‘Critical’ Thai economy needs urgent stimulus, says PM’s office

BANGKOK: Thailand’s financial system is in a “serious scenario” that requires pressing stimulus measures and a in all probability price cleave, officers from the top minister’s office said on Monday (Mar 4), as the country pushes to draw current investments from the likes of EV maker Tesla.

Prime Minister Srettha Thavisin, who took strength final August, has been pushing to revive Southeast Asia’s second-ideal financial system, which has suffered from broken-down exports and a leisurely recovery from the pandemic compared with regional chums.

“Figures assert their private praises we are now not in appropriate shape,” Prommin Lertsuridej, chief of team to the top minister, told journalists, outlining a series of challenges ranging from low industrial capability utilisation to ballooning family debt.

The financial system gotten smaller within the fourth quarter of 2023 and policymakers private downgraded the growth outlook for this one year, collectively with to stress on the central financial institution to give in to the top minister’s cessation to-each day demands for an hobby price cleave.

Prommin, a extinct political strategist, said there used to be room to lower charges, which would assist struggling households by striking extra money of their hands, nevertheless said the government wouldn’t intervene within the central financial institution’s choice-making.