New Thai PM to unleash stimulus to bolster economy still reeling from pandemic: ‘Thailand is like a sick person’
- Prime Minister Srettha Thavisin plans to hand out US$280 each to 55 million adults as part of an attempt to stimulate the country’s economy
- ‘Thailand is like a sick person as Covid-19 hit us harder than other neighbouring countries’, the nation’s new leader will tell parliament on Monday
Thailand’s new government is set to unveil a number of fiscal stimulus measures next week that will include debt suspension for millions of farmers and small businesses, and a cut in energy prices to bolster growth in an economy still reeling from the pandemic.
Prime Minister Srettha Thavisin, a former property mogul, will reveal his coalition’s policy priorities to the parliament on Monday. The main highlight will be a planned cash handout of 10,000 baht (US$280) each through a so-called digital wallet to an estimated 55 million adults which will act as a “trigger that will wake up the country’s economy again,” according to a policy draft.
Srettha, who also serves as the finance minister, is set to say the stimulus measures, debt suspension and fresh energy subsidies are urgent steps needed to cope with challenges ranging from geopolitical tensions, high household debt and El Nino. The government plans to ensure electricity, cooking gas and fuel prices are at “appropriate levels,” according to the document that’s been circulated to lawmakers but not released publicly.
Srettha’s office couldn’t immediately be reached for comment.
“Thailand is like a sick person as Covid-19 hit us harder than other neighbouring countries and damaged our economic engines like tourism”, Srettha will tell the lawmakers. “Spending is recovering slowly to the point that there is a risk of economic recession, which is why the need to stimulate the economy”.
