The Cabinet, during its
meeting on 17 December 2013, discussed impacts of anti-government protests on
the economy and tourism.
It was concerned that the
protests, which have continued for more than one month, might lead to
a further
slowdown in the economy.
Photo: AP
Government Spokesman Teerat
Ratanasevi said that Deputy Prime Minister and Finance Minister Kittiratt
Na-Ranong was assigned to look at the possibility of stimulating the economy
under the framework set by the Election Commission of Thailand. For instance,
the private sector might be asked to cooperate in helping revitalize the
economy.
He said that an assessment
would be made again to find out whether the economic slowdown would continue
until the first quarter of 2014. Budget disbursement in the first quarter is
likely to decelerate.
The Cabinet also
acknowledged a report on Thailand’s economic performance in 2013 and outlook in
2014. The report was prepared by the Office of the National Economic and Social
Development Board.
According to the report,
The Thai economy in 2013 is projected to grow by 3 percent, compared with 6.5
percent in 2012. It is expected that tourist arrivals in 2013 will meet the
target of 26.2 million. Inflation is expected to average 2.4 percent, compared
to 3 percent in 2012.
As for 2014, the growth
rate is likely to be around 4-5 percent. The economic performance is expected
to improve owing to the recovery of the global economy, which will help boost
exports. The situation will also bolster household consumption and investment.
Inflation is likely to be in the range of 2.1-3.1 percent. International
tourist arrivals in 2014 are expected to reach 28 million.
Meanwhile, the
Secretary-General of Thailand Board of Investment (BOI) Udom Wongviwatchai said
that despite the ongoing anti-government protests, BOI still opens its office
in Bangkok and seven offices in the regions of the country to offer services to
investors.
It pointed out that the anti-government
protests have had minimal impacts on the public and private sectors, which
continue to operate normally. Services such as public transport, banking,
sanitation, and utilities have all been provided as usual. The protesters have
declared their intention to continue their activities in a peaceful manner.
Confidence in Thailand’s
long-term potential remains strong among foreign and Thai investors, and BOI
continues to support and solicit projects from interested investors and
companies.
BOI believed that
Thailand’s investment in 2013 would reach about 900 billion baht, against 1.46
trillion baht registered in 2012. As for 2014, the country’s investment value
is expected to be 900 billion baht, as it would be in 2013.
(thailand.prd.go.th)