Thai govt preparing aid for people, businesses in third quarter

[webfact]

Govt preparing aid for people, businesses in third quarter

By The Nation

 

 

The government is expecting more negative effects from Covid-19 in the next few months and preparing to compensate businesses and people who have not received aid.

 

Deputy Prime Minister Somkid Jatusripitak said the Finance Ministry has been tasked with introducing new measures to stimulate consumption and tourism in the third quarter.

 

“It is very important to stimulate internal consumption and tourism since Thailand can no longer rely on exports,” he said.

 

Finance Minister Uttama Savanayana said that since the economy has now changed, the question is how to take care of businesses and people for the next six months, how each industry should adjust and how the government should help.

 

The Federation of Thai Industries, the Thai Chamber of Commerce and the Thai Bankers’ Association have been summoned to discuss economic "adjustments".

 

Regarding the Palang Pracharat Party conflict, which some people worry may affect investor confidence, Uttama said it was the Finance Ministry’s duty to restore confidence via “progressive, practical projects”.

 

Source: https://www.nationthailand.com/news/30389318

 

-- © Copyright The Nation Thailand 2020-06-09

 

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[zeamonkey]

Wow, who would have thought...

 

When you decide that saving people from the flu is more important than keeping your entire population from poverty, suicide and starvation, sh*ts gonna happen to the economy.

[hotchilli]

19 hours ago, webfact said:

“It is very important to stimulate internal consumption and tourism since Thailand can no longer rely on exports,” he said.

True to a point Corvid killed off international tourism for this year, or at least it was the final nail in the golden goose for Thailand which was already in decline due to many factors.

Local tourism has never been nor will ever be enough to sustain all the bars, beer gardens, restaurants etc etc as they used to be, many are going to go under, making thousands unemployed.

 

As for the economy that was on the slide during 2019, and 2020 was not looking any better, mainly due to the baht strength but also to Thailands inability to evolve and become more efficient in the market.

Post Corvid, a reduction in the garment industry, car manufacturing and a few others it's going to be a rocky ride.