The above measures include loan waivers for farmers, lowering electricity prices, raising the minimum wage and providing subsidies to all adult Thais through digital wallets.
According to Reuters, the Thai Prime Minister announced the above information at a forum organized by domestic media on September 18.
Mr Shrettha also spoke on a number of other topics, including the impact of the El Nino phenomenon on this rice powerhouse’s second crop of the year as well as the need to search for alternative crops and explore markets. New agricultural pre-expand, free trade agreements in Africa and Central…
Thai farmers prepare to sow seeds in Chenat province in late August Photo: Reuters
On the same day, Thailand’s new cabinet approved an expenditure budget plan of 3,480 billion baht (97.64 billion USD) for fiscal year 2024, according to Finance Deputy Minister Julapun Amornwiwat. This revised budget is higher than the 3,350 billion baht budget approved by the previous government.
The reason for the increased budget is that the new government wants to revive the slowing economy due to weak demand for Thai exports along with low investor confidence.
Southeast Asia’s second-largest economy is projected to grow by about 1.8% between April and June 2023. The Thai Finance Ministry said at the beginning of the month that the country’s economy is expected to grow 2.8% this year, down from the same ministry’s previous forecast (3.5%).
However, in a statement on 18 September, Prime Minister Srith expected a much higher target of around 5% annual growth.
