Thailand's economic stability remains sound

BANGKOK, April 30 (TNA) - The Ministry of Finance reports that Thailand's economic stability remains sound both internally and externally. Lavaron Sangsnit, Director-General of the ministry's Fiscal Policy Office (FPO), told journalists on April 29 that Thailand's sound internal economic stability could be witnessed by the country's low inflation rate at about 1.4 per cent this year despite its increase slightly from last year due to the rising trend of crude oil prices on the world market. Lavaron pointed out that the country's sound external economic stability could be, on the other hand, observed by a surplus of up to 37.8 billion US dollars of the Thai current account, accounting for about 6.8 per cent of the country's gross domestic product (GDP). The FPO chief said, however, that his ministry has revised downward its forecast figure of Thailand's GDP growth in 2019 to 3.8 per cent year-on-year on average, from 4 per cent year-on-year earlier projected, due to signs of a national economic slowdown since the first quarter of this year. According to the FPO chief, the signs include a drop in Thai exports caused by a slowdown in the world economy and the economies of trading partners due mainly to negative impacts from the unsettled trade war between the immense Chinese and the US economies. The FPO chief revealed that his ministry has also, thus, revised downward its projection of Thailand's export growth in 2019 to about 3.4 per cent year-on-year, from 4.5 per cent year-on-year earlier forecast. The FPO chief mentioned that like expanding public and private investment on infrastructure development projects, Thailand's exports of service products have, in particular, kept growing on top of last year, thanks to the government's decision on extending the period of the waiver of fees from the visa on arrival (VOA) of international visitors to the Thai Kingdom. The FPO chief acknowledged his ministry has worked out a new over 10-billion baht-economic stimulus package to be proposed to the Thai Cabinet, aimed to help boost the national economic growth in the second half of this year to about 4.5-4-6 per cent year-on-year in order that Thailand's GDP growth should stand about 3.8 per cent year-on-year on average in 2019 as projected. (TNA)