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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Thai leader proposes $8.7 bln stimulus package AP - 1 hour 5 minutes ago BANGKOK, Thailand - Thailand's prime minister said Friday the government wants to spend 300 billion baht ($8.7 billion) next year to jump-start the country's ailing economy. Prime Minister Abhisit Vejjajiva said the economic stimulus package would include increased lending from government banks for agriculture projects and direct lending to local governments for infrastructure projects. The plan must first be approved by Parliament, where Abhisit's coalition has a slim majority. "The plan will be announced in January and the budget needs to be approved by the parliament first and it is expected that the money could be injected (into the economy) from March or April," Abhisit told reporters. The Thai government is desperate to help the country's ailing economy which the Fiscal Policy Office projected this week could grow by only 1 percent next year. It attributed the weak growth next year a drop in domestic consumption and damage to the export sector from the worsening global economy. The Federation of Thai Industries on Thursday told The Bangkok Post that it expects 1.1 million employees will lose their jobs by the second quarter of next year as a result of the slowdown. On top of that, the tourism sector which is a key engine of growth is expected to suffer next year from the global slowdown and lingering effects from the shutdown of Bangkok's two main airports for a week last month by anti-government protesters. The tourism authority estimates the number of tourists will decline over the next six months by 2.5 million, costing the industry 100 billion baht ($3 billion). Together, these factors could push the economy into a recession. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Thai leader proposes $8.7 bln stimulus packageAP - 1 hour 5 minutes ago Asian markets mixed in quiet holiday tradeAP - 2 hours 23 minutes ago Output in recession-hit Singapore down 7.5 pct in Nov: govtAFP - Saturday, December 27 China shares edge lower amid gloomy profit outlookAP - Saturday, December 27 Related Articles: Business India bond yields up on inflation, securityReuters - 19 minutes ago 6 Chinese go on trial for selling melamineAP - 21 minutes ago Russia's ruble drops to 3-year low against dollarAP - 25 minutes ago India bought 28.95 bln rupees of bonds in wk Dec 19Reuters - 32 minutes ago India's cbank loans to govt nil in week to Dec 19Reuters - 32 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 Actress Jennifer Aniston appears naked in GQ magazine Australian 'mummy smuggler' arrested in Cairo Funeral of Guinea strongman as junta tightens grip Weather outside frightful for US, Canada travelers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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