Government agencies ordered to stimulate Thai economy

BANGKOK, March 18 (TNA) - All government agencies have been ordered to help stimulate the Thai economy through speeding up budgetary disbursements and new electric railway construction. Ampon Kittiampon, Secretary-General to the Thai Cabinet, told journalists on Wednesday that Prime Minister General Prayut Chan-ocha, who is also Chief of the army-led National Council for Peace and Order (NCPO), made the instruction when chairing a meeting of economic ministers to discuss national economic situation. Ampon noted that the World Bank and the International Monetary Fund (IMF) have predicted a slower growth of the global gross domestic product (GDP) at 3.5 per cent this year, China's GDP growth rate at 6.8 per cent, instead of 7.1 per cent, and slowdowns in emerging markets, which should also limit Thailand's GDP growth at 3.5-4.5 per cent in 2015, when people's incomes should also drop, caused by declining prices of farm products and lower revenues of industries. Ampon said the economic ministers then resolved that all relevant agencies speed up their economic stimulus plans, including the new 40-billion-baht highway construction, electric railway projects, flood-prevention and irrigation programs and tourism promotional campaigns to boost the national economy. Besides, the Ministry of Commerce was ordered to maintain Thai exports to existing markets and promote border economic zones so that Thailand can boost exports to neighboring countries, instead of global markets. Ampon expressed his hope that Thailand's GDP should grow better from the second quarter of this year onward. Meanwhile, Deputy Transport Minister Arkhom Termpittayapaisith, who is also Secretary-General of the Office of National Economic and Social Development Board (NESDB), projected that Thailand's GDP should expand by over 3 per cent in the first quarter of this year, thanks to progress in government investment projects and rising domestic consumption. (TNA)