ASEAN KEY DESTINATIONS
Tourism, infrastructure to support Thailand’s economy this year
THAILAND’S record tourist arrivals and public works spending are expected to offset weak domestic demand and global economic drag, keeping Southeast Asia’s second-largest economy on course for 3.1 per cent growth this year, the central bank governor told Reuters in an interview.
The trade-dependent economy has been hit hard by the deteriorating global economic environment and the slowdown in demand for exports, which the Bank of Thailand (BOT) expects to decline for the fourth consecutive year in 2016.
Tourism has been one of the few bright spots in the Thai economy, and government spending on big ticket infrastructure should give a jolt to the sluggish economy later in the year, BOT Governor Veerathai Santiprabhob (pictured) said.
“We are on track,” Veerathai told Reuters in an interview on Friday. “We’ll have to monitor the secondary impacts of Brexit. Certain sectors of our economy have been hit by China’s transition. But we expect to see better government disbursement for large projects in the second half of the year.”
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Indonesia to launch 13th economic package this month
Coordinating Economic Minister Darmin Nasution said on Wednesday that the government would release its 13th economic policy package in August, adding that the draft had been completed.
Darmin said the 13th package was largely an extension of the previous one, but would expand its focus beyond industry. The 12th package focused on small and medium enterprises.
"We are just waiting to schedule a meeting with the president," Darmin told reporters at his office. He refused to give the exact date the new policy package would come into effect.
The ministry team must meet with President Joko "Jokowi" Widodo one more time to finalize the details, Darmin said.