Thai finance minister says economy not good, with growth worsening

BANGKOK: Thailand’s economy has not been good for a long time, with growth deteriorating as it faces structural problems, the finance minister said on Wednesday ( Jul 10 ).

According to Pichai Chunhavajira, the government was aiming to increase economic growth from recent estimates of about 2.5 percent to 3 percent this year.

Southeast Asia’s second-largest business expanded 1.9 per cent next year, lagging local contemporaries, as it faced weak imports and large household debt and saving costs. Over the past ten years, the common economic growth rate was 1.73 per cent.

At least 35 million foreign tourists were expected to arrive this year, according to Pichai, who predicted that tourism do help propel the economy. In 2019, before the crisis, there was a record of nearly 40 million readers.

In light of rising bad debts, he added, it was necessary to address the latest household debt, which accounts for more than 90 % of GDP.

Pichai expressed his hope that the central bank had rest mortgage loan-to-value regulations to help the housing industry.