Thailand's cabinet backs $2.2 billion cash aid to boost economy, jobs
The Thai economy is forecast to contract by more than 8% this year, its worst annual performance on record, led by a slump in exports and tourism
 "Thailand")
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The Bank of Thailand is expected to hold its benchmark interest rate at an all-time low of 0.5%
Thailand’s cabinet backed several stimulus measures worth a combined budget of 70 billion baht ($2.2 billion) to boost consumption and jobs to counter the economic downturn from the Covid-19 outbreak.
The ministerial meeting also passed a resolution to add three additional holidays this year to encourage domestic travel, as the country’s vital tourism sector has been crushed by the absence of international tourists for months because of the pandemic.
The latest stimulus plans include cash incentives for welfare cardholders and funds for members of a co-payment program geared to low-income earners and small retailers, Prime Minister Prayuth Chan-Ocha said after the meeting Tuesday.
“Both the programs will help stimulate spending, increase purchasing power and reduce the cost of living,” Prayuth said.
The Thai economy is forecast to contract by more than 8% this year, its worst annual performance on record, led by a slump in exports and tourism. Still, Deputy Prime Minister Supattanapong Punmeechaow said last week the worst is probably over, with stimulus programs from the previous quarter kicking in.
The Bank of Thailand is expected to hold its benchmark interest rate at an all-time low of 0.5% when its monetary-policy board meets Wednesday to support the economic revival, according to a Bloomberg survey.
The ministerial meeting also passed a resolution to add three additional holidays this year to encourage domestic travel, as the country’s vital tourism sector has been crushed by the absence of international tourists for months because of the pandemic.
The latest stimulus plans include cash incentives for welfare cardholders and funds for members of a co-payment program geared to low-income earners and small retailers, Prime Minister Prayuth Chan-Ocha said after the meeting Tuesday.
“Both the programs will help stimulate spending, increase purchasing power and reduce the cost of living,” Prayuth said.
The Thai economy is forecast to contract by more than 8% this year, its worst annual performance on record, led by a slump in exports and tourism. Still, Deputy Prime Minister Supattanapong Punmeechaow said last week the worst is probably over, with stimulus programs from the previous quarter kicking in.
The Bank of Thailand is expected to hold its benchmark interest rate at an all-time low of 0.5% when its monetary-policy board meets Wednesday to support the economic revival, according to a Bloomberg survey.
Topics : Thailand Asian economy