The next government has the responsibility to create policies and manage the economy in such a way that maximises the country's economic growth potential, said Finance Minister Apisak Tantivorawong.
The minister said the next government will have to come up with creative ways and prudent policies to insulate Thailand from the negative effects of the trade war between the United States and China. It could not afford to rest idle.
Mr Apisak said that despite the gloomy outlook for economic growth, he is confident Thailand's economy can grow by 3.8% as previously predicted.
He also said that while the stimulus rolled out last month was enough to temporarily limit the impact of the US-China trade war on the domestic economy, more measures need to be implemented to protect Thailand's economic growth in light of the intensifying trade war.
"If the government chooses to remain idle, then we are likely to miss our economic growth estimates," he said.
"It is the responsibility of the new government to continue the policies that were put in place by the current regime over the past three or four years."
"Nothing should be left to chance," he added.
Part of the government's effort to boost domestic spending is the plan to grant tax deductions of up to 200,000 baht for homebuyers, and condo buyers of up to 5 million baht.
Nattaporn Jatusripitak, a spokesman for Deputy Prime Minister Somkid Jatusripitak, earlier said purchases made between April 30 to Dec 31 this year will be eligible to receive the tax deductions.
Recently, the cabinet approved new stimulus measures worth about 21.83 billion baht, as a part of its latest moves to shore up the slowing economy and boost consumption to offset weaker exports in light of the global economic slowdown.
The stimulus package announced by the cabinet earmarks some 13.2 billion baht for public welfare spending to benefit low-income earners, plus additional tax measures worth some 8.62 billion baht.
