Thailand to extend property support measures to boost tourism

The finance minister said on Friday that Thailand plans to extend property support measures in order to boost the recovery of the industry and the economy. The measures are due to expire this year and will be used to increase activity in the real estate sector, which officials said will take longer to recover.

The government would help the sector until it recovers and becomes a growth driver, as a time frame is yet to be decided, according to Arkhom Termpittayapaisith at a business conference.

State banks have been asked to freeze interest rates as long as possible to help the public after a rise in the central bank's benchmark interest rate.

The central bank is expected to raise its policy rate as soon as August to tame surging inflation.

The vital tourism sector will play a key role in supporting Southeast Asia's second-largest economy, with foreign tourists expected to be 9 million to 10 million this year, according to Arkhom.

He said that the government plans to introduce more support measures to help reduce the impact of soaring energy prices.

He predicted that the economy will grow by 3.5 per cent this year.