The Thai government has freshly launched an economic stimulus package worth 21.8 billion THB (680 million USD) to deal with signs of an economic slowdown and spur domestic consumption to offset weaker exports.

Illustrative image (Source: thailand-business-news.com)

The package covers 13.2 billion THB of public welfare benefits for low-income earners, the disabled, farmers and children. It also includes tax measures worth 8.6 billion THB targeting those purchasing books, property and certain products such as uniforms, sports equipment and textbooks for students.

Thai media quoted Nathporn Chatusripitak, spokesman to Deputy Prime Minister Somkid Jatusripitak, as saying the government hopes the measures could help the economy grow by 3.9% in 2019, up from the recent forecast of 3.8% by the Fiscal Policy Office (FPO).

According to FPO Director-General Lavaron Sangsnit, the package aims at beefing up the economy following signs of a slowdown in the first quarter of this year.

The FPO has reduced its 2019 economic growth prediction for the country to 3.8 %from 4% over reduced exports. The forecast is in line with the Bank of Thailand’s current projection of 3.8% and the National Economic and Social Development Council’s estimate of a range of 3.5-4.5%.

(Source: VNA)