Thailand is embracing the consumer portfolio as the economy grows.

Thailand's new Prime Minister Sretta Thavisin was appointed finance minister on Saturday in a cabinet backed by the king. Thai real estate tycoon seeks to revive Southeast Asia's second-largest economy and fulfill key election promises.

Thailand's economy has weakened due to lower exports and investment, and the central bank said last month that its full-year growth forecast of 3.6 percent may be cut.

Rebuilding Thailand's economy will be one of the most important tasks for political newcomer Sretta, who became prime minister last month after prolonged uncertainty following May's election.

The new cabinet

In a new cabinet published in the Royal Gazette and endorsed by King Maha Vajiralongkorn, the Phu Thai Sretta Party, backed by the billionaire Shinawatra family, will oversee the portfolios of the defense, transportation, trade, health and foreign affairs ministries.

The announcement of the new cabinet came weeks after Sretta, the former president of luxury real estate developer Sansiri, won a parliamentary vote in August to become prime minister.

On the day of the vote, the figurehead of Phu Thai Thaksin Shinawatra returned to Thailand in a dramatic comeback after 15 years living abroad, avoiding an eight-year sentence of self-imposed isolation. The first night after Thaksin's return, he was transported to the police hospital because of chest pains and high blood pressure.

On Friday, the king commuted his sentence to one year, citing his loyalty to the monarchy and poor health.

Speculation and coalition

Sretta's rapid rise to power, Thaksin's smooth return and a coalition between Phu Thai and former rivals have fed rumors of an arrangement between Thaksin and his opponents among the country's powerful conservative and royalist army. Sami Thaksin and the Phu Thai Party say this is not the case.

Key economic ministries

The Phu Thai Party will control key economic ministries that will be critical to implementing its policies, including issuing 10,000 baht ($285.63) in digital currency.

The largest coalition partner, Bumjaitai, best known for his support of medical marijuana use, will oversee the education, interior and labor ministries.

Conservative and pro-militarist parties will lead the energy and environment ministries.

The plans and objectives of Sretta.

Sretta and his 33-member cabinet will be sworn in before the king and then present a policy statement in parliament before beginning work this month.

Sretta said the first cabinet meeting will address cost of living issues, by reducing electricity and gas prices, and simplifying visa rules for Chinese tourists to boost tourism.