BANGKOK, 22 May 2015, The Economic and Business Forecast Center Director at the University of the Thai Chamber of Commerce (UTCC), Mr. Thanawat Polwichai, has urged government banks to reduce their loan interest rates in order to help stimulating the local economy.
According to the UTTC Director, the center has projected Thailand’s Gross Domestic Product this year at nearly 4 percent, despite the fact that several agencies, including the government itself, have adjusted their figures down to nearly 3 percent.
He views that the lowering of interest rate will help boosting local economy as it would immediately ease the business sector’s financial burden.
Based on his calculation, Mr. Thanawat said by reducing the loan interest rate by 0.1 percent, the business sector would save 10 billion baht a year in its operating cost, attributing to 0.2 percent of the local economic growth.
