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Cabinet approves B5.8bn additional stimulus, targets 3% growth

Cabinet approves B5.8bn additional stimulus, targets 3% growth

BANGKOK: The Cabinet yesterday (Oct 22) approved an additional stimulus package valued at B5.8 billion in the hope of boosting growth of the economy to 3%.

economicstourismproperty
By Bangkok Post

Wednesday 23 October 2019, 09:00AM


Finance Minister Uttama Savanayana. Photo: Bangkok Post

Finance Minister Uttama Savanayana. Photo: Bangkok Post

Thailand’s economy had its weakest annual growth rate in four years, expanding 2.3% in the second quarter, as exports have declined amid rising trade tensions and a strong baht, noted a Reuters report announcing the news.

“We are trying, which is why there are these new measures, but global economic conditions like this, we will try to achieve our target of 3% growth,” Finance Minister Uttama Savanayana said.

The additional package comes months after the government rolled out a B316bn stimulus programme.

Thai Residential

The measures announced include a B2bn consumption promotion programme, reduction of real estate transfer fees worth B2.6bn and low-interest loans from the Government Housing Bank, valued at B1.2bn, Mr Uttama said.

 

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