Measures attempted to boost Thailand’s growth to 2% in 2014

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thai shopperAttempts are being made through several policies to boost Thailand’s GDP to grow by 2 per cent in 2014, said National Council for Peace and Order (NCPO) leader and army chief Gen Prayuth Chan-ocha during his weekly televised address on July 4.

He said that the Bank of Thailand has made a projection earlier that Thailand would enjoy only 1.5 per cent growth this year due to domestic political turbulence earlier this year and a slowdown in economy.

But he added that the NCPO would put efforts in stimulating this year’s economy such as accelerating investment on state projects which have been delayed or incomplete during the second half of 2014.

Several ministries have not invested although their projects have been approved and budget investment amounting about 50 billion baht ($1.54billion) remains.

On water management programmes aimed at preventing flooding in the country, Gen Prayuth said the budget could be increased by another 50 billion baht and could be spent over the rest of this year and in 2015.

NCPO has given the green light on some state projects which would require investments ranging from 100 million baht to 10 billion baht ($3 million to $308 million), he said. Some projects which encountered problems needed to be revised so that they could be implemented.

On efforts to boost exports, Gen Prayuth said the Thai baht need to be monitored closely to make sure that it is not “too strong.”

Tourism must also be promoted as it is a major money-maker for Thailand, while concerned state agencies have been assigned to solve tourism problems as soon as possible.

As business entrepreneurs are facing revolving capital issues, Gen Prayuth said government-run banks including the Government Savings Bank, the Bank for Agriculture and Agricultural Cooperatives and SME Bank will be asked to provide soft loans and help solve bad debt problems.

He said the current inspection of warehouses storing rice purchased by the ousted  government from farmers under the rice-pledging programme so far found that between 80,000 to 90,000 sacks of rice, valued approximately 70 million baht ($2 million), were missing. More than 100 inspection teams have been asked to speed up checks at the rest of the warehouses nationwide, Gen Prayuth added.

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Reading Time: 2 minutes

Attempts are being made through several policies to boost Thailand’s GDP to grow by 2 per cent in 2014, said National Council for Peace and Order (NCPO) leader and army chief Gen Prayuth Chan-ocha during his weekly televised address on July 4.

Reading Time: 2 minutes

thai shopperAttempts are being made through several policies to boost Thailand’s GDP to grow by 2 per cent in 2014, said National Council for Peace and Order (NCPO) leader and army chief Gen Prayuth Chan-ocha during his weekly televised address on July 4.

He said that the Bank of Thailand has made a projection earlier that Thailand would enjoy only 1.5 per cent growth this year due to domestic political turbulence earlier this year and a slowdown in economy.

But he added that the NCPO would put efforts in stimulating this year’s economy such as accelerating investment on state projects which have been delayed or incomplete during the second half of 2014.

Several ministries have not invested although their projects have been approved and budget investment amounting about 50 billion baht ($1.54billion) remains.

On water management programmes aimed at preventing flooding in the country, Gen Prayuth said the budget could be increased by another 50 billion baht and could be spent over the rest of this year and in 2015.

NCPO has given the green light on some state projects which would require investments ranging from 100 million baht to 10 billion baht ($3 million to $308 million), he said. Some projects which encountered problems needed to be revised so that they could be implemented.

On efforts to boost exports, Gen Prayuth said the Thai baht need to be monitored closely to make sure that it is not “too strong.”

Tourism must also be promoted as it is a major money-maker for Thailand, while concerned state agencies have been assigned to solve tourism problems as soon as possible.

As business entrepreneurs are facing revolving capital issues, Gen Prayuth said government-run banks including the Government Savings Bank, the Bank for Agriculture and Agricultural Cooperatives and SME Bank will be asked to provide soft loans and help solve bad debt problems.

He said the current inspection of warehouses storing rice purchased by the ousted  government from farmers under the rice-pledging programme so far found that between 80,000 to 90,000 sacks of rice, valued approximately 70 million baht ($2 million), were missing. More than 100 inspection teams have been asked to speed up checks at the rest of the warehouses nationwide, Gen Prayuth added.

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