Srettha Thavisin
Srettha Thavisin is a Thai businessman and former politician who served as the 30th prime minister of Thailand from 2023 until his removal from office in 2024.
In 1988, he co-founded Sansiri, a venture that propelled him to become a billionaire and a leading real estate tycoon within his country.
During his almost one-year premiership, he oversaw economic policies aimed at stimulating the Thai economy, particularly in Thailand's tourism sector by promoting Thai soft power. He also attempted to implement the digital wallet scheme and his international visits were aimed at attracting investors. Srettha was however labelled as a "puppet" under the control of powers behind the throne by critics. His appointment of Pichit Chuenban to his cabinet led to his dismissal by the courts in August 2024.
Early life and education
Srettha Thavisin, born on 15 February 1962, in Bangkok, Thailand, is the only child of Captain Amnuay Thavisin and Chodchoy Thavisin. His family's lineage is connected to five notable Thai Chinese business dynasties: Yip in Tsoi, Chakkapak, Jutrakul, Lamsam, and Buranasiri. When Srettha was three years old in 1966, his father died and Chodchoy raised him as a single mother.Srettha attended primary school at of Srinakharinwirot University in Bangkok, then moved to the United States for secondary school. Srettha attended Bloxham School from 1979-1981. He graduated Bachelor of Arts in Economics from the University of Massachusetts Amherst. He further advanced his academic credentials by earning a Master of Business Administration, specialising in Finance, from Claremont Graduate University.
Business career
Real estate
Srettha began his professional journey at Procter & Gamble as an assistant product manager, a role he held for four years after graduating from Claremont Graduate University in 1986. His entrepreneurial venture took off in 1988 when he co-founded Sansiri, which emerged as one of Thailand's premier real estate developers. His leadership steered the company to successfully develop over 400 residential projects.In 2013, Prime Minister Yingluck Shinawatra inaugurating the Thailand 2020: Thailand's New Step to the World Expo at the Chaeng Watthana government complex on 12 March. The expo showcased the government's proposed ฿2 trillion investments. Srettha, having inspected a nearby residential project, visited the expo and recommended that his Sansiri colleagues do the same, recognising its potential influence on the real estate sector. Despite public concerns about the project's financing and potential debt implications, Srettha expressed his support. In early 2019, he wrote favourably about the 2020 Expo, which paralleled his advocacy for a digital wallet scheme during his tenure as prime minister.
Srettha's leadership at Sansiri contributed to the company's growth, including during the COVID-19 pandemic. In 2020, he acquired a land parcel at the corner of Sarasin road near Lumphini Park in Bangkok. The purchase costed ฿3.9 million per square wah, and is one of the most expensive land purchases in Thai history. Additionally, in the same year, Srettha acquired a 15% stake in XSpring Capital Public Company Limited.
His business career was put on hold when he decided to engage in electoral politics in 2023. Due to regulations in Thai electoral laws prohibiting elected officials from owning or holding shares in companies, Srettha transferred all his shares to his daughter, Chanada Thavisin, on 8 March 2023. This transfer included his shares in Sansiri, representing 4.4% of the company.
Business controversies
On 17 February 2012, Srettha admitted to having met Prime Minister Yingluck Shinawatra and Deputy Prime Minister Kittiratt Na Ranong at the Four Seasons Hotel where they discussed Thailand's financial situation on 8 February alongside others. The meeting was controversial due to Akeyuth Anchanbutr claiming he was attacked by someone who worked for Thaksin. The meeting would go on to cause a scandal for both Srettha and Yingluck. The Democrat Party, who were the main opposition party, called on a probe into the meeting and Democrat spokesman Chavanond Intarakomalyasut accused Yingluck of telling Srettha her government's flood prevention projects as she was due for a tour of flood affected provinces. Additionally, deputy spokeswoman Mallika Boonmeetrakul called on the National Anti-Corruption Commission to investiage Srettha's assets.On 17 August 2023, Chuwit Kamolvisit filed a complaint with the deputy commissioner-general of police, Surachate Hakparn, seeking an investigation into Srettha's 2019 land purchase in Bangkok. Chuwit accused Srettha and Sansiri of tax evasion. In response to these allegations, Srettha filed a defamation lawsuit for ฿500 million against Chuwit, specifically regarding comments made during a press conference on 3 August.
Political career
The 2013–2014 Thai political crisis was a period of significant political unrest in Thailand. During this time, Srettha expressed opposition to the People's Democratic Reform Committee. Following the 2014 coup, he complied with a summons from the National Council for Peace and Order, reporting to the Royal Thai Army auditorium.Srettha maintained political connections with Thaksin Shinawatra and Yingluck Shinawatra, who have both served as prime ministers. In the 2023 Thai general election, he was amongst the prime ministerial candidates for the Pheu Thai Party. The other candidates from the party included Thaksin's youngest daughter, Paetongtarn Shinawatra, and Chaikasem Nitisiri, a former justice minister.
