On April 29, 2019, Mr. Prasong Poontaneat, Permanent Secretary of the Ministry of Finance, revealed that the government's ongoing economic stimulus measures will help improve the sluggish Thai economy. The Ministry of Finance expects this will enable growth to reach 4%, as targeted, representing full potential growth.

           However, the implementation of additional measures will depend on a clearer economic situation. Although Thailand's economic growth has slowed due to exports, the government has accelerated disbursements, particularly for investment budgets, and is preparing many more economic stimulus measures. Among these are initiatives aimed at boosting tourism, real estate, and increasing income for low-income individuals registered for state welfare, which will be proposed for Cabinet approval on April 30.

           Regarding the 2020 budget, if the new government cannot review it in time, or if the National Legislative Assembly (NLA) is unable to consider it, the 2019 budget can be temporarily used without affecting regular expenditures or the growth of the Thai economy this year.

           "The Ministry of Finance's economic stimulus measures are sufficient to support the economy's growth this year at the anticipated 4%," Mr. Prasong stated.

           However, earlier, Mr. Don Nakornthap, Senior Director of the Macroeconomic Department at the Bank of Thailand (BOT), stated that the slowing global economy is affecting Thai exports, which are expected to grow by less than 3% for the year, as projected by the BOT, leading to an overall Thai economic growth of below 3.8% as well.

           It is essential to monitor the government's upcoming economic stimulus measures, which will help boost the economy. The political issue of a delayed government formation has caused foreign investors to slow down their investments while awaiting clarity.

           Meanwhile, Mr. Phisit Phuapan, Director of the Macroeconomic Policy Office at the Fiscal Policy Office (FPO), revealed that the FPO expects this year's economic growth to be close to 4% due to continued domestic expansion driven by increased public and private spending.

           "The FPO anticipates that the economy will grow close to 4%, even with risks from the external economy, as domestic growth remains strong," Mr. Phisit stated.

 

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