this year, with significant outflows of foreign funds and a depreciation of the baht.
Paetongtarn’s appointment as prime minister has raised questions about the future direction of Thai politics and the influence of the Shinawatra family. Her leadership will be closely watched to see how she manages the country’s economic challenges and political dynamics. The support of conservative groups for her government suggests that there may still be a deal in place between the pro-royalist establishment and the Shinawatra family. Overall, Paetongtarn’s tenure as prime minister will be a critical period for Thailand as it navigates economic uncertainties and political transitions.
