Economic rules get nod:

Agencies ordered to follow roadmap

The government yesterday approved seven economic management directives for 2019 and 2020 as it aims for economic growth of at least 3% this year and 3.5% next year.

All related ministries and agencies are required to adopt the seven directives as a roadmap to spur the economy to achieve such targets, Kobsak Pootrakool, deputy secretary-general to prime minister Prayut Chan-o-cha for political affairs, said after the first meeting of the government’s economic ministers.

“The Thai economy has been hit hard by weak global demand since the middle of 2018,” Mr Kobsak said. “The global economy is getting worse as the trade row between the US and China escalates.”

He said the Thai economy in the second quarter is likely to fall below the first quarter’s rate because of a slew of risks.

Thailand’s economy grew by just 2.8% in the first quarter of this year,

its slowest since the end of 2014, due largely to a drop in exports and public investment.

The slowdown has forced the state planning unit, the National Economic and Social Development Council, to lower its full-year GDP growth forecast to 3.3-3.8% from 3.5-4.5% in an earlier projection.

The directives cover continued plans to help low-income earners and strengthen the local economy; aid to business operators; upgrades of farm prices and farmers’ income; export stimulus; acceleration of the state’s fiscal budget; improvements in the tourism sector; and private investment promotion.

Mr Kobsak said the economic cabinet also approved setting up a panel to supervise the implementation of those directives. Related economic agencies are required to report on progress to the economic cabinet every month.

He said the committee to drive the seven directives will evaluate the progress of the directives every three months.