PUBLISHED: 5 Nov 2024 at 08: 03
To boost the economy, Prime Minister Paetongtarn Shinawatra gave instructions to government authorities to speed the funding resources for the fiscal time 2025.
Ms. Paetongtarn, who chaired the Finance Ministry’s meeting on Monday, stated that the nation had a myriad of issues that had grown over the years as well as fresh problems.
She noted that public spending is a powerful tool for stimulating personal wasting and consumption while stressing that the government must address deep structural issues, create resilience, and encourage growth.
The top continued, noting that the 900-billion-baht investment fund, which accounts for 5 % of the nation’s GDP, would result in economic activity and income and contribute to the desired GDP growth.
Lavaron Sangsnit, the government’s permanent secretary for funding, stated that the government intends to allocate at least 80 % of the investment funds. He claimed that accelerating fund disbursement would help achieve that goal without the need for further measures.
Mr. Lavaron urged state companies to carry on the upward trend that he described as the first quarter of the 2025 fiscal month in October.
The governmental 2025 expenditure of 3.75 trillion ringgit took impact on Oct 1, with the investment funds of 900 billion bass accounting for 24.2 % of the overall costs.
Nevertheless, the Bank of Thailand’s north office announced on Monday that the government’s stimulus measures and the start of the higher tourism season are expected to improve the economy and consumer sentiment in the upcoming quarter of this year.
The professional manufacturing industry is anticipated to grow as a result of the holiday season’s rising consumer demand and increased demand from foreign lovers. Farmers ‘ money is expected to decline as a result of the region’s higher cost of living and severe flood.
A drop in consumer spending, quick changes in the market, and politics are highlighted as key challenges for the region, despite the treatment in the hospitality sector.
New flooding caused extensive damage in Chiang Mai, Chiang Rai, Phayao, Phrae, Nan, Lampang, and Lamphun. The damage is thought to be at least 14 billion baht, which is expected to reduce GRP ( Gross Regional Product ) by 0.7 %.