Prime Minister Prayut Chan-o-cha has asked investors to look at the strong economic fundamentals of Thailand, as he claimed that the current fluctuations in the capital market are just short-term phenomena, said Traisuree Traisoranakul, deputy spokesperson for the government, today (Monday).

The Thai stock market retreated last week due to investor concerns over post-election political uncertainty, as the new government is yet to be formed.

Traisuree said that the prime minister is confident that oveall the Thai economy remains strong, driven by tourism recovery, new investments by the private sector, the promotional incentives offered by the Board of Investment and the fact that projects in the Eastern Economic Corridor can proceed without waiting for the new government.

She also said that the incumbent prime minister hopes that Thailand can become a hub for new investors looking for a new base for their investments in the wake of geopolitical conflicts.

The prime minister has also urged state agencies to speed up the disbursement of their budgets for the 2023 fiscal year, which have already been allocated to them, adding that, to date, the total amount already disbursed is estimated at 1.96 trillion baht, out of a total of the 3.18 trillion baht in the entire budget, or 61.62%.

Combed with the overlapping budget of 190 billion baht, the total amount disbursed is estimated at about 2.08 trillion baht, she said.

The prime minister has stressed that his caretaker government, pending the setting up of a new government, will continue to perform its duties within the legal framework and ensure the confidence of the public in general and investors in particular.