Finance Ministry has confidence in economic recovery

BANGKOK, May 18 (TNA) -- The Thai economy would grow by more than 3% in the second quarter as 150 billion baht would be invested in the second and third quarters of this year, said Somchai Sujjapongse, permanent secretary for finance. The Thai economy expanded by 3.2% in the first quarter and government investment worth 150 billion baht would be disbursed in the second and the third quarters. The investment included economic stimulus money for sub-districts and the grass roots, he said. Therefore, economic recovery was likely from now on and the economic growth rates should be more than 3% in the second quarter, 4% in the third quarter and more than 3% throughout this year, Mr Somchai said. Tax reduction relating to equipment and machinery prompted American, British and Japanese investors to inquire about details and other government measures before deciding on their projects, he said. Kulaya Tantitemit, policy and strategic adviser to the Finance Ministry, said property investment along electric railways rose by 7% and government revenue in the first seven months of the 2016 fiscal year amounted to 1.247 trillion baht, 6% higher than a target and up by 8.7% year-on-year. The payment of the value-added tax increased by 4.2% and indicated an economic recovery in the second quarter, she said. (TNA)