Thai economy needs urgent stimulus: official
Thailand’s economy is in a "critical situation" that requires urgent stimulus measures, Prommin Lertsuridej, chief of staff to the Prime Minister said on Monday.
He told reporters that figures show the economy is not in a good shape and the government is doing everything it can, including visa-free tourism, policies to address household debt that is at a ratio of 91% of the GDP and support for the critical agriculture sector.
Prommin Lertsuridej, chief of staff to the Thai Prime Minister. Photo courtesy of Reuters.
The government’s annual budget will be approved and may be used next month, he said.
Prime Minister Srettha Thavisin’s government is stepping up efforts to recover the economy as exports weakened and witnessed slower recovery than other partners after the Covid-19 pandemic.
The Thai economy unexpectedly contracted in the fourth quarter of 2023, and policymakers have downgraded the growth outlook for this year, adding to pressure on the central bank to give in to the prime minister’s near-daily demands for an interest rate cut.
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