The banking sector is recommending the new government prioritise elevating the country's competitiveness through the stimulation of consumption, tourism and private investment.
Phacharaphot Nuntramas, chief economist at Krungthai Compass, a research centre of Krungthai Bank, said competitiveness should be prioritised by the new government so long-term economic expansion can be developed.
The new government should make competitiveness a comprehensive package, he noted.
He said that competitiveness would depend on both the income and expense sides of the business sector. As a result, any new economic policy implemented, such as an increased minimum wage, would also impact the sector, he said.
"The [minimum wage] policy was campaigned for by Move Forward and Pheu Thai parties, who received the majority of votes and will form a new government coalition," he said.
"The minimum wage is an issue that determines the country's competitiveness in the region, so it should be discussed among the tripartite labour [groups]," he said.
Securing free-trade agreements is another priority for the new government to boost the country's competitiveness, he said, noting they will help sustain Thailand's economic growth in the long term in accordance with global trends.
Tim Leelahaphan, an economist at Standard Chartered Bank, said the bank wants to see a smooth political transition to ensure that a new government can be formed in the next two months, as previously scheduled.
The country should refrain from any political drama that would dampen economic confidence, he said.
If the new government is formed by the majority political parties with ease, Standard Chartered will focus on economic policy next, he said.
Boosting domestic consumption and tourism should be the priority in a new economic policy, he said, adding both sectors support current efforts to recover the economy.
"[Economic policies pushed during the campaign season] are expected to be toned down to implement economic policies and measures as no party is winning via a landslide in the election," he said.
The new government should also focus on improving private investments to support economic expansion in the future, he said.
