Deputy Prime Minister Somkid Jatusripitak has rosy expectations for the Thai economy, predicting it could outperform official government forecasts and top the 3% mark in 2015.
Speaking at Thai economic-outlook seminar in Bangkok on Wednesday, Mr Somkid said that, in the past three months, his economic team introduced three rounds of stimulus measures and their effects should be evident before the end of the year.
As a result, annual gross domestic product could rise by more than 3% barring a radical downturn in China's economic fortunes, Mr Somkid said. That prediction is rosier than official government expectations.
On Nov 16, the National Economic and Social Development Board revised its forecast for growth to 2.9% for the year, up from a range of 2.7%-3.2% in August. Third-quarter GDP also came in at 2.9%.
The stimulus measures introduced include lending by village funds, funding of sub-district-level projects worth 5 million baht per area, investment in small local development projects, regulatory changes to stimulate the property sector, and aid for small- and medium-sized enterprises.
Mr Somkid also characterised 2016 as a year of investment with the government already preparing measures and promotions to stimulate investment. He hoped that the private sector would invest alongside the government, which will spend heavily on infrastructure next year.