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Thai finance minister still eyeing GDP growth of 1.3% this year By Reuters


© Reuters. FILE PHOTO. Arkhom Termpittayapaisith is the Thai finance minister and speaks with Reuters at Bangkok on January 21, 2021. REUTERS/Chalinee Thirasupa/File Photo

BANGKOK (Reuters) – Thailand’s economy is still expected to grow 1.3% this year and the government is maintaining a target of 4-5% growth next year as it makes a push to revive a struggling economy through support measures, the finance minister said on Monday.

The Southeast Asian country’s worst coronavirus outbreak to date led to tougher restrictions imposed in July and August that slowed activity, but those curbs have since been eased and authorities on Monday approved the reopening of more types of businesses.

Although the economic impact of coronavirus epidemics has been severe, however, government responded quickly to the crisis with financial and fiscal measures. Arkhom Thaptayapaisith from Finance Ministry spoke at a seminar.

He stated that the government would accelerate efforts to revitalise and revitalize the economy in the future.

The government recently lifted the public debt ceiling for more fiscal flexibility to support growth.

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We still think that our economy will grow at 1.3% by 2021. Arkhom noted that the public sector is more optimistic than Arkhom.

Arkhom said that the momentum of 4-5% economic growth will be maintained for next year.

Sethaput Suthiwartnarueput, Governor of Bank of Thailand said that while the economy may grow by less than 1 percent this year, the bank would be ready to implement or modify measures to aid debtors.

The BOT will review its monetary policy and update its economic forecasts on Wednesday. The current projection for GDP growth is 0.7%.

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