A passenger pays a bus fare using a state welfare card. (Source: bangkokpost.com)Bangkok (VNA) - Promoted investmentby the new government is hoped to speed up Thailand’s economy and help its GDPgrow at a faster pace in the second half of 2019, said Deputy Prime MinisterSomkid Jatusripitak.
According to the Deputy PM, the new administration is expected to start itsoperation by August, while the fiscal 2020 budget is projected to be disbursed inDecember.
The fiscal 2020 budget is set at 3.2 trillion baht (over 104 billion USD), 200billion baht (6.5 billion USD) higher than that of the fiscal 2019, which will end on September30, with a projected budget deficit of 450 billion baht, same as in theprevious fiscal year, according to local media.
The new government pledges to continue the national welfare card scheme, whilethe Budget Bureau of Thailand has already approved 100 billion baht to financethe scheme, Somkid was quoted by local media as saying.
Thenew finance minister will come up with a decision on measures to supportlow-income earners, he said.
The Deputy PM said the tourism sector isexpected to remain strong, citing a Tourism Authority of Thailand (TAT) reportthat the number of foreign visitors in the first half of the year totalled 19.9million, up 2 percent year-on-year, generating 1 trillion baht in revenue, up 3percent.
The TAT forecasts the tourism sector togenerate a total of 3.4 trillion baht in 2019, up 11.5 percent from 2018.
According to Somkid, foreigninvestment in Thailand, especially in the Eastern Economic Corridor, willcontinue to increase with the anticipated influx of foreign investors fromChina and Japan relocating their production bases.
The Fiscal Policy Office (FPO) predicted that Thailand’s GDP growsby 3 percent in the first half and may be a 4 percent rise in the latter half.-VNA
VNA
