To date, only 97 percent of 186 regulations have been deregulated. The deregulation of the remaining 10 ministerial regulations is still underway.
The economic growth in the first quarter was affected by a number of external factors. These included low commodity prices, China"s economic slowdown, and US stagnant economy.
Implementing tax amnesty is important, particularly to cover the budget deficit this year. In the long term, it could increase the tax base, which will boost revenue.
By component, volatile foods experienced a deflation of 1.04 percent, and administered prices fell 1.7 percent. However, inflation of 0.15 percent was recorded for the core components.