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Thailand’s Finance Ministry to Propose More Stimulus Packages to Boost Economy

Somchai Sujjapongse, the permanent secretary for Finance, said that the ministry would submit more stimulus measures to the Cabinet tomorrow.

Somchai Sujjapongse, the permanent secretary for Finance, said that the ministry would submit more stimulus measures to the Cabinet tomorrow.

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BANGKOK – Thailand’s Finance Ministry is to propose more economic stimulus packages to the Cabinet for approval tomorrow to boost economy.

Under the stimulus packages, the ministry expects over a million people will be benefited.

Somchai Sujjapongse, the permanent secretary for Finance, said that the ministry would submit more stimulus measures to the Cabinet tomorrow.

According to the NNT, the measures aimed at stimulating the economy this and next year, and expect that around one million people will be benefited.

He was confident that the measures would result in a 3.4% economic growth in the last quarter and steer the economy forward.

In addition, he said many infrastructure investment projects by the government in 2017 would also increase next year’s growth rate increase to 4% from 3.4% this year.

Meanwhile, the Joint Standing Committee on Commerce, Industry and Banking has forecast that the Thai economy this year may be lower than a 3.3% estimate but expressed confidence that the 2017 economy will recover continuously.

The committee said a -4.2 export growth rate in October would result in lower Thai economic expansion in 2017. However, the government’s budget disbursement totaling 422 billion baht and stimulus measures would benefit the Thai economy next year, the committee concluded.

As for next year’s economy, the committee said that it would recover continuously due to higher private spending, the stimulus measures as well as increasing global oil price. The committee predicted that the 2017 Thai economy would significantly recover in the 2nd – 3rd quarters and expand by 3.5-4% as expected.

The U.S’ trade policy, the Fed’s interest rate increase and the political situation of the EU will be internal risk factors to the Thai economy next year.

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Posted by on Dec 7 2016. Filed under Economy & Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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