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Thai economy slowing but not in recession yet - finance minister

Thai economy slowing but not in recession yet - finance minister
FILE PHOTO: Uttama Savanayana, the Palang Pracharat Party leader, talks to reporters during a press conference in Bangkok, Thailand June 4, 2019. REUTERS/Soe Zeya Tun -
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SOE ZEYA TUN(Reuters)
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BANGKOK (Reuters) – Thailand’s economy is just slowing but not in a recession yet and recently announced government stimulus measures should help lift growth to 3% this year, the country’s finance minister said on Wednesday.

Uttama Savanayana also told reporters that he was not worried about high household debt levels as some loans are still generating income and are secured.

Thailand’s household debt was equivalent to 78.7% of gross domestic product (GDP) at the end of March, and has been a drag on consumption, which makes up half of the economy.

Last year’s economic growth was 4.1%.

(Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Muralikumar Anantharaman)

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