Macroeconomics/economic stimulus package

Chatrudee Theparat

The economic minister meeting agreed to implement measures in the short term, medium term and long term in a bid to boost the Thai economy to grow more than 2.5%.

According to Deputy Prime Minister and Finance Minister Pichai Chunhavajira, said in fact the Thai economy should grow more than 3.5%.

"The economic growth this year which is projected to grow by 2.5% is unacceptable. The government will implement measures to boost the Thai economy to grow more than 2.5%. However, the new target of economic growth has yet to be settled,” he said.

Pichai Chunhavajira

Prime Minister Srettha Thavisin chaired the first economic minister meeting in order to tackle economic problems with an attempt to boost the Thai economy.

Mr Srettha said Thailand has still faced various economic problems, especially becoming an aging society and hit by external factors like slowing global economy, which all have sent an impact on the export sector. Thais have also suffered high household debt caused by high borrowing cost.

The economic minister meeting needs to talk issues in order to seek appropriate solutions to support the Thai economy to have potential growth.

The medium term and long term measures will be raised in the next meeting within two weeks. The measures are the accelerating investment, restructuring industrial, tax restructure to conform to the global requirement.

Deputy Finance Minister Paopoom Rojanasakul said short term measures also include tourism measures to boost tourism in the low season. The Transport Ministry is required to propose the measures in the next meeting. The measures include the package to attract foreign visitors from the Middle East. The promotional package for tourism in the second-tier tourism provinces is also introduced.

Mr Paopoom said the meeting also agreed to set appropriate inflation rate in order to pave the way for a better economic management.

Deputy Finance Minister Julapun Amornvivat said the economic minister meeting was not a economic minister committee as previously. In order to make more flexible, each economic minister meeting will allow related agencies to participate in order to keep its work flow. However, the National Economic and Social Development Council (NESDC), The Fiscal Policy Office are secretariat office of the economic minister meeting.