BANGKOK, Oct 29 (TNA) - The government will raise Thailand's central government budget by Bt100 billion
to stimulate the economy and prevent mass unemployment, according to Suchart Thada-Thamrongvech, Finance Minister.
To prevent the sluggish economy and mass unemployment, he said, the government decided to increase the central government's budget to distribute income to rural areas, and to triple the amount of money in circulation.
Mr. Suchart said the ministry discussed the issue with many agencies including the economic team of the opposition party.
The exact amount of the budget will be concluded by the Budget Bureau and the Office of the National Economic and Social Development Board (NESDB).
"The budget increase will raise the deficit budget from 2.5 per cent of the gross domestic product to 3.5 but it is necessary to do that to shoulder the affect of the economic crisis," he said.
Speaking about investment in the Thai stock market, Mr. Suchart said that the Bangkok market had slipped
due to market mechanisms as world stock markets plunge.
However, the government will not set up a fund to shore up the Thai stock market, he said, as it has already approved expanding the deductible amount of taxable income for retirement mutual funds and long-term equity funds. (TNA)
Business News : Last Update : 19:35:55 29 October 2008 (GMT+7:00)
|
