# Thai finance minister says economy not good, with growth worsening
Published: 2024-07-10
Category: News
Category URL: https://tradingherald.com/category/news/
Meta Title: Thai Finance Minister: Economy Struggling, Growth Shrinking
Meta Description: Thailand's economy facing challenges, growth deteriorating as government aims to boost growth to 3% from 2.5%. Tourism to drive economy amid high debt.
URL: https://tradingherald.com/thai-finance-minister-says-economy-not-good-with-growth-worsening/

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## Thai finance minister says economy not good, with growth worsening

BANGKOK (Reuters) -Thailand’s economy has not been good for a long time, with growth deteriorating as it faces structural problems, the [finance](https://tradingherald.com/understanding-the-role-of-financial-technology-in-trade-finance/) minister said on Wednesday.

The government was working to lift economic growth to 3% this year from current projections of about 2.5%, [Pichai](https://tradingherald.com/google-takes-wraps-off-its-answer-to-microsofts-ai-search-challenge/) Chunhavajira told a business seminar, adding growth was low compared with rates of close to 6% in the past.

Southeast Asia’s second-largest economy expanded 1.9% last year, lagging regional peers, as it faced weak exports and high household debt and borrowing costs. Average economic growth was 1.73% over the past decade.

Pichai said tourism would help drive the [economy,](https://tradingherald.com/uk-finance-minister-hunt-good-news-the-economy-is-growing/) as at least 35 million foreign tourist arrivals were expected this year. In 2019, before the pandemic, there was a record of nearly 40 million visitors.

He also said current household debt at more than 90% of gross domestic product needed to be urgently tackled amid rising bad loans.

Pichai said he was hoping the central bank would relax loan-to-value regulations for mortgages to support the property sector.

(Reporting by Orathai Sriring, Kitiphong Thaichareon and Thanadech Staporncharnchai; Editing by John Mair)


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