SEOUL, November 20 (AJP) - Thailand's economy grew 3 percent year-on-year in the third quarter, its fastest pace in two years, beating Reuters and Bloomberg median forecasts of 2.6 percent and 2.4 percent respectively, the National Economic and Social Development Council (NESDC) reported on Monday.
The growth surge follows September's government handout of 10,000 baht ($285) to 14.5 million vulnerable citizens, along with improvements in exports and services sector performance, the council said.
NESDC Chairman Danucha Pichayanan told reporters that while growth is expected to continue in the fourth quarter, risks remain, including potential U.S. economic policy changes under a Trump presidency. "Risks are likely to be higher next year," he said, adding that "budget spending needs to be more concentrated to stimulate the economy."
The finance ministry plans to submit a comprehensive stimulus package to Prime Minister Paetongtarn Shinawatra's economic stimulus policy committee, including a potential second phase of handouts targeting citizens over 50 years old, according to Deputy Finance Minister Julapun Amornvivat, who called it a "New Year gift for Thai people."
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