The Thai economy requires urgent stimulus measures after its growth declining in two consecutive quarters, the Fiscal Policy Office (FPO) of the Thai Financial Ministry stated on August 21.

FPO Deputy Director Ekniti Nitithanpraphat said that his agency is preparing to revise its economic growth forecast for year 2013 down from the prior forecast of 4.5 percent due to the clear signals of economic slowdown. These signals come from both consumption and private investment sectors.

He added that the Thai government needs to speed up the spending of the remaining budget of 170 billion THB (5.48 billion USD) in the 2013 fiscal year in order to stimulate the stagnate economy.

The 2-trillion-THB (64.5 billion USD) infrastructure development project plays an important role in pushing the economy between now and the year-end.

The National Economic and Social Development Board (NESDB) has announced the growth of Thailand’s gross domestic product (GDP) for the second quarter at 2.8 percent - slightly lower than the FPO’s estimate of 3 percent.-VNA