BANGKOK, Jan 15 (TNA) – Thailand’s economy could face a
third major obstacle from the strong baht following the Sino-US trade war and
the delay in the government’s fiscal 2020 budget bill, says Deputy Prime
Minister Somkid Jatusripitak.
Somkid delivered a speech at a business seminar on Wednesday
stressing the need for careful policy implementations as Thailand has been hit
by the trade war and the budget bill delay.
The trade war hit the country’s exports hard while the
budget bill delay affected state investment, he said.
The persistently strong baht might become a new threat to
the export sector, the country’s main economic engine, said Somkid. He urged private investors to speed up their
investments, particularly by importing machinery and equipment.
All sectors needed to coordinate, instead of pressuring the
central bank to act, he said.
Thailand must stimulate private investment during this time
of a strong baht, Somkid said, hinting a new package of incentives early next
month.
Somkid expressed his optimism about the fiscal year 2020
budget bill that just passed the House of Representatives last week. The government would speed up investment and
planned infrastructure development, while promoting the tourism and export
sectors, said the deputy prime minister.
The Bank of Thailand estimated 2019 growth at 2.5 percent
and forecast 2.8 percent growth for this year. (TNA)
