The Thai government will apply a new model for measuring the nation's economic growth projections in the 2007 fiscal year, which begins on Oct. 1, 2006, according to the Ministry of Finance's Fiscal Policy Office (FPO).

FPO director-general Naris Chaiyasoot was quoted by the official Thai News Agency on Tuesday that his office would submit the proposed new model to Finance Minister Thanong Bidaya for his approval soon.

Under the new model, government spending and the quality of that spending would be included in the country's economic growth projection process, Chaiyasoot revealed.

The FPO chief noted that to achieve the country's economic growth target of 3.5-4.0 percent in the 2007 fiscal year, at least 80 percent of the state budget of 1,476 trillion baht (about 39 trillion U.S. dollars) officially set for the 2007 fiscal year must be disbursed to government agencies for implementing public projects.

The government will see in late August whether the nation's economic growth projection for this year is needed to be re- adjusted, according to the FPO chief.

Source: Xinhua