Thai finance minister says economic growth to be driven to 3% this year

MONDAY, JUNE 24, 2024

Thailand's economic growth should be driven to 3% this year through public spending, tourism and exports, the finance minister said on Monday.

The economy should grow more than 3% next year, Finance Minister Pichai Chunhavajira told a news conference on measures to drive the capital market. Last year's growth of 1.9% lagged regional peers.

The Securities and Exchange of Thailand will seek cabinet approval on improved rules on investment in Thai environment, social and governance (ESG) funds, SEC head Pornanong Budsaratragoon told the conference.

The new rules will offer investors tax deductions of up to 300,000 baht ($8,186) or up to 30% of their income with a holding period of five years, compared with currently up to 100,000 baht and eight years, respectively.

Thailand's main stock index closed up 0.79% on Monday, hovering near the lowest in three years and seven months.

The index has fallen by 7% so far this year, becoming Asia's worst-performing market. ($1 = 36.65 baht)