DPM:Thailand's economic policy remains intact

BANGKOK, July 11 (TNA) - Thai Deputy Prime Minister Somkid Jatusripitak says that the country's economic policy will remain intact under the new government, also headed by Prime Minister General Prayut Chan-ocha. Somkid, who oversees economic affairs, made the remarks at the "MONEY & BANKING AWARDS 2019" event, held in Bangkok on July 10, during which he also presented MONEY & BANKING AWARDS for 2018 to winners. Somkid affirmed that the new Thai coalition administration, whose Cabinet members were appointed by His Majesty the King in a Royal Command published in the Royal Gazette in the same day, will carry on economic plans worked out by the previous government, especially those under the Eastern Economic Corridor (EEC) Project, now viewed as a new national "Trade Mark". According to the deputy premier, the new Thai coalition government is working out its economic policy statement to be soon delivered to the House of Representatives. The deputy prime minister acknowledged, meanwhile, that Thailand's gross domestic product (GDP) growth, latest ranked by the International Institute for Management Development (IMD), has been on the top ten international board, reflecting the Switzerland-based IMD's confidence in the Thai economy. Besides, the appreciation of the Thai baht since early this year is caused by continual capital inflows, boosted by the country's strong economic fundamentals, which are in line with the government's policy on promoting long-term international investment projects in the Thai economy, including those on new infrastructure development. The deputy prime minister stated that Thailand's GDP growth rate this year at about 3 per cent, as forecast by many economic institutions, is, thus, considered satisfactory amid a global economic slowdown, caused mainly by the persistent trade war between the United States and China. The deputy prime minister mentioned, meanwhile, that he has, however, instructed the Securities and Exchange Commission (SEC) to prepare measures to cope with impacts on the national economy from a plan to introduce in the near future the "Libra" digital money by a world social media giant, US-based Facebook, in order to protect consumers in the country. (TNA)