Country on course to achieve 1.2% growth this year

Country on course to achieve 1.2% growth this year

Thailand is on course to achieve economic growth of around 1.2% this year, said government spokesman Thanakorn Wangboonkongchana, adding the economy is likely to grow by 3.5-4% next year.

Thailand's foreign reserves reached US$246 billion (about 8.17 trillion baht) in October, he continued, which is about three times the size of the country's short-term foreign debt obligations.

Foreign reserves have an important role in maintaining economic stability, as they act as a buffer against volatility in the international markets. They also help to stabilise the value of the baht in the face of fluctuations which can put pressure on exports and prices of goods.

Mr Thanakorn said foreign reserves are a key indicator of a country's monetary stability and security.

"Prime Minister Prayut Chan-o-cha is working to implement strategic policies to promote the country's growth while curtailing the Covid-19 pandemic," the spokesman said.

The country's cautious reopening has allowed some businesses in the pandemic-battered tourism sector -- one of the biggest drivers of Thailand's economic growth -- to recover. Many, however, have yet to see businesses return to near pre-pandemic levels.

Mr Thanakorn said the economy will be further stimulated once the government invests its one-trillion-baht recovery fund -- 600 billion baht of which is earmarked for investments in basic infrastructure projects and stimulus measures.

The remaining 300 billion baht will be used to finance job creation schemes and rehabilitate businesses.

Foreign businesses with high capacity will be offered incentives to invest in technology-intensive industries and film production, he added.

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