Thailand Approves $748 Million Plan to Boost Consumer Spending

Thailand’s cabinet approved a new phase of fiscal stimulus program to boost consumer spending worth 22.5 billion baht ($748 million), according to government spokesman Anucha Burapachaisri.

The program will allow 15 million people to spend money on consumer goods and services, with the government covering 50% of the bill, and is expected to add about 45 billion baht to the economy in the first quarter of next year, Anucha said Tuesday.

The current phase of the program, which lasts through the end of this month, and the upcoming phase will boost the gross domestic product growth by 0.32 percentage point, he said.

Here are more stimulus programs approved by the cabinet on Tuesday:

  • About 13.8 million holders of welfare cards will get a monthly allowance of 500 baht in 1Q
  • The domestic travel program has been expanded to include more room availibity and more participation, with its extension to April 2021
  • The special tourist visa program, aimed at attracting long-term foreign visitors to the country, will no longer have restrictions on who can apply
    • Currently, only visitors from countries that are deemed to have low risks for Covid-19 infections can apply, resulting in exclusions of visitors from many countries
    • Since the beginning of the program in Oct., only 825 visitors from 29 countries have arrived in Thailand

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.