Thai government to accelerate mega-investment projects

BANGKOK, May 18 (TNA) - The Thai government, through the Ministry of Finance, is speeding up budget disbursements for public mega-investment projects to stimulate the national economy to grow by 3.7 per cent on average this year. Finance Minister Sommai Phasee told journalists of the policy on Monday, saying that the budget disbursement acceleration was set to start when the country enters its 2019 fiscal year in October 2015 in order to boost the Thai economy late this year. Sommai noted the 3.7 per cent growth rate of the Thai economy that his ministry has predicted echoes the latest revised forecast of Thailand's gross domestic product (GDP) expansion of 3-4 this year, also announced on Monday, made by the Office of the National Economic and Social Development Board (NESDB), due to a global economic slowdown, including those in China, South Korea and Malaysia. NESDB Secretary-General Arkhom Termpittayapaisith acknowledged that his office's latest forecast of the national economic growth rate in 2015 dropped from its earlier prediction of 3.5-4.5 per cent, as Thai exports, including those of farm products, have declined due to the global economic slowdown, the appreciation of the Thai baht, fluctuating world oil and farm products prices and the terminated privileges for Thai exports under Europe’s Generalized System of Preferences (GSP). Meanwhile, Permanent Secretary for Commerce Chutima Bunyapraphasara estimated that Thai exports should grow by 1.2 per cent on average this year and her ministry has worked out an export promotion plan with the local private sector. According to the top Commerce Ministry official, her ministry has eyed to maintain Thai export markets in the United States, Japan, China and the Association of Southeast Asian Nations (ASEAN), which account for about 30 per cent of overall Thai export markets, while also trying to expand Thai exports to China, India, Africa and the Middle East. The senior official projected as well that the value of Thailand's border trade should stand at 1.5 trillion baht in 2015, pointing out that from October 2014 to March 2015, Thailand's border trade had amounted to 695.17 billion baht. (TNA)