Thailand sees $15 billion injected in H2 to help economy amid outbreak

[snoop1130]

FILE PHOTO: A view of Bangkok's port amid the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand, June 21, 2020. Picture taken June 21, 2020. REUTERS/Athit Perawongmetha/File Photo

 

BANGKOK (Reuters) - Thailand's government expects 473 billion baht ($15.2 billion) to be injected into the economy in the second half after it approved on Tuesday a planned stimulus to mitigate the impact of a third wave of COVID-19 infections, an official said.

 

The Southeast Asian country's latest outbreak has accounted for more than 80% of its total infections and more than 90% of deaths and slowed domestic activity.

 

The stimulus worth 140 billion baht ($4.5 billion), includes cash handouts for low-income people, cash transfers under a co-payment scheme and e-vouchers for spenders.

 

It is part of a larger economic package worth 255 billion baht approved by the cabinet last month.

 

"The measures will cover 51 million people and help sustain purchasing power... and support the economy in the second half of 2021," Kulaya Tantitemit, head of the finance ministry's fiscal policy office, told a briefing.

 

The measures, expected to be implemented from July to December, include 93 billion baht in co-payments for consumer purchases, as well as 28 billion baht of e-vouchers for spending.

 

Some 16.4 billion baht of cash handouts will be offered to low-income people and 3 billion baht to people with special needs.

 

Last month, the state planning agency cut its 2021 economic growth outlook to 1.5%-2.5% from 2.5%-3.5% due to the outbreak.

 

It could take until the first quarter of 2023 for Southeast Asia's second-largest economy to return to pre-COVID-19 levels, longer than previously anticipated, according to Bank of Thailand Governor Sethaput Suthiwartnarueput.

 

-- © Copyright Reuters 2021-06-01

 

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[RubbaJohnny]

Err England expects, Thailand hopes..TFIFY to hubfully go.....

[webfact]

Cabinet approves four schemes to stimulate the Thai economy in Q3 and Q4

 

 

The Thai cabinet approved four economic stimulus schemes today (Tuesday), aimed at easing the cost of living burden of about 51 million Thais and stimulating the COVID-beset economy for the rest of the year.

 

According to Ms. Kulaya Tantitemit, director of the Fiscal Policy Office and spokesperson for the Finance Ministry, the first measure is to increase the purchasing power of about 13.65 million welfare card holders with a monthly 200-baht benefit for six months, which they can use to buy goods from Blue Flag stores or other shops which have joined the co-payment scheme. The scheme will cost the taxpayer about 16.4 billion baht.

 

She said, however, that welfare card holders can cede their right to hold the cards and opt to join the co-payment scheme instead, by contacting the Comptroller Department or the Fiscal Policy Office by June 7th.

 

Full story: https://www.thaipbsworld.com/cabinet-approves-four-schemes-to-stimulate-the-thai-economy-in-q3-and-q4/

 

-- © Copyright Thai PBS 2021-06-02

 

- Whatever you're going through, the Samaritans are here for you

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