Thailand plans more economic measures to cope with virus impact

[snoop1130]

FILE PHOTO: Construction workers are seen in a building in Bangkok, Thailand March 8, 2017. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand plan additional measures to retain jobs and boost domestic consumption in a bid to help the Southeast Asian economy weather its most severe coronavirus outbreak so far, the state planning agency said on Thursday.

 

The tourism-reliant nation is struggling with a third wave of infections which have accounted for more than 80% its total cases and deaths.

 

"We need to have enough oxygen for the business sector to get going... and to sustain consumption at normal levels," Danucha Pichayanan, head of the National Economic and Social Development Council, told a seminar.

 

"We can survive if we help each other," he said.

 

The measures being prepared include one to retain jobs at smaller firms and assistance for tourism, which has been hit by the outbreak, he said, without giving details.

 

"If asked when tourism will return, nobody can give a clear answer," Danucha said, adding international air traffic data showed global travel would take more than two years to normalise.

 

Thailand's tourism might not normalise until 2026, affecting over 7 million workers, as the country's jobless rate hit a 12-year high in the first quarter, he said previously.

 

The new measures would be financed by new borrowing of 500 billion baht ($16 billion), which was approved by the king earlier this week, Danucha said.

 

Earlier the government introduced billions of dollars of stimulus measures to mitigate the outbreak impact, including cash transfers, subsidies, soft loans and job hiring support.

 

-- © Copyright Reuters 2021-05-27

 

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[xtof2]

1 hour ago, snoop1130 said:

"We can survive if we help each other," he said.

True!

That's what they've been doing so far ????

[holy cow cm]

If they only confiscated half the junta generals oddly ill gotten  accumulated wealth hidden here and offshore, it might just power Thailand through 20 Corona viruses. 

[RichardColeman]

10 hours ago, snoop1130 said:

Thailand's tourism might not normalise until 2026, affecting over 7 million workers, as the country's jobless rate hit a 12-year high in the first quarter, he said previously.

If that holds true, then Thailand's financial borrowing is going to go even more crazy and desperate in the coming years

[hotchilli]

15 hours ago, snoop1130 said:

The tourism-reliant nation is struggling with a third wave of infections which have accounted for more than 80% its total cases and deaths.

A failed vaccination programme is 100% to blame. If the government had planned a better strategy then the 3rd wave would never have happened.

[Isaan sailor]

They seem to have overlooked two important ways to help the tourist and export dependent economy recover from  China’s coronavirus, a.k.a Covid-19.

1. Bring in more vaccines, with proven results.

2. Control the rising Baht.  Put a lid on these mysterious foreign inflows.

[Eric Loh]

13 hours ago, holy cow cm said:

If they only confiscated half the junta generals oddly ill gotten  accumulated wealth hidden here and offshore, it might just power Thailand through 20 Corona viruses. 

Not just the generals but corruption in the public sectors which is estimated at 100 billion baht loss related to public procurement according to UN Development Programme. The government always talk about economic plans but never talk about plans to eradicate corruption.

 

[Stargeezr]

For sure corruption has a price. Corrupt countries just do not see it that way. Look at Mogadishu in Africa, with its

present problems and with the Islamic fighters doing their destruction.  Thailand has had a corrupt system for very long as well

and I do not see an end in my life time.  That is a sad fact.

Geezer

[holy cow cm]

4 hours ago, Eric Loh said:

Not just the generals but corruption in the public sectors which is estimated at 100 billion baht loss related to public procurement according to UN Development Programme. The government always talk about economic plans but never talk about plans to eradicate corruption.

 

Let's just say it is in some of their blood and in realty that their combined extraordinary accumulated wealth could stave off long term financial short falls coming from the pandemic woes.