Thailand Unveils Urgent Economic Plan Ahead of Early Elections
Thai Prime Minister Anutin Charnvirakul addressed parliament on Monday, outlining an urgent policy agenda aimed at rejuvenating the economy amid challenges such as U.S. tariffs, subdued consumer spending, high household debt, and a strong baht. He acknowledged the constraints of having a limited timeframe, operating with a budget not formulated by his administration, and leading a minority government. Anutin emphasized the need for immediate action to tackle the nation's current difficulties. Key measures include debt forgiveness for individuals with obligations under THB 100,000, providing up to THB 1 million in liquidity support for small enterprises, and implementing a THB 47 billion co-payment scheme that subsidizes up to 60% of the cost of food and consumer goods for qualifying citizens. Additional focal points are resolving a border dispute with Cambodia, curbing illegal gambling activities, and enhancing disaster preparedness. With parliament anticipated to dissolve by January in anticipation of elections scheduled for March or April, Anutin has a limited timeframe to implement these initiatives. The Thai economy experienced a growth rate of 2.5% in 2024, with forecasts suggesting an expansion of 1.8% to 2.3% this year.
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