Thailand to launch new stimulus package
The Thai government will this week consider measures to increase the purchasing power of low-income groups and support small businesses.
Illustrative image (Source: NationThailand)Bangkok (VNA) - The Thai government will this week consider measures to increase the purchasing power of low-income groups and support small businesses.
According to Lavaron Sansnit, director-general of the Fiscal Policy Office, the Thai Finance Ministry will urge the government’s centre for economic situation administration to approve the latest stimulus measures on September 16 or September 17.
Earlier, the government had said that it planned to spend 45 billion THB to boost consumption among grassroots people and support small businesses.
The Finance Ministry is working out details of the shopping stimulus. The government will support half of the daily consumption spending by low-income groups. The measure is expected to be implemented from October to December.
The measure is aimed at supporting daily spending and reducing the cost of living. It it is not a one-time spending on big items, he said.
Meanwhile, Anusorn Tamajai, an economist at Rangsit University, suggested that the government target low-income and small businesses, because shopping stimulus packages in the past had mostly benefited large businesses.
The government should target the 15 million consumers who hold state welfare cards, he said, adding that each cardholder may receive grants of about 2,500 to 5,000 THB cash handout or credit transferred to e-wallet.
If the government spends 45 billion THB, then it would increase transactions in the market to 180 billion to 270 billion THB, boosting economy growth by 0.3 percentage point.
The Bank of Thailand has forecast that the economy will shrink by 8.1 percent this year due to the impact of COVID-19. More workers are expected to be laid off if economic recovery is delayed by the threat of a second wave of infections./.
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