Thailand’s economy is expected to return to normal within two years as the government has tried to mitigate the impact of the COVID-19 pandemic, said Thai Deputy Prime Minister Supattanapong Punmeechaow on 25 September.

Thai Deputy Prime Minister Supattanapong Punmeechaow (Source: Bangkok Post)

Speaking at a business seminar, Supattanapong said the government has used nearly 800 billion baht (25 billion USD) to support the economy.

The government will continue to introduce stimulus measures and plans subsidies under a "co-pay" scheme, rather than handouts, to help spur consumption, he said, without giving further details.

Deputy Secretary General of the National Economic and Social Development Council Danucha Pichayanan said in a bid to cope with the impact of the outbreak, the government has introduced a 1.9 trillion baht response package, including a 1 trillion baht borrowing plan.

The borrowing will lift the public debt to GDP ratio to 57 percent from about 47 percent in July, still within a 60 percent cap, he added.

The Asian Development Bank (ADB) forecast that the Thai economy could contract by 8 percent this year.

Source: VNA