2023 election
In November, 2022, Srettha announced his intention to join the Pheu Thai Party. During the 2023 Thai general elections, he was named one of the party's three prime ministerial candidates on 5 April 2023. Throughout the campaign, polls frequently showed him trailing behind Paetongtarn in the race for the preferred prime ministerial choice.Srettha launched his campaign in Bangkok's Khlong Toei district and delivered his inaugural campaign speech in Phichit province. Later, during a speech in Loei province in mid-April, he stated that Pheu Thai would not consider forming a coalition with Palang Pracharath and United Thai Nation, citing their roles in the 2014 coup.
Following the election on 14 May, Pheu Thai emerged as the party with the second-highest number of seats, trailing behind the Move Forward Party. The party then formed a coalition with Move Forward and six other parties. However, in the first round of parliamentary voting on 13 July, Pita Limjaroenrat, Leader of the Move Forward Party, failed to secure enough votes. Subsequently, Pita's second nomination for prime minister was blocked on 19 July on procedural grounds.
After Move Forward failed to form a government, it gave way for Pheu Thai to attempt to form one. This coalition initially only excluded the Move Forward Party, but expanded on 7 August to include the Bhumjaithai Party. In a notable shift from their earlier election stance, the coalition further expanded to incorporate the Palang Pracharath Party and United Thai Nation Party. Srettha described this expansion, which contradicted earlier election promises, as a necessary strategic move.
Subsequently, the Constitutional Court dismissed a petition by the ombudsman questioning the constitutionality of Parliament's rejection of Pita Limjaroenrat. A new round of parliamentary voting was scheduled for 22 August. During this session, Srettha delivered a speech to Parliament, outlining his vision and goals should he become prime minister, and also responded to questions from MPs and senators. His candidacy received support from Thaksin Shinawatra.
Srettha was elected as the 30th Prime Minister of Thailand, following a nomination by the Pheu Thai Party. In a special joint sitting of the House of Representatives and the Senate, he secured 482 votes out of 728.
Premiership (2023–2024)
Government formation
Srettha was elected as Thailand's next prime minister by a joint sitting of parliament on 22 August 2023. His immediate responsibilities included the formation of a cabinet and the presentation of his policies for the forthcoming four years to parliament. The following day, King Vajiralongkorn officially appointed Srettha as the 30th Prime Minister of Thailand.On 5 September, Srettha was sworn in as prime minister and minister of finance by the King. The ceremony took place at the Amphorn Sathan Residential Hall in Dusit Palace, Bangkok. The new cabinet formed by Srettha was composed of 34 ministers representing six parties within the governing coalition. This included several ministers who had served under the previous administration of Prayut Chan-o-cha.
Srettha stepped down as finance minister in April 2024 during a cabinet reshuffle. He was succeeded by his advisor and former energy executive, Pichai Chunhavajira.
Domestic affairs
On 8 September, Srettha undertook visits to the northeastern provinces of Khon Kaen, Udon Thani, and Nong Khai. These provinces are known strongholds of support for the Pheu Thai Party. Accompanied by several ministers, his visit mirrored the approach previously taken by former Prime Minister Thaksin Shinawatra.In Khon Kaen, he visited included the Ubol Ratana Dam, a site experiencing drought conditions. Srettha communicated to the media that agriculture was a key priority for his government, emphasising plans to enhance agricultural productivity in the region, with a specific goal of increasing farmers' yields by 50%. In Nong Khai, his discussions centred on shipping relations between Thailand and China.
Economy
On 11 September, Srettha presented the cabinet's policy statement to Parliament. The statement outlined the government's strategies to address national issues, focusing on the economic sector. Despite high expectations from various economic, labour, and business groups, the statement faced critical analysis from opposition parties and media outlets. Sirikanya Tansakun, deputy leader and chief economist of the Move Forward Party, criticised the policy for its perceived lack of specificity and actionable goals. Sirikanya remarked on the absence of clear indicators and timeframes, comparing it to an earlier draft version that was leaked, and expressing concern over its potential effectiveness in guiding the country's economic direction.Srettha described the economy as being in a "crisis." He highlighted that the highest interest rates in a decade were detrimental to businesses and advocated for the Bank of Thailand to reduce these rates.
The Governor of the Bank of Thailand held a different view. He disagreed with the characterisation of the economic state as a crisis. Furthermore, he expressed scepticism about the effectiveness of the government's short-term stimulus measures and argued that these measures would not address the underlying economic challenges, emphasising that structural issues were the main impediments to growth.
Srettha advocated for a 25-basis point interest rate cut from the BoT's Monetary Policy Committee. However, the MPC, in a 5–2 decision, maintained the one-day repurchase rate at 2.50%, the highest in over a decade. The central bank attributed the decision to slower-than-expected economic growth, emphasising reliance on domestic demand. Structural impediments, particularly declining competitiveness, were identified as factors hampering growth. Despite Srettha's disagreement with the Bank's actions, he advocated for collaborative fiscal and monetary policies, emphasizing his lack of authority to interfere with the central bank's decisions.