Thailand aims to become an upper-income nation by 2027 (Photo: AP) Bangkok (VNA) – The government will turn Thailand into an upper-income nation within four years, Prime Minister Srettha Thavisin said on October 2.
In his policy statement to heads of government agencies regarding the fiscal 2024 budget, he said that the Thai economy will expand by an average of 5% per year, and the minimum daily wage will be at 600 THB (16.2 USD) per day by 2027.
In the initial step, the minimum wage will be increased to 400 THB a day, and the salary for a university graduate with a bachelor’s degree will be 25,000 THB per month. This will be part of a transition towards becoming an upper-income country as the government will be able to collect a higher amount of tax for further investment.
Srettha said the government will give priority to increasing income, reducing expenses, and investing in infrastructure in short term.
The government's flagship economic stimulus measures, particularly the 10,000 THB digital handout scheme, will stimulate both demand and supply, which would lead to money circulating in the economy and contribute to GDP growth.
Regarding the reduction of the cost of living, the cabinet has already passed a resolution to reduce energy costs, particularly the diesel price to 30 THB per litre and the power tariff to 3.99 THB per unit, along with a plan to reduce expenses on cooking gas and benzene. Furthermore, the cabinet has approved a debt suspension scheme for 2.7 million small farmers.
Apart from debt suspension, the government will promote agricultural innovations to increase farmers' income, such as reducing the cost of fertiliser through formula adjustments.
The government will also promote and support the development of special economic zones, build more airports to support tourism in secondary cities and connect the railways with China. Traveling on the new electric train will cost 20 THB for the entire line./.
In his policy statement to heads of government agencies regarding the fiscal 2024 budget, he said that the Thai economy will expand by an average of 5% per year, and the minimum daily wage will be at 600 THB (16.2 USD) per day by 2027.
In the initial step, the minimum wage will be increased to 400 THB a day, and the salary for a university graduate with a bachelor’s degree will be 25,000 THB per month. This will be part of a transition towards becoming an upper-income country as the government will be able to collect a higher amount of tax for further investment.
Srettha said the government will give priority to increasing income, reducing expenses, and investing in infrastructure in short term.
The government's flagship economic stimulus measures, particularly the 10,000 THB digital handout scheme, will stimulate both demand and supply, which would lead to money circulating in the economy and contribute to GDP growth.
Regarding the reduction of the cost of living, the cabinet has already passed a resolution to reduce energy costs, particularly the diesel price to 30 THB per litre and the power tariff to 3.99 THB per unit, along with a plan to reduce expenses on cooking gas and benzene. Furthermore, the cabinet has approved a debt suspension scheme for 2.7 million small farmers.
Apart from debt suspension, the government will promote agricultural innovations to increase farmers' income, such as reducing the cost of fertiliser through formula adjustments.
The government will also promote and support the development of special economic zones, build more airports to support tourism in secondary cities and connect the railways with China. Traveling on the new electric train will cost 20 THB for the entire line./.
VNA
