Thailand plans $1.4 billion of additional stimulus to spur consumption

 

FILE PHOTO: A man walks on an almost empty beach which usually crowed with tourists following the coronavirus disease (COVID-19) outbreak in Pattaya, Thailand March 27, 2020. REUTERS/Soe Zeya Tun/File Photo

 

BANGKOK (Reuters) - Thailand plans 43.5 billion baht ($1.44 billion) of additional stimulus to boost domestic consumption and an increase in benefits for local travel, officials said on Wednesday, as the government tries to revive a flagging, pandemic-hit economy.

 

Some 22.5 billion baht will be offered to 5 million new consumers, or 3,500 baht ($115.78) each, under the current co-payment scheme. The 10 million consumers who had already signed up would get a further 500 baht, finance ministry official Pornchai Theeravet told a briefing.

 

The new package would be given in small amounts from January to March, while 1,500 baht would be offered to some 14 million low-income earners, he said, as "New Year gifts".

 

Tourism Authority of Thailand governor Yuthasak Supasorn said the government would increase benefits in an earlier programme to boost domestic tourism in the absence of foreign visitors, and offer a new subsidy aimed at encouraging travel for seniors.

 

The stimulus, agreed by the government's coronavirus economic task force on Wednesday, will still need cabinet approval.

 

It will be financed by the government's planned 1 trillion baht borrowing aimed at mitigating the impact of the pandemic on an economy the government predicts will contract by 6% this year, as tourism is far away from recovering.

 

Thailand may not see foreign tourists numbers return to a pre-pandemic level of 40 million arrivals until 2024, Finance Minister Arkhom Termpittayapaisith said earlier on Wednesday.

 

-- © Copyright Reuters 2020-12-02

 

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Some 22.5 billion baht will be offered to 5 million new consumers, or 3,500 baht ($115.78) each, under the current co-payment scheme.

 

But only for the rich, right?

 

  3,500 baht wouldn't be enough to drive from my area to Phuket and back.

And that's only for Diesel oil. But wait. got the wrong passport. 

 

Oops, the fine print.

 

"The stimulus, agreed by the government's coronavirus economic task force on Wednesday, will still need cabinet approval."

 

A submarine that can't dive would be much better. 

Edited December 2, 20205 yr by teacherclaire

 

what they need to do is invest in the country by purchasing enough vaccine for all citizens and rolling out a vaccination programme as soon as possible with all the benefits that will deliver.

22 minutes ago, snoop1130 said:

Thailand plans $1.4 billion of additional stimulus to spur consumption

thais qualify only; my concern can be measured only in micro-give-a-<deleted>s

The trough never looked better...oink oink!

May want to keep a little bit back for police vehicle repairs and repainting jobs that may crop up ????????

The military got 1 trillion THB over 5 years from the Thai Treasury during Prayut's leadership to 'protect the nation.' If the Thai people themselves are as important to protect, they should get in this stimulus 250 billion THB. 

13 hours ago, snoop1130 said:

Thailand plans 43.5 billion baht ($1.44 billion) of additional stimulus to boost domestic consumption and an increase in benefits for local travel, officials said on Wednesday, as the government tries to revive a flagging, pandemic-hit economy.

Complete BS.. 

37 minutes ago, Srikcir said:

The military got 1 trillion THB over 5 years from the Thai Treasury during Prayut's leadership to 'protect the nation.' If the Thai people themselves are as important to protect, they should get in this stimulus 250 billion THB. 

Where's it going to come from though?

Edited December 3, 20205 yr by Traubert

18 hours ago, YetAnother said:

thais qualify only; my concern can be measured only in micro-give-a-<deleted>s

And so they should, they are the ones who will have to pay it back eventually!