BANGKOK, Oct 22 (Reuters) - Thailand’s cabinet on Tuesday approved an additional stimulus package valued at 5.8 billion baht ($191.36 million) and expects the economy to grow close to its target of 3%, its finance minister said, as it seeks to shore up a flagging economy.
Southeast Asia’s second-largest economy had its weakest annual growth rate in four years, expanding 2.3% in the second quarter, as exports have declined amid rising trade tensions and a strong baht.
“We are trying, which is why there are these new measures, but global economic conditions like this, we will try to achieve our target of 3% growth,” Uttama said.
The additional package comes months after the government rolled out a $10 billion stimulus programme.
The measures announced include a 2 billion baht consumption promotion programme, reduction of real estate transfer fees worth 2.6 billion baht and low-interest loans from the Government Housing Bank, valued at 1.2 billion baht, Uttama said. ($1 = 30.3100 baht) (Reporting by Satawasin Staporncharnchai; Writing by Chayut Setboonsarng; Editing by Alex Richardson)