“No stimulus for property sector” – Thai finance minister

The Finance Minister Uttama Savanayana told a seminar in Bangkok yesterday that the government’s stimulus packages were for the ‘grass roots economy’ and the property sector can cope on its own, without any government assistance.

He was speaking at a property seminar hosted by the Krungthep Turakit newspaper yesterday. He said that that the real estate sector could readily adjust to the Bank of Thailand’s loan-to-value (LTV) criteria on mortgage loans that took effect last April.

“The government’s latest economic stimulus packages are aimed at helping revive the grassroots economy, and that should in turn benefit to the property sector.”

The 316 billion baht stimulus package approved by the Cabinet on August 20 focuses on cash handouts for low-income earners and domestic travellers and extends soft loans to drought-afflicted farmers.

The upbeat finance minister also said that, once the US-China trade war is sorted out, the Thai economy will expand at a faster rate.

“The Thai economy continues to expand.”

“Regardless of what happens with the US-China trade talks, GDP growth will reach 3%, as forecast by the National Economic and Social Development Council.”

SOURCE: The Nation