Private sector wants economic stimulus ahead of New Year

Representatives of the private sector’s Joint Standing Committee on Commerce, Industry and Banking met Prime Minister Paetongtarn Shinawatra at Government House on Monday and asked for economic stimulation measures to boost consumer spending ahead of the New Year festival.
After an hour-long meeting with the prime minister, JSCCIB chairman Sanan Angubolkul said economic stimulation was necessary during a  period of economic recovery. The private sector had come up with economic proposals that the government should implement right away,  before the New Year festival.
“These measures include government subsidy and tax incentives to encourage people to spend more in the remaining period of this year,” Mr Sanan said.
He said the government should introduce a debt moratorium of three to six months for debtors, especially those who default on pickup truck loans, and freeze the price of electricity and diesel to reduce costs for people in general and for business operators.
Assistance for those buying pickup trucks by instalment was essential. They could continue in business as long as their vehicles were not seized by creditors, Mr Sanan said.
The JSCCIB proposed both medium and long-term economic solutions which included assistance for small and medium-sized enterprises, water management and projects to increase national competitiveness.
Mr Sanan said if the government and private sector cooperated closely, Thailand’s gross domestic product could grow 4-5% next year.
Prime Minister Paetongtarn told reporters the growth potential of the Thai economy had been stalled for about a decade, resulting in rising household debt.
She said the country needed to find new sources of income to support economic growth, and the private sector could play an important role in raising national revenue.
The government and the private sector should cooperate on new methods of revenue generation and the government was ready to listen to and support relevant initiatives from the private sector, Ms Paetongtarn said.
The JSCCIB comprises representatives of the Thai Chamber of Commerce, the Federation of Thai Industries and the Thai Bankers’ Association.