16:10 | 09/06/2019 Global Economy
The private sector of Thailand has called on the country’s Government to introduce economic stimulus packages to support economic growth in the remainder of 2019 amid growth slowdown, local media reported.
|A view of Bangkok capital city of Thailand - Photo: AFP/VNA|
Chairman of the Thai Bankers Association Predee Daochai said on June 5 that the Joint Standing Committee on Commerce, Industry and Banking will ask the Government to launch an economic stimulus package, especially tax incentives.
Tax measures to boost spending and the property sector could support domestic consumption and the Thai economy in the remainder of the year, he said, noting that an urgent economic stimulus is necessary because disbursement of the 2020 fiscal budget will be delayed by the process of forming the new government.
He added such measures are needed to support the Thai economy amid external uncertainties, particularly the US-China trade tension.
Thailand’s economic growth this year is being constricted by the escalating trade war between the US and China. Given negative external factors, the country’s exports contracted 1.9 percent year on year in the first four months of 2019, compared with a growth rate of above 6 percent in the same period of 2018.