Cabinet approves additional stimulus, targets 3% growth

Cabinet approves additional stimulus, targets 3% growth

(Bangkok Post photo)
(Bangkok Post photo)

The cabinet on Tuesday approved an additional stimulus package valued at 5.8 billion baht and expects the economy to grow close to its target of 3%, finance minister Uttama Savanayana said, as it seeks to shore up a flagging economy.

Thailand's economy had its weakest annual growth rate in four years, expanding 2.3% in the second quarter, as exports have declined amid rising trade tensions and a strong baht.

"We are trying, which is why there are these new measures, but global economic conditions like this, we will try to achieve our target of 3% growth," Mr Uttama said.

The additional package comes months after the government rolled out a 316 billion baht stimulus programme.

The measures announced include a 2 billion baht consumption promotion programme, reduction of real estate transfer fees worth 2.6 billion baht and low-interest loans from the Government Housing Bank, valued at 1.2 billion baht, Mr Uttama said.

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