The economic ills like inefficient tax collection, mounting public debt, prodigal energy use and water shortage in the agricultural sector which are lingering on will be resolved by the government by adopting the policies which aimed at continuity and sustainability of economic expansion.
The policies will be taken into three phases like quick fix for urgent issues; short-term issues; laying the foundation for fixing problems on a long-term basis.
The main issues on which the government will focus includes using the unused 2014 budget expenditure by the end of this year and proceeding with the economic stimulus measures of the National Council for Peace and Order (NCPO) to create jobs and boost domestic consumption.
Government also believes it is also important to invest in the attract investment in profitable sectors like mass-transit system that will also benefit the property, construction and financial sectors.
Government is also focusing on improving and boosting the tourist sector of the country wherein they will try to provide security to the tourist,develop and upgrade the tourist places,improving standards of facilities and services offered to the tourist.
In the short-term phase, the government expects to focus on maintaining optimum balance between monetary and fiscal policies to support growth and financial stability, which are required to maintain and attract foreign investments.
Water management must be improved to reduce the chances of floods and drought.Drought resistance facilities should be upgraded in wet seasons.
The current tax-collection system must be changed, the regime believes, so as to expand the tax base in a more equitable manner and to narrow the income gap between the rich and the poor, such as through inheritance and land/building taxes.
In its short term phase government is expected to focus on the balancing between monetary and fiscal policies to support growth and financial stability, which are required to maintain and attract foreign investments. and in long term phase the focus will be on infrastructure development – roads, high-speed trains, a dual-track rail system for cargo, shipping piers and ports, the mass-transit system, the logistics network, dredging of natural waterways, and unblocking of canals.
Regarding research and development, technology and innovations, the government plans to allocate at least 1 per cent of GDP to support R&D with a 30:70 ratio of private and state participation in accordance with social and economic development plans to boost the country’s competitiveness.
Other sectors on will government is having its hold will be industrial and agricultural sectors as well as small and medium-sized firms,nternet, digital technology and telecommunications, Laws, regulations, taxes and incentives , tax, comercial laws, trade regulations, transportation infrastures, telecommunications, logistics, upgraded border trade areas, special economic zones.