Thailand: $ 10 billion in stimulus to support the slowdown in the economy

Union

Thailand: $ 10 billion in stimulus to support the slowdown in the economy

BANGKOK (Reuters) – Thailand is planning to launch a $ 10 billion stimulus package that will include subsidies to farmers and the tourism sector to revive the country's economy, the finance minister said on Friday.

Southeast Asia's second-largest economy grew 2.8% in the first quarter, its lowest annual pace in more than four years, as exports, the main engine of growth, fell in the face of rising tensions. and the strength of the national currency.

"The government aims to bring GDP growth to at least 3% this year and to 3.5% next year," Kupsak Butrakul, head of the cabinet, told reporters. from a meeting of the Council of Ministers.

"Following discussions between economic and financial leaders, it was decided to set the value of the package at 316 billion baht (10.32 billion dollars)," said Finance Minister Utama Savanayana.

"The stimulus package will help counter the global slowdown and allow the Thai economy to develop as expected," he said.