Connect with us

Politics

PM holds urgent meetings with Thailand’s economic tsars today

Thaiger

Published

 on 

image
image

The PM has put himself in control of Thailand’s economic matters nominating himself as Chairman of the Council of Economic Affairs. Today the PM Prayut Chan-o-cha holds talks with top officials of four key economic institutions on the budget bill as the economy, which has been a regional leader over the past decade, stutters.

Academics are calling for cuts in military spending as the new government prepares to set the expenditure budget for fiscal 2020, while urging the administration to spend more on economic reform, education and public health.

Prayut is meeting with representatives from Finance Ministry, Budget Bureau, National Economic and Social Development Council and the Bank of Thailand today. He says his priority is to push through the budget bill which is expected to be delayed by about four months from the normal starting date in October.

The new government is expected to set the expenditure target at 3.2-3.3 trillion baht, running a modest deficit of about 450 billion baht, according to The Nation.

The expenditure on military hardware is expected to be closely scrutinised by the opposition and the public. Over the past five years under military rule, critics had blamed the junta-backed government for the rises in military budget under the Defence Ministry, such as the purchase of Chinese-made submarines with tax-payers’ money.

Somchai Sujjapongse, former permanent secretary for finance, said that military spending should be cut and more funding should be allocated in support of the low and middle income groups and education”.

“Cyber-war is here, no need for tanks and other military hardware.”

Nada Chansom, an economist at the School of Development Economics, National Institute of Development Administration NIDA, shared a similar view with Somchai, saying that the budget on national security should be reduced in order to increase spending on education, public health and economic restructuring.

“The global economic slowdown, strengthening of the baht and the slide in Thai exports will pose serious challenges for the new government.”

Meanwhile, the Bank of Thailand reports that overall economic activity in the second quarter of 2019 expanded moderately from the same period last year. Merchandise exports continued to contract, consistent with the decline in manufacturing production, while the tourism sector expanded at a slower rate, mainly due to a decline in the number of Chinese tourists.

However, overall domestic demand continued to expand, albeit at a softer pace. Private consumption softened from almost all spending categories, except non-durable goods. Private investment contracted in both investment in machinery and equipment and investment in construction.

SOURCE: The Nation

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forum
🔔 Subscribe to our daily newsletter
📺 Subscribe / Join for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Thailand's largest online portal for news and information.

Follow Thaiger by email:

Tourism3 hours ago

Songkhla prepares for tourism across the Southern land border

Thailand4 hours ago

French expat being denied re-entry to Thailand over repeated criticism of the Thai monarchy

Coronavirus (Covid-19)4 hours ago

COVID-19 SATURDAY: 6,073 infections, 32 deaths, provincial data

Sponsored2 days ago

CBRE recommends top 5 luxury condominiums in Phuket with fantastic locations

imageimage
Coronavirus (Covid-19)5 hours ago

Omicron causing concern, Thai authorities ban travellers from 8 countries

Coronavirus (Covid-19)7 hours ago

Thailand’s nightlife venues and bars told to keep closed until January 16

Protests8 hours ago

Amnesty International under investigation for defending activists

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus (Covid-19)11 hours ago

New Covid-19 strain named “Omicron” and a variant of concern

Thailand12 hours ago

Entertainment venues will not open before January 16

World13 hours ago

“Omicron” – a new Covid variant triggers travel alarms as flights disrupted

Coronavirus (Covid-19)1 day ago

Vaccine passport soon to be made digital and issued for free

Bangkok1 day ago

Bang Sue Grand Station to use only Pfizer and Moderna vaccine

Thailand1 day ago

Thailand News Today | Thailand purchases Covid pills, Democracy summit snubbs Thailand | Nov 26

Phuket1 day ago

Phuket traffic police deny Facebook accusal of targeting tourists

Thailand1 day ago

CCSA hints that some bars and nightclubs could reopen before January 16

Thailand1 day ago

Easier entry for foreign tourists: CCSA approves ATK for on-arrival screening

Thailand2 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand9 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism9 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket9 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism9 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand9 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism9 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand10 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand10 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand10 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand11 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand11 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand11 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand11 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand11 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Trending