Thailand plans fresh economic measures to boost GDP growth

25, Nov. 2019

BANGKOK, VNA - Thailand’s economic ministers have agreed that fresh economic stimulus measures are vital to help boost full-year economic growth to more than 2.6 percent, according to local media.

Kobsak Pootrakool, deputy secretary-general to Prime Minister Prayut Chan-o-cha for political affairs, said the measures, possibly to be launched later this month, would play an important part in lifting Thailand’s economic growth in the fourth quarter to over 2.8 percent and over 2.6 percent for the full year.

The economic cabinet meeting, chaired by the PM, agreed that Thailand remains under pressure from the ongoing trade war and a slowing global economy.

The government should take additional steps to boost the economy throughout December until the first quarter of next year, Kobsak said.

The National Economic and Social Development Council (NESDC) reported on November 18 that the Thai economy grew 2.4 percent year-on-year in the third quarter, slightly improving from 2.3 percent in the second quarter but lower than 2.8 percent in the first quarter.

Slowing economic growth in the third quarter prompted the NESDC to cut its GDP forecast for 2019 yet again to 2.6 percent — down from earlier projections of between 2.7 percent and 3.2 percent.

According to Kobsak, the NESDC reported that fourth-quarter growth of 2.8 percent would be sufficient to ensure full-year growth of 2.6 percent as predicted, so Thailand needs to induce more impetus. - VNA