Bank of Thailand Governor Sethaput Suthiwartnarueput has raised serious concerns about the potential legalisation of casinos, cautioning that the move could expand the country’s grey economy and threaten economic stability.
During a recent economic briefing, Suthiwartnarueput warned that integrating casinos into the formal sector might complicate enforcement efforts and erode governance—especially as Thailand grapples with structural challenges and a sluggish recovery. He emphasised that such policy decisions require careful consideration, particularly with the country’s fiscal credibility under increasing global scrutiny.
His remarks come amid ongoing government discussions over plans to introduce integrated entertainment complexes that would include casinos. Proponents argue that such developments could attract tourism and investment. However, Suthiwartnarueput countered that the long-term regulatory and social risks—such as increased money laundering and weakened oversight—could outweigh any short-term financial gains. These issues, he said, might also dampen investor confidence and hinder reform momentum.
Assessing Thailand’s economic trajectory, Suthiwartnarueput described it as a slow-forming “V-shaped” recovery. He attributed the delayed rebound to both external and internal pressures, including the ongoing U.S.-China trade tensions and persistent weaknesses in tourism, manufacturing, and small businesses. Based on current conditions, he suggested a full recovery might not materialise until 2026.
Rather than pursuing short-term stimulus measures, such as cash handouts or populist schemes, the Governor urged the government to prioritise structural reforms. These include improving ease of doing business, attracting foreign direct investment, and encouraging a shift towards value-added industries. He reiterated his disapproval of the digital wallet scheme, arguing that it fails to address the economy’s core inefficiencies.
Suthiwartnarueput also addressed Moody’s recent downgrade of Thailand’s credit outlook. He acknowledged that international observers are increasingly focused on the strength of Thailand’s institutions and the government’s commitment to sound economic governance.
