On May 10, 2019, Mr. Lavaron Sangsnit, Director of the Fiscal Policy Office (FPO) and spokesperson for the Ministry of Finance, revealed that the Ministry of Finance is closely monitoring the Thai economy as clear signs indicate a slowdown in economic growth. Consequently, the ministry has revised its economic growth forecast for this year down to 3.8% from the previous estimate of 4%.

However, the government has implemented mid-year measures to support the economy, including increased welfare for low-income individuals and various tax measures, amounting to 20 billion baht. This is expected to boost economic growth by an additional 0.1%.

He acknowledged that there are still external economic risks impacting the Thai economy, particularly from the global economy. The trade war between the United States and China has resurfaced, and if retaliatory tariffs are imposed, it will significantly affect Thailand's exports more than previously anticipated. However, it is still too early to assess whether these risks will lead to a greater slowdown in the Thai economy. We need to observe the economy until the end of the second quarter to determine the trend. If growth slows down, the Ministry of Finance has measures ready to stimulate better economic growth.

"The FPO is closely monitoring the economy and continuously preparing measures. Whether the government is old or new, if they wish to utilize the FPO, we are ready to present proposals for consideration. The FPO anticipates that the economy will grow by 3% in the first half of the year and 4.5% in the second half, resulting in an overall growth of no less than 3.8% as recently estimated by the Ministry of Finance," Mr. Lavaron stated.

 

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