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Thailand - GOV - Economic growth rate affected by political situation

“Political crisis within the country and the prolonged demonstration have already affected the economic growth rate of the country by over 0.5 percent” said Finance Minister.

Mr. Korn Chatikavanij, Finance Minister revealed measures to help those affected by the demonstration of the United front for Democracy against Dictatorship (UDD) at the protest site in Ratchaprasong, Silom, and Panfa Lilas bridge. For the initial action, the Ministry of Labour will help the unemployed by granting 7,500 baht monthly compensation for each person for 6 months. “Regarding the 3,000 baht Cash Handout, we haven’t got the report from the working team, so we have to wait for the conclusion of how we will take action towards this” said Mr. Korn. “Concerning the political situation, it’s undeniable to say that our economy has been affected nationwide, especially in Phuket where the room booking rate has decreased to only 12 percent which affects the national economic growth by over 0.5 percent. And if this continues, our GDP will be hit up to 2 percent.”

The Finance Minister also talked about solving informal debt that “next week, the ministry will announce additional measure to help debtors. This will also be the way to solve informal debt for every debtor in the project”

For the idea of granting cash card for debtors with good liquidity to circulate more money, Mr. Korn said that it’s another measure to be implemented. The committees of the Ministry of Interior and relevant agencies have cooperated to take care of about 600,000 debtors who join the project. “We’ve already called about 400,000-500,000 debtors who have the debt value of over 50,000 baht to come and negotiate with the creditors, and we hope to finish this within May or the latest in June. Afterwards, we will send those who finish with the negotiation to related financial institutions to deal with further loaning, which we believe can be done within this September” said Mr. Korn.

“Dealing with the informal debt is the hardest thing to accomplish, but the government can do this. We insist that we will help everybody who has registered and we will not abandon anybody. Even though some might say that there’s a problem since the opening for the registration fearing that there wouldn’t be people who dare to register or that there would be a problem during the time of negotiation, we have done a good job to deal with the problem and we also have closely cooperated with the Ministry of Interior, and we’ve found no problems so far” said the Finance Minister.

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