Thailand's prime minister said Monday the country's economic growth would recover and could shift to a positive trend by the third quarter of 2009 as his recent fiscal stimulus package kicks in.
Abhisit Vejjajiva also told an audience of private investors in Bangkok that the government would borrow international funds if the 116.7-billion-baht (US$3.3 billion) package did not significantly boost economic fortunes.
"I am confident that our economic growth in the third and fourth quarters this year will recover to become positive... the government's economic measures are likely to show fruitful results," Prime Minister Abhisit Vejjajiva said.
"If the world economy remains in recession we plan to borrow money," in the second half of 2009 from the World Bank, Asian Development Bank or Japan International Cooperation Agency, he added.
Domestic growth figures have not yet been announced for the fourth quarter of 2008, but Thailand's gross domestic product growth slowed to four per cent in the third quarter last year.
GDP was down from 5.3 per cent in the second quarter and six per cent in the first, prompting the National Economic and Social Development Board to revise its outlook for the year to 4.5 per cent.
Abhisit unveiled a 116.7-billion-baht (US$3.3 billion) package at the end of January aimed at combating economic gloom caused by last year's airport blockades and the world financial crisis.
The plan is a mixture of cash handouts for low earners, tax cuts, expanded free education and subsidies for transport and utilities.
But critics have called it a short-term fix to a long-term problem, and have questioned the value of handing out one-off payments of 2,000 baht to poor families and cutting taxes as global financial woes bite.
Abhisit Vejjajiva also told an audience of private investors in Bangkok that the government would borrow international funds if the 116.7-billion-baht (US$3.3 billion) package did not significantly boost economic fortunes.
"I am confident that our economic growth in the third and fourth quarters this year will recover to become positive... the government's economic measures are likely to show fruitful results," Prime Minister Abhisit Vejjajiva said.
"If the world economy remains in recession we plan to borrow money," in the second half of 2009 from the World Bank, Asian Development Bank or Japan International Cooperation Agency, he added.
Domestic growth figures have not yet been announced for the fourth quarter of 2008, but Thailand's gross domestic product growth slowed to four per cent in the third quarter last year.
GDP was down from 5.3 per cent in the second quarter and six per cent in the first, prompting the National Economic and Social Development Board to revise its outlook for the year to 4.5 per cent.
Abhisit unveiled a 116.7-billion-baht (US$3.3 billion) package at the end of January aimed at combating economic gloom caused by last year's airport blockades and the world financial crisis.
The plan is a mixture of cash handouts for low earners, tax cuts, expanded free education and subsidies for transport and utilities.
But critics have called it a short-term fix to a long-term problem, and have questioned the value of handing out one-off payments of 2,000 baht to poor families and cutting taxes as global financial woes bite.
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