DPM: Government's Bt2.2t investment will stimulate national economy

BANGKOK, November 23 (TNA) - The government's new mega-investment projects will help boost Thailand's economic growth and competitiveness over the next seven years. Speaking during the weekly TV and radio programme of Thai Prime Minister and Defence Minister Yingluck Shinawatra on Saturday (Nov 23) morning, Deputy Prime Minister and Finance Minister Kittirat Na-Ranong said he expects that the Thai economy should start rebounding next year, when the Thai government starts spending 2.2 trillion baht on new infrastructure investment projects, mostly in the local transport sector, and 350 billion baht on water management plans. Kittirat acknowledged that Thailand’s economic growth this year is below earlier expected, but it is not a pressure because the country's unemployment rate remains low. Meanwhile, Pornsilp Patcharintanakul, Deputy Chairman of the Thai Chamber of Commerce (TCC) Board pointed out that the ongoing domestic political turmoil could pose a problem, as the national economic growth this year is expected to stand around 3-3.5 per cent and at about 5 per cent next year if the government starts spending on those mega projects. Pornsilp suggested the best solution is that both anti-government demonstrators and the government “step back” and prioritize national interest. Boonchai Chokwatana, another deputy chair of the TCC board, cautioned that the Thai economy in 2014 would not improve if the government continued its populist policies, and that the ongoing anti-government demonstrations would also erode international investors’ confidence. (TNA)