Fresh economic stimulus measures are likely to be unveiled later this year in a last-ditch effort to boost full-year economic growth after the third quarter turned out soft figures.
The Finance Ministry is mulling aid measures for several sectors, and such measures must help revive the domestic economy and consumption, particularly for small and medium-sized enterprises (SMEs), said Finance Minister Uttama Savanayana.
"The ministry is closely monitoring the economic situation," he said. "A new stimulus package is possible, and if it is rolled out ahead of year-end, this will be a New Year's gift to the public."
The economic growth reading of 2.4% year-on-year in the third quarter prompted the National Economic and Social Development Council to slash its 2019 GDP forecast again to 2.6% -- from an earlier projection of 2.7%-3.2% -- while Mr Uttama recently said growth was unlikely to reach 2.8% as predicted by the Finance Ministry.
Stimulus is necessary during these trying times, he said, as each sector can tolerate the economic slowdown to varying degrees, but the farming sector and SMEs require assistance.
The global economic slowdown has taken a toll on exports, which make up 70% of Thailand's GDP, Mr Uttama said.
The root of the problem is that the country's manufacturers still produce conventional products that are difficult to sell under current circumstances, thus hurting employment and weakening purchasing power, he said.
Mr Uttama said both local and foreign investors have expressed confidence in the Eastern Economic Corridor (EEC) after basic infrastructure there made strides.
The EEC must be aggressively promoted to prod investors to kick-start their investment in the corridor, he said.
The EEC is the government's flagship investment scheme, spanning the eastern provinces of Chon Buri, Rayong and Chachoengsao. The government aims for the corridor to be home to 12 targeted industries.
Thailand is at an inflection point to catch up with the new economy, Mr Uttama said, and if it can adapt via the EEC then the country can move forward.