A view of Bangkok at night (Photo: bkkprep.ac.th) Hanoi (VNA) – The Thai Government is planning aneconomic stimulus package worth some 10 billion USD to support the secondlargest Southeast Asian economy that is recording growth slowdown.
Finance Minister Uttama Savanayana said onAugust 16 that the package will be worth 316 billion THB to help cope with aglobal slowdown and enable the Thai economy to achieve the growth target.
The country posted a growth rate of 2.8 percentin the first quarter of 2019, the lowest in more than four years, as export – akey growth driver – declined due to impact of trade tensions and a strong THB.
Meanwhile, the Thai Government targets the grossdomestic product (GDP) growth rate of at least 3 percent this year and 3.5percent in 2020.
The stimulus package, which will be presented tothe cabinet on August 20, includes loans and a debt moratorium for farmers,loans for small businesses and financial aid for low-income earners.
The government will provide cash handouts of 10billion THB for 10 million people, along with tax breaks on domestic tourismspending. It will also offer visa exemption for visitors from China and Indiaas it aims for 39.8 million foreign tourists this year and 41.8 million nextyear, according to secretary of the cabinet Kobsak Pootrakool.
Earlier, the central bank of Thailand had saidthis country’s GDP growth rate in 2019 might be less than its forecast of 3.3percent, after the 4.1-percent expansion last year. -VNA
VNA
