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Thailand to introduce $629m measures to spur growth

Thailand to introduce $629m measures to spur growth

Mubasher: Thailand plans to introduce economic measures worth nearly 20 billion Thai baht (THB) ($629.41 million) to stimulate its slowing economic growth, Reuters reported.

The move aims to ramp up consumption, boost tourism and support low-income earners, Thai Finance Minister Apisak Tantivorawong said on Friday, adding that the measures will be submitted to cabinet in two weeks.

Thailand’s economy is projected to expand slower at 3% in the first and second quarters of this year, easing from a growth of 3.7% in the previous quarter, Apisak said.

A slowdown in global demand took a heavy toll on Thailand, a trade-oriented economy, while the Asian nation’s next government is expected to be formed after general elections last Match.

By 11:42 am GMT, the USD/THB pair ticked down 0.02% to THB 31.8220.