Finance Ministry to discuss new economic stimulus measures
The Ministry of Finance is currently considering new economic stimulus measures to boost the economy in the second half of 2024. Previously, Deputy Prime Minister and Finance Minister Pichai Chunhavajira held discussions about the economic situation, particularly focusing on economic figures.
Despite the government’s extensive stimulus efforts, the economy grew by 1.5% in the first quarter of 2024, which, although higher than expected, remains the lowest compared to other ASEAN countries, said Deputy Finance Minister Julapan Amornvivat.
“In the upcoming economic Cabinet meeting on May 27, we will have our first formal discussion. We will address the issues and crises at hand, identify sectors that require attention, and assign responsibilities to various agencies to implement different mechanisms and measures,
“The Ministry of Finance has already done its homework and is ready to present at the economic cabinet meeting. I believe all agencies are equally prepared.”
However, details of the Ministry of Finance’s economic stimulus measures are not yet disclosed as they are still being finalised. The framework of these measures needs to be discussed further.
The economic figures for the first quarter of 2024 have been affected by a contraction in the export and industrial sectors, as well as delays in the 2024 budget.
Despite these challenges, the service and tourism sectors have helped to sustain the economy. There is optimism that the economic figures for the second quarter of 2024 will be better than the previous quarter due to the Songkran festival, during which the government has actively promoted tourism.
The discussions led by Pichai have been crucial in shaping the upcoming measures. Although the growth in the first quarter was modest, it was a clear signal that more targeted efforts are necessary to uplift the economic trajectory.
The involvement of multiple sectors in this collaborative effort aims to ensure that all critical areas are addressed.
The Ministry of Finance’s reluctance to reveal specific details of the new measures is understandable, given the need to finalise and refine the strategies. This cautious approach ensures that the measures, once implemented, will be effective and well-received, reported Khaosod.
