Finance Minister Korn Chatikavanij yesterday reiterated the need for stimulus measures next year to stabilise the economy, saying it remained susceptible to persistent global risk factors.
“Risks to the economy will persist next year. Despite improvements in the global economy, crises in Dubai and Greece reflect the fact that the global crisis is not yet over. The government must thus place further emphasis on stability,” he said yesterday.
He is confident Thailand's fiscal position will be strong enough to finance the measures, especially since the ministry plans to ask for Cabinet approval early next year for the proposed new land and property tax.
Tax collections should also improve, and all of this will help reduce government borrowing and fiscal deficits.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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