The National Economic and Social Development Board (NESDB) remains upbeat that the country's economy will still manage growth of 2.7-3.2% this year as projected.
Newly appointed secretary-general Porametee Vimolsiri said the government's new economic stimulus measures would be instrumental in helping to boost growth despite poor exports.
The government's planning unit projected in August that the economy could grow by 2.7-3.2% with an export contraction of 3.5%.
"With the government's new stimulus measures, we expect economic growth may reach 3% this year and possibly 4% next year," Mr Porametee said.
Porametee: Stimulus will offset export fall
The Budget Bureau expects at least 200 billion baht of the government's budget will be taken out in the final quarter as part of efforts to ramp up public spending and tackle cooling economic expansion.
In the first three months of fiscal 2016 starting Oct 1, state agencies plan to draw down investment budget to the tune of 86 billion baht, more than 7,000 tambons will take out 5 million each or 36.2 billion baht in total under the government's short-term stimulus for repairs and construction, 40 billion will be disbursed for small investment projects, and 68 billion left over from the previous fiscal year's investment budget will be drawn down.
If budget disbursement achieves the target, it will surpass the 118 billion baht taken out in the same period last year.
The Fiscal Policy Office recently said the government's plan to speed up budget disbursement for fiscal 2016 would drive economic growth in the fourth quarter and boost full-year growth to hit the upper end of its forecast at 3%.
The 5-million-baht budget per tambon and the acceleration of disbursement for small projects worth less than 1 million are part of the first stimulus measures initiated by the government's new economic team led by Deputy Prime Minister Somkid Jatusripitak.
Another measure in the package aimed at rapidly directing money into the pockets of rural residents is a 1-million-baht loan to each of 59,000 village funds to relend to low-income earners.
Mr Somkid said the economy had already bottomed out and would pick up in the last quarter mainly driven by the stimulus packages.