Thailand to Ramp Up Investment Spending and Revise Economic Growth Target

Thailand is set to intensify its investment expenditure and establish a fresh objective for economic growth this year, according to the finance minister’s announcement on Monday, as part of efforts to stimulate the economy that has fallen behind its regional counterparts.

At a gathering of economic ministers convened to deliberate on stimulus measures, Finance Minister Pichai Chunhavajira expressed the government’s intent to have a minimum of 70% of the investment budget utilized by the current fiscal year ending in September. As of June 7, approximately 38.6% of the investment funds had been disbursed, Pichai noted.

Stressing the necessity for immediate stimulus actions to jumpstart economic growth, Pichai outlined Thailand’s plans, with an anticipated growth rate of just 2.5% for the year, emphasizing that the economy should ideally be expanding by a minimum of 3.5% annually.

Thailand saw an economic growth of 1.5% in the first quarter compared to the same period a year earlier, marking a slowdown from the 1.7% expansion in the preceding quarter.