Economic Stability and Fiscal Discipline Are Keys to Survive in a Fragile Global Economy

Economic Stability and Fiscal Discipline Are Keys to Survive in a Fragile Global Economy

Thailand's Deputy Prime Minister and Minister of Finance, Ekniti Nitithanprapas, attended a seminar "Debate on the Global Economy: Forging Resilient and Dynamic Economies for the Future," where the IMF Managing Director, Finance Ministers of Greece and Argentina, and the Governor of the Central Bank of Nigeria, shared countries' resilient and dynamic economy development in an increasingly fragmented and uneven global landscape, in the 2026 IMF-World Bank Group Annual Meetings on 15 October 2026.

The IMF Managing Director illustrated the global economic growth which though it remained resilient despite multiple shocks, but its foundations are fragile by increasing energy and food prices, high debt levels, and increased borrowing costs. Therefore, countries need to rebuild financial buffers, reduce debt, maintain fiscal discipline, and prepare for future shocks.

Moreover, the global economic imbalances are growing from differences between economies, and insufficient investment and weak productivity in some economies.

Generally, to handle with global economic risks, the panel emphasized the need to maintain macroeconomic stability, uphold fiscal discipline, reduce debt vulnerabilities, and pursue structural reforms to better withstand future shocks.

For Thailand, the Deputy Prime Minister highlighted its strategy to attract foreign direct investment in emerging industries, including AI, smart electronics, and future mobility, while ensuring technology transfer and workforce development through the Skill Bridge program. Thailand is also working to reduce investment barriers and streamline approval procedures.

At the regional level, Thailand supports closer ASEAN cooperation in energy connectivity, digital infrastructure, digital identification, payment systems, and trade. Such cooperation can reduce external vulnerabilities and strengthen regional growth. He emphasized that resilience also means helping people and businesses—especially vulnerable groups—adapt to economic change.

Source: PR Thai Government