UTTC urges new govt. to spend Bt100 bn. on economic boost

UTTC urges new govt. to spend Bt100 bn. on economic boost

By The Nation

 

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The University of the Thai Chamber of Commerce is urging the new government to boost the economy by spending Bt100 billion at the grassroots level of the population and the EEC city plan project, with the aim of raising GDP in the second half of 2019 by 3.5-4 per cent.

 

Thanawat Polvichai, o the Centre for Economic and Business Forecasting Director at UTTC, expects Thailand’s economy in 2019 to grow up by 3.5 per cent with 2.9-3 per cent GDP growth in the first half and 3-4 per cent in the second half, depending on the policy to be announced by the new government next month.

 

To secure 3.5-4 per cent GDP growth, the government will need to boost the economy in five key areas: 1) Boost budget spending by Bt50 billion or 100 billion, which will push the GDP growth by 0.2-0.3 per cent and 0.5-0.7 per cent respectively; 2) Guarantee prices for major crops to raise farmers’ income and purchasing power; 3) Provide financial subsidies to the grassroots level and local citizens by organising seminars and activities in rural areas and raising the financial amount of state welfare cards; 4) Bring the baht down to Bt31 per US dollar, as a strong baht adversely affects SMEs and the private sectors; and 5) Promote investment in the Eastern Economic Corridor (EEC) and finalise the EEC city plan to attract foreign investors.

 

“Apart from introducing policies that will boost the economy, the new government must implement tangible policies for both the public and private sectors, such as cannabis legalisation, boosting farmers’ income and tax and customs measures to help private entrepreneurs,” he said.

 

Source: https://www.nationthailand.com/business/30372789

 

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-- © Copyright The Nation Thailand 2019-07-11
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