PM orders economics team to take care of economic situation

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Bangkok,14 August 2019 (NNT) – The Prime Minister has ordered his economics team to comprehensively take care of the economic situation in the country and closely study the global economy. The first economics cabinet meeting is expected to be held on August 16.

Government Spokesman Naruemon Phinyosinwat, disclosed today, that at a cabinet meeting, Prime Minister and Defense Minister Gen Prayut Chan-o-cha had expressed his concerns about the broader economic situation especially the trade war between China and the United States which affects the global economy and Thai exports. He assigned relevant agencies to closely follow up on the situation. The Minister of Finance also reported on the economics overview, calling for the preparation of a plan to cope with the developing situation. He reported on various economic indicators that have slowed down, such as the country’s export figures in the first six months which contracted by 2.7-2.8 percent and compared the numbers to those of other countries that were no less affected.

Meanwhile, the tourism sector is still not much affected. The Bank of Thailand (BOT) has cut interest rates making the baht depreciate slightly. The Minister of Finance also informed the meeting of guidelines for the formation of a joint committee to oversee the economy that will consist of various independent organizations such as the BOT and the Stock Exchange of Thailand. He confirmed that the establishment of this committee is not intended to control the independent organizations but will allow them to work together.

The Minister of Finance reported on progress in launching economic stimulus measures which are expected to be submitted to the first economics cabinet meeting on August 16, 2019. The Prime Minister, therefore instructed all ministries to ensure cooperation and use the Bio Economy, Circular Economy and Green Economy models to help adjust the economic structure to address the economic downturn and raise the prices of agricultural products.

The meeting also considered the 2020 annual budget expenditure plans from 11 agencies, such as the King Prajadhipok Institute; the Office of the Administrative Court; the Office of the Attorney General; Office of the Ombudsman, etc.