Real estate industry needs more time to recover from impact of pandemic, says minister
1 Jul 2022 at 18:06
The government plans to extend property support measures to help spur the recovery of the industry and the overall economy, Finance Minister Arkhom Termpittayapaisith said on Friday.
The measures due to expire this year include a 100% loan-to-value ratio and reduced fees to help increase activity in the real estate sector, which officials said would take longer to recover from the effects of the pandemic.
While a time frame has yet to be decided, the government would help until the sector recovers and becomes a growth driver, Mr Arkhom told a business conference.
State banks have also been asked to freeze interest rates as long as possible to help the public once the Bank of Thailand starts raising its benchmark interest rate, he said.
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 the economy, with foreign tourists expected at 9 million to 10 million this year, Mr Arkhom said.
That is still less than one-quarter of the 40 million people who visited the country in 2019.
The government also plans to introduce more support measures to ease the impact of soaring energy prices, he said.
Earlier this week, he forecast the economy would grow by 3.5% this year.