Thai Chamber of Commerce sees no need for stimulus measures

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BANGKOK, July 17 – Despite the forecast of a slower economy in the second half of this year, the Thai Chamber of Commerce and Board of Trade of Thailand believe that the government does not need to issue stimulus measures to boost the economy.

Honorary chairman Pramon Sutivong said the Thai economy is expected to grow 4 per cent or slightly lower in the second half of this year, for the public is tending to cut their spending while the Thai export sector is still moving slowly due to the fragile global economy.

The two organisations believe the government has no need to issue stimulus measures is because it will distort the country’s economic mechanism, Mr Pramon said.

The government should leave some time for the public to pay their debts rather than to encourage them to increase their household spending and thus create more debt, he added.

Meanwhile, the honorary chairman suggested the government should support small- and medium-sized enterprises (SMEs) to have more access to funding resources for more business flexibility.

Regarding the government’s Bt2 trillion infrastructure project, Mr Pramon viewed that it will not help boost the economy in the short run, but it will be a boon for the country’s economic competitiveness in the future.