All economic engines must be ignited this year to spur the economy, which cannot rely only on government spending to propel growth, Deputy Prime Minister Somkid Jatusripitak said on Wednesday.
Government expenditure was key to lifting the economy out of the slump last year, finance czar said. He promised to restore export growth, increase tourism and boost investment spending to generate higher growth this year.
To do this, making all economic "engines" work was the task the government had set for this year, he said.
"The mission of the economic team this year is to keep the momentum going. All (economic) engines have to run in full swing," he told a forum organised by the Economic Reporters Association.
The government had doled out cash to help the grassroots and introduced measures to spur consumption and help small- and medium-sized enterprises since Prime Minister Prayut Chan-o-cha revamped his economic team in August.
The bright spot to date was tourism, which exceeded the target of 29 million visitors last year and Tourism and Sports Minister Kobkarn Wattanarangkul expected more to come here this year, he said.
The Bank of Thailand expected final figures would show the economy expanded by 2.8% last year, but projected 3.5% growth by the end of this year. The forecast was in line with two other state agencies, Mr Somkid said.
The National Economic and Social Development Board expected the economy to expand in the range of 3-4%, while the Fiscal Policy Office under the Finance Ministry targeted a 3.8% increase.
Export figures for 2015 were expected to show a 5% contraction attributable to the weak global economy, but the Commerce Ministry had said it expected a turn around to positive territory of around 5% this year.
Mr Somkid said the Commerce Ministry's target is attainable and showed confidence in a better economic outlook for this year.