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Thailand unveils stimulus package to spark spending

According to the finance ministry, the co-payment program aims to counteract slowing economic growth, fragile consumer confidence, and high household debt by injecting cash into the economy as part of the government's flagship "quick big win" initiative.

Thailand national flags on the side of the Thai Parliament complex in Bangkok. (Photo: AFP)
Thailand national flags on the side of the Thai Parliament complex in Bangkok. (Photo: AFP)

Bangkok (VNA) - Thailand's cabinet has approved an economic stimulus scheme worth 44 billion THB (1.35 billion USD) to boost domestic consumption and alleviate the cost of living for up to 20 million people.

According to the finance ministry, the co-payment program aims to counteract slowing economic growth, fragile consumer confidence, and high household debt by injecting cash into the economy as part of the government's flagship "quick big win" initiative.

Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas said that the programme will run through December, it will offer a 50 percent subsidy on purchases of food, drinks, goods, and services from participating vendors, with eligible Thai citizens aged 16 and older receiving a grant of at least 2,000 THB each (around 61.5 USD).

The programme is projected to increase the country's gross domestic product by approximately 0.22% in 2025./.

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