BANGKOK (Reuters) -Thailand’s finance minister said on Thursday that the country needs to take heed of warnings by ratings agency Fitch, which downgraded its outlook for the Thai economy this week, adding that it would consider new stimulus measures next month.
Fitch revised its outlook to “negative” from “stable”, saying that ongoing political uncertainties were posing a growing risk to Thailand’s public finances.
“We must take Fitch’s warning seriously. Fiscal discipline is crucial,” said Finance Minister Ekniti Nitithanprapas, speaking to reporters.
The Thai cabinet will consider a new economic stimulus scheme as early as October, and is aiming for a long-term GDP growth rate of 3%, he added.
“The economic policy will be announced soon, but the core directive from the Prime Minister is to ensure rapid recovery and long-term focus,” he said.
Thailand’s new Prime Minister Anutin Charnvirakul said earlier on Thursday that he would work to build confidence in his country’s economy following the Fitch downgrade.
(Reporting by Orathai Sriring, Thanadech Staporncharnchai, and Panarat Thepgumpanat, Writing by Orathai Sriring; Editing by David Stanway)
