The Thailand economy ‘slowing down’ and not critical currently, Finance Minister Uttama Savanayana says. Following the statement, the minister believes that it will gradually strengthen next year.
In response to the decline, Minister Uttama admits that this year’s economic growth is rather disappointing. Additionally, the Office of the National Economic and Social Development Council (NESDC) announced that the country’s Q3 2019 GDP growth is 2.4%, making this year’s overall GDP down to 2.6%.
Among many factors, the government argues that the everlasting US-China trade war jeopardizes the economy the most. The trade war, additionally, has prompted lower exports and domestic spending.
Regarding the current economy condition, Deputy Prime Minister Somkid Jatusripitak asked the public to not mention it too much. Accordingly, the more people talk about it, it will weaken investors’ faith in the country.
“I don’t think the issue is something one should complain about. The most important thing is confidence. If we keep talking about it, as the late former prime minister MR Kukrit Pramoj put it, this will make good things look bad, which will have wide repercussions,” he said.
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Thailand Attempts to Fight the Slowing Economy
Thailand believes that they will be able to combat the slowing economy by the time 2020 comes. The government is confident that the economic stimulus packages, e.g. the Chim Shop Chai program and the 50,000 baht down payment giveaway will greatly boost the recovery.
Besides, Bangkok positively expects that the number of next year’s infrastructure projects will do much change to the economy. At the same minute, the government also tries hard to sustain the country’s confidence upon its own economy.
Additionally, Thailand refuses to believe analysts’ speculation about the country’s next year economy. Accordingly, analysts argue that the country will reach a crisis point considering 2019’s continuously declining economy.
Finance Minister Uttama stated that he has been monitoring the global and local economic situation. In his defense, he argued that Thailand’s economy is considerably better than other international economies.
Furthermore, the government is willing to issue additional stimulus packages to boost the economy and confidence. Currently, the government unveiled that it has issued collective investment budgets worth of 100 billion baht to roughly 50 state enterprises to rejuvenate the economy.
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