New economic stimulus measures to boost Thai economy in second half of 2019

BANGKOK, June 26 (TNA) - The Kasikorn Research Center (KResearch) says that new economic stimulus measures should boost the Thai economy in the second half of this year. KResearch Assistant Managing Director Nattaporn Triratanasirikul voiced the assessment on Wednesday, indicating that the new Thai administration is likely to implement the new economic stimulus measures soon after it takes office, expected by next month, as political parties promised to do so during their electoral campaigns earlier this year. Nattaporn conceded, however, that Thailand's gross domestic product (GDP) in 2019 should grow by only 3.1 per cent year-on-year on average due mainly to negative impacts from the persistent trade war between the immense Chinese and the US economies. Besides, the appreciation of the Thai baht and the global economic slowdown should much lower the country's shipments of goods to the world market this year. "The persistent trade war between the United States and China should cut Thailand's GDP growth rate by about 0.6 per cent this year and more than 0.6 per cent next year", Nattaporn projected. Meanwhile, the Federation of Thai Industries (FTI) urged the Bank of Thailand (BOI) to take appropriate action to limit the appreciation of the Thai currency, which now stands at about 30.65 baht a US dollar, in order to relieve negative impacts on the Thai export sector. FTI Chairman Supant Mongkolsuthree stated that Thailand's exports of electronic and farm products have been particularly affected by the strengthening Thai baht, which is now stronger than currencies of neighboring countries. (TNA)