Thai cabinet approves additional stimulus, targets 3% growth

Credit: REUTERS/© Jorge Silva / Reuters

Thailand's cabinet on Tuesday approved an additional stimulus package valued at 5.8 billion baht ($191.36 million) and expects the economy to grow close to its target of 3%, its finance minister said, as it seeks to shore up a flagging economy.

BANGKOK, Oct 22 (Reuters) - Thailand's cabinet on Tuesday approved an additional stimulus package valued at 5.8 billion baht ($191.36 million) and expects the economy to grow close to its target of 3%, its finance minister said, as it seeks to shore up a flagging economy.

Southeast Asia's second-largest economy had its weakest annual growth rate in four years, expanding 2.3% in the second quarter, as exports have declined amid rising trade tensions and a strong baht THB=TH.

"We are trying, which is why there are these new measures, but global economic conditions like this, we will try to achieve our target of 3% growth," Uttama said.

The additional package comes months after the government rolled out a $10 billion stimulus programme.

The measures announced include a 2 billion baht consumption promotion programme, reduction of real estate transfer fees worth 2.6 billion baht and low-interest loans from the Government Housing Bank, valued at 1.2 billion baht, Uttama said.

($1 = 30.3100 baht)

(Reporting by Satawasin Staporncharnchai; Writing by Chayut Setboonsarng; Editing by Alex Richardson)

((chayut.setboonsarng@tr.com; +66854849033;))

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