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PM wants higher rate of growth Revised target of 3.5-4% `too low` Post Reporters - 21.3.01 - The prime minister feels the revised economic growth rate of 3.5-4% is too low and has instructed state agencies to work out measures to stimulate higher growth. Thaksin Shinawatra stressed four main areas: export promotion, import reduction, encouraging tourism and stimulating consumption demand. Officials concerned have been given two weeks to work out their measures in the respective areas. Mr Thaksin, after acknowledging the revised economic growth rate of 3.5-4% by the National Economic and Social Development Board, said such growth would not even enable the government to service its foreign debt, let alone sustain economic rehabilitation. Although the government has limited budget for spending in this fiscal year, it will allocate more funds to serve its stimulus policies in the new fiscal year, Mr Thaksin said. The premier has also ordered the value-added tax be maintained at 7% until the end of September 2002. Earlier, the rate was to revert back to 10% in October this year. As a result the government`s revenue will be reduced by 30 billion baht. Meanwhile, Finance Minister Somkid Jatusripitak said with the stimulus packages to be launched, he is confident the domestic economy will start recovering by the middle of the year, although external factors were still gloomy. He said the Finance Ministry will issue measures in mid-April to promote exports, reduce imports and support tourism. Tourism, in particular, will become a major source of foreign exchange and the government has an ambitious plan to boost income from tourism by 50 billion baht a year from the base of 300 billion baht in 2000, Mr Somkid said. The Tourism Authority of Thailand earlier projected that income from tourism would grow by 10% to 329 billion baht this year. But TAT governor Pradesh Payakvichien did not say if it would be possible to boost income from tourism by 50 billion baht as Mr Thaksin wants. Mr Somkid said the country`s economic growth relied heavily on export earnings, which attributed to some 45% of gross domestic product, and "we will try to adjust the GDP structure by reducing the dependence on exports to 40%". Commerce Minister Adisai Bodharamik said although the ministry`s projection of export growth of 11% this year was unrealistically high, he would try to accelerate exports and eliminate any impediments. PM`s Office Minister Chaturon Chaisaeng, who supervises the Budget Bureau, said the expenditure budget for 2002 will amount to 960 billion baht, with a deficit of 137 billion baht, equivalent to 2.5-2.7% of GDP. From the budget about 73-80 billion baht would be set aside to stimulate the economy. However, sources in the Finance Ministry said the government`s budget deficit is likely to be greater than expected. The expenditure budget for this year was set at 910 billion baht and the government expected to collect 805 billion baht as revenue. But based on the latest assessment, the revenue collection is likely to amount to only 773.18 billion baht as revenues by the three tax collection departments were lower than projections. Collection of the Revenue Department would amount to 474 billion baht against a target of 490.21 billion baht; the Excise Department is likely to earn 172 billion baht against a target of 184.39 billion baht; and revenue from the Customs Department is expected to reach 94.46 billion baht against a projected 100.32 billion baht. |
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| aus der Diskussion: | Waste or make money in Thailand |
| Autor (Datum des Eintrages): | BodyG (21.03.01 08:36:53) |
| Beitrag: | 574 von 611 (ID:3142422) |
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