Government to stimulate Thai economy

BANGKOK, January 6 (TNA) - Thai Deputy Prime Minister Somkid Jatusripitak, who supervises economic affairs, vows to seriously stimulate the national economy in all drives this year. Somkid made the promise at an economic outlook seminar, organized by the Economic Reporters Association in Bangkok on Wednesday, saying that he plans to seriously boost the Thai economy through improving the financial status of the grass roots, increasing values of Thai products, assisting local small and medium-sized enterprises (SMEs) and supporting the spending of village funds on local development projects. Somkid pointed out that the recovering US economy has prompted the US Federal Reserve Board (FED) to raise its key interest rate, which could result in more capital inflows to the United States. Besides, the US-based International Monetary Fund (IMF) has predicted the Thai economy should expand by 2.5 per cent in 2016 amid an economic slowdown in China and economic problems in Europe, while the Bank of Thailand (BOT) has projected the national economic growth rate at 3.5 per cent and the National Economic and Social Development Board (NESDB) has anticipated the national economic growth at 3-4 per cent. Under the challenges, the deputy prime minister stressed that the Thai government needs to stimulate all economy drives because 70 per cent of the national economy remains relying on Thai exports. According to the deputy prime minister, the Thai government will also stimulate people’s consumption, speed up public investment projects and try its best to promote domestic tourism. Besides, the Thai government is assisting local farmers who are facing low prices of farm products due to a drop in world oil prices. (TNA)