BANGKOK (NNT) - Private companies held a national chambers of commerce seminar to gather suggestions on economic stimulation. Deputy Prime Minister Somkid Jatusripitak, who is to receive these suggestions in the name of the government, stressed that the Thai economy is actually growing, albeit slowly due to global economic challenges.

Deputy Prime Minister Somkid Jatusripitak delivered a speech on cooperation, in which he stressed that the Thai economy is growing at a slow pace, pointing out that the country’s low 2.5-2.6 percent economic growth is a consequence of the U.S.-China trade war, which is affecting the export sector.

The Thai economy relies heavily on the export sector, which represents 70 percent of GDP, with most of the exports being farm products. The sector is also suffering from an appreciating Thai baht, which is being addressed by the Bank of Thailand.

He pointed out the Thai baht will not depreciate to 32 baht per 1 U.S. dollar like in the past, requiring companies to adjust for survival. He said the economy in Q4 2019 will show recovery due to stimulus measures issued by the government.

At the 37th national chambers of commerce seminar, held in Lampang, the Thai Chamber of Commerce and the Board of Trade Chairman Kalin Sarasin delivered a white paper, containing suggestions for economic measures by private companies, to the Deputy Prime Minister. These suggestions cover efforts to reduce economic inequalities, in keeping with the government’s 20-year national strategy.

The private sector has expressed its willingness to cooperate with the government to drive the economy forward. They are asking the government to disclose non-classified information for companies to enable business analysis.

Companies have suggested that the government arrange a more diverse range of tourism activities, such as musical performances and international sports competitions, as well as promoting the film industry. They have also asked the government to provide better support for local stores.

National News Bureau Of Thailand