Economics
Thailand sees strong year end economic growth
Over 2 trillion baht is to be invested by the state in mega projects next year.
The Deputy Prime Minister for Economic Affairs has revealed that Thailand’s GDP growth this year is likely to end above four percent and that over 2 trillion baht is to be invested by the state in mega projects next year.
Speaking at Thailand’s Economic Outlook 2019, Deputy Prime Minister Somkid Jatusripitak pointed out that if 3.3 percent in economic growth is achieved in the fourth quarter, the nation will have ended the year four percent up.
He noted positive turns in negotiations between China and the US have benefitted exports and are likely to help the GDP in the fourth quarter hit 3.5 percent growth and full year growth to stand between 4.1 and 4.2 percent.
In 2019, Thailand is set to invest over 2 trillion baht in mega projects such as an urban high speed railway, dual railways and energy production in the Eastern Economic Corridor.
Somkid said the latter program must be closely watched as it is an important infrastructural development for the country.
The DPM remarked that it is likely the next government will be a coalition administration in which cooperation and a clear idea of the nation’s needs and future will be important.
He expressed the opinion that a new generation of politicians who do not engage in partisanship is needed to ensure national progress.
Source : National News Bureau of Thailand
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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.
The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.
Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.
The campaign has already been extended once, with the current end date set for 31st March.
The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.
The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.
Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.
BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).
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