(Photo: Somchai Poomlard)The government insists the economy is in a crisis and requires a stimulus package to prevent the situation from deteriorating and a recovery harder to mount. In a post that likened the country's economy to a bleeding patient, Dr Surapong said this year's GDP growth was likely to be below 2%, or lower than previous forecasts. Last year, the Finance Ministry's Fiscal Policy Office projected GDP growth this year would reach 3.85% before later revising the figure down to 2.7%. Dr Surapong said GDP growth corresponds to money supply growth. In July, excess liquidity was negative 858 billion baht and this hit 1 trillion baht in August.

Source: Bangkok Post November 16, 2023 13:54 UTC