BANGKOK, Jan. 16 (Xinhua) -- Thai Deputy Prime Minister Somkid Jatusripitak said on Thursday that the Thai economy could face a major hurdle as a result from the strong Thai currency, global trade tension and the delay of the Thai government's fiscal 2020 budget bill
Speaking at the government house after a meeting with the economic executive team, Somkid told reporters that the Thai government needs careful policy implementations as the global trade friction and the slowdown in global economy had hit hard on Thai exports.
Furthermore, the 2020 budget bill delay has also affected state investment, Somkid said.
And now the strong baht has also become a new threat to the export sector, Thailand's main economic engine, said Somkid, who also heads the government's economic team.
"So I urge the private sector to take advantage of the strong baht," said Somkid. "Now it is your time to import your machinery and equipment."
"It is no point to put pressure onto the Bank of Thailand. It has already lowered its policy rate to an all-time low," said Somkid.
However, Somkid expressed optimism about the fiscal year 2020 budget bill.
The government will speed up investments and its infrastructure development, as well as promote tourism and the export sector, said Somkid.
