Thai Cabinet approves additional stimulus package, hopes to target 3 pct growth

The Thai Cabinet on Tuesday approved another stimulus package valued at 5.8 billion baht (191.4 million U.S. dollars), hoping to target a 3 percent growth in a flagging Thai economy.

Finance Minister Uttama Savanayana said the package included a 2 billion baht (66 million U.S. dollars) consumption promotion program, reduction of real estate transfer fees worth 2.6 billion baht (85.8 million U.S. dollars) and low-interest loans from the Government Housing Bank, valued at 1.2 billion baht (39.6 million U.S. dollars).

Uttama said that Thailand is experiencing its weakest annual growth rate in four years, expanding at 2.3 percent in the second quarter, as exports have declined in the midst of a global economic slowdown and a strong baht currency.

The additional package came months after the Thai government rolled out in April a 316 billion baht (10.43 billion U.S. dollars) stimulus program.

Source: China ASEAN Business Council