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Roadmap Being Worked out for Thailand’s Economic Management

May 28, 2014 Destination Thailand No Comments Email Email

An economic roadmap is being worked out to set guidelines for Thailand’s economic management. The roadmap is expected to be submitted to the National Council for Peace and Order (NCPO) next week.

It is being handled by the Commander-in-Chief of the Royal Thai Air Force, Air Chief Marshal Prajin Juntong, in his capacity as Deputy Leader of NCPO.

Speaking after a meeting with senior officials from various government agencies responsible for economic affairs, Air Chief Marshal Prajin quoted the latest prediction that the Thai economy in 2014 is likely to grow by 2.2 percent, and increase of 0.2 percent from the previous forecast.

He cited debt repayment for rice farmers under the rice-pledging scheme and the easing of political conflicts as factors that would help stimulate the economy. The Ministry of Finance was told to speed up debt repayment through the Bank for Agriculture and Agricultural Cooperatives. The 90-billion-baht debt owed to farmers will be cleared in June 2014.

The Ministry was also instructed to support rice farming, in terms of fertilizer and other matters, in order to assist farmers in the upcoming production year. It was urged to implement measures to help small and medium-sized enterprises (SMEs), as well.

Other projects that should receive greater attention include transport infrastructure and flood prevention. But they must not impose negative impacts on the country’s financial stability. The 2015 national budget is expected to be announced in time for the next fiscal year, which begins in October 2014.

Vice Chairman of the Thai Chamber of Commerce Somkiat Anuras said that the private sector has become more confident in the economy after all opposing sides stopped confrontation and rice farmers began to receive their payments. This would help stimulate private sector consumption.

Moreover, he said, because it is working out an economic roadmap, it is obvious that NCPO attaches great importance to economic management. Mr. Somkiat said that several organizations predicted that the country’s economic growth in 2014 would be 1.5 percent. The Thai Chamber of Commerce believed that if the economic drive could be carried out rapidly, as planned, it was possible that the economic growth rate could be 3 percent.

He said that border trade has continued to grow steadily, since it was not affected by domestic political turmoil. As for tourism and exports, the situation of the two sectors needs to be monitored closely.

Meanwhile, the Tourism Authority of Thailand will explain to foreign tourists the current situation in Thailand to restore international confidence. Tourism-related businesses and services in Thailand continue to operate as usual.

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