TRA asks govt’s help as sales slow
The Thai Retailers Association (TRA) sees consumer spending power growing at a less than optimal rate in the first half of 2019.
It urged the government to consider tax cuts on luxury goods and mounting promotions such as a Thailand Grand Sale to attract tourists.
It called for wage hikes for the elderly and a minimum wage for jobs paid by the hour, as well as promotion of border trade to stimulate the economy and better distribute wealth, TRA president Worawoot Ounjai said on Monday.
He said the retail sector showed signs of recovery in every product category in 2018, but the momentum slipped in the third and fourth quarters.
“This has resulted in the retail sector growing just 3.1 per cent versus 2018’s national GDP growth of 4.0-4.1 per cent,” Worawoot said.
“The retail sector is highly important as a proportion of GDP, with the retail and wholesale sectors’ share of manufacturing GDP being 16.1 per cent, second only to industry. Retail and wholesale expansion has brought development to many provinces and created the most employment, being 16 per cent of employment in the country.”