Somkid credits government policies for buoyant stock market
By The Nation
Economic growth will accelerate next year as confidence and investment increase following an announcement about the general election and amid generous state spending, Deputy Prime Minister Somkid Jatusripitak said on Friday.
He was commenting the day after the stock market rose sharply, boosted mainly by the announcement of clearer plans for the election.
Somkid said investors were more confident now that the election had officially been scheduled for February, leading to large inflows into the stock market.
The SET index rose 2.3 per cent yesterday over the previous day to close at 1,718 points and continued to rise during Friday’s morning trade.
Somkid was to meet with senior officials at the Budget Bureau later on Friday to discuss budget disbursements for fiscal 2019, which begins next month.
He said government funding for a slate of mega-projects would enter the economy in the first half of the next fiscal year, which runs January-June 2019.
The government plans to accept bids for a high-speed railway connecting three international airports and for investments in U-tapao Airport and deep seaports at Laem Chabang and Mab Ta Phut.
The market consensus is that gross domestic product will expand by around 4.5 per cent this year and by about the same amount next year.
But Somkid predicted GDP growth would reach 5 per cent this year and exceed that next year.
He also believes the next government will maintain the economic policies set out by the military-led government.
Thanathorn denies betraying Thailand through comments in EuropeBy The Nation Thanathorn Future Forward Party leader Thanathorn Juangroongruangkit dismissed allegations that he was a traitor and criticised the country during a recent trip to Europe. He also denied trying to escape legal action,...READ MORE...
New Thai finance minister says will not interfere in central bank policy FILE PHOTO: Uttama Savanayana, the Palang Pracharat Party leader, talks to reporters during a press conference in Bangkok, Thailand June 4, 2019. REUTERS/Soe Zeya Tun/File Photo BANGKOK (Reuters) - Thailand's new finance...READ MORE...
Thai exports seen falling 5% year-on-year in June: Reuters poll FILE PHOTO: Cargo ships are pictured near the port in Bangkok, Thailand, March 25, 2016. REUTERS/Athit Perawongmetha/File Photo BANGKOK (Reuters) - Thailand’s customs-cleared annual exports likely declined for a fourth straight month...READ MORE...
Water in several major reservoirs drops to critical levels (Photo) Pasak Cholasit Dam Water levels in several major reservoirs in Thailand have reached a critically low point due to the prolonged lack of rain, despite the onset of rainy season, said the Hydro and Agro Informatics Institute...READ MORE...