World Economy

Thai Economy Already ‘Bottomed Out’

Thai Economy Already ‘Bottomed Out’Thai Economy Already ‘Bottomed Out’

The Thai economy has already bottomed out and the government will now try to push growth out to at least 3.3% in 2016, Deputy Prime Minister Somkid Jatusripitak said on Thursday.

There should be no worries about the economy subsiding again and the government would continue to lay down the fundamentals on economic reform for the future, Yahoo Finance reported.

Somkid said the government would carry on with planned projects while at the same time trying to facilitate private investment and speed up budget disbursement. 

“The investment projects for all rail routes and other important projects must get the cabinet’s approval before the end of this year. The government is ready to push forward other schemes, such as improving farmers’ earnings to reduce the income gap, supporting SMEs and startups,” he said at a conference on Thursday morning.

“Some foreign institution forecast that Thailand will grow by 3% this year while the chamber of commerce expects 3.3%, but my job is to ‘beat the market’. It is like setting a target in the same way you catch the pokemon. I will catch it and beat the target,” said Somkid.

He was of the view the yes vote at the August 6 referendum on the draft constitution would bring positive results and reduce worries about possible protests on the street that had caused at least four countries to issue travel warnings prior to last Sunday’s referendum.

The deputy prime minister said he expected the lifting of the earlier political cloud would be good for the kingdom, and that international pressure would be reduced after the smooth referendum.