||5 September 2009
Thailand to inject $2.9bn to boost economy
Thailand's government will spend another 100 billion baht ($2.93 billion) over the next few months to shore up the sluggish domestic economy, local news reports quoted Prime Minister Abhisit Vejjajiva as saying Friday morning.
Speaking at a function to mark the launch of the Thai Khem Kaeng scheme, or the Strong Thailand project, at Bangkok's Impact Arena, Abhisit said the government investments will enable the economy to recover, Thai language news agency Krunthep Turakij Online reported.
The government's spending will help boost the private investment and the economy is expected to start growing from the fourth quarter of this year (following the first three quarters' contraction), the prime minister said.
The Strong Thailand scheme is actually under the government's second economic stimulus package.
The 100-billion-baht fund is part of the second stimulus package worth 1.43 trillion baht ($41.90 billion) in total, which will be used to finance multi projects from 2009 to 2012.
Abhisit said the 1.43-trillion-baht budget allocated for the Thai Khem Kaeng plan will create at least 1.5 million jobs.
The ratio of public debt to the country's gross domestic product will fall to 58 percent in 2013 and 50 percent in 2016, he said.
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