Bangkok: Thai Prime Minister Shretha Thavisin Said on Thursday that the country’s economy “crisis“, stressing the need to step up its controversial 500 billion baht ($14.23 billion) digital handouts policy.
Speaking at a forum, Sreetha said the economy was not in good shape due to foreign arrivals below target, and he would give priority to attracting foreign investment and addressing domestic debt.
“There needs to be larger economic Incentive“Sreetha, who is also the finance minister, said the plan to deal with the debt will be announced on December 12.
His comments come days after state-planning agency data showed growth in the July-September quarter slowed to a slower-than-expected 1.5% from a year earlier due to weak exports and government spending, the slowest this year. There is speed.
Thailand received 23.85 million foreign tourists from January 1 to November 19, spending 1 trillion baht.
It is targeting 28 million arrivals, compared with the pre-pandemic record of about 40 million foreign tourist arrivals in 2019, who spent 1.91 trillion baht.
Sritha’s “digital wallet” policy, which includes a handout of 10,000 baht to 50 million Thai people next year to spend in their localities, has come under criticism in recent months by economists and former central bankers because of the risks of violating fiscal discipline. Has been done.
In recent weeks, government officials have described the economy as being in crisis, requiring its signature plan.
Shretha, a real estate tycoon and newcomer to politics, is targeting an average growth of 5% annually over the next four years in Southeast Asia’s second-largest economy, which has grown an average of 1.9% in the past decade, lagging behind regional rivals.
Speaking at the same forum, Bank of Thailand Governor Sethaput Suthivartanaruput said the country’s fiscal and monetary policies need to be in place to ensure the economy remains flexible as it grows.
“The elements of resilience include stability, strong balance sheet, fiscal and monetary policy with a variety of options,” he said.
In September, the Bank of Thailand (BOT) unexpectedly raised the key interest rate by a quarter point to 2.50%, the highest in a decade, saying growth and inflation should pick up next year. It will next review the policy on November 29.
Speaking at a forum, Sreetha said the economy was not in good shape due to foreign arrivals below target, and he would give priority to attracting foreign investment and addressing domestic debt.
“There needs to be larger economic Incentive“Sreetha, who is also the finance minister, said the plan to deal with the debt will be announced on December 12.
His comments come days after state-planning agency data showed growth in the July-September quarter slowed to a slower-than-expected 1.5% from a year earlier due to weak exports and government spending, the slowest this year. There is speed.
Thailand received 23.85 million foreign tourists from January 1 to November 19, spending 1 trillion baht.
It is targeting 28 million arrivals, compared with the pre-pandemic record of about 40 million foreign tourist arrivals in 2019, who spent 1.91 trillion baht.
Sritha’s “digital wallet” policy, which includes a handout of 10,000 baht to 50 million Thai people next year to spend in their localities, has come under criticism in recent months by economists and former central bankers because of the risks of violating fiscal discipline. Has been done.
In recent weeks, government officials have described the economy as being in crisis, requiring its signature plan.
Shretha, a real estate tycoon and newcomer to politics, is targeting an average growth of 5% annually over the next four years in Southeast Asia’s second-largest economy, which has grown an average of 1.9% in the past decade, lagging behind regional rivals.
Speaking at the same forum, Bank of Thailand Governor Sethaput Suthivartanaruput said the country’s fiscal and monetary policies need to be in place to ensure the economy remains flexible as it grows.
“The elements of resilience include stability, strong balance sheet, fiscal and monetary policy with a variety of options,” he said.
In September, the Bank of Thailand (BOT) unexpectedly raised the key interest rate by a quarter point to 2.50%, the highest in a decade, saying growth and inflation should pick up next year. It will next review the policy on November 29.
(TagstoTranslate)Economy of Thailand(T)Stimulus(T)Sretha Thawisin(T)Economy needs stimulus(T)Crisis