Thailand approves more stimulus measures to boost economy

  • Thailand’s cabinet on 21 Dec 21 approved a new package of economic stimulus measures to boost consumption and support an economy still struggling with the collapse of its vital tourism sector.
  • Among the measures approvedthe government will offer shoppers a tax deduction of up to THB30,000 per person on their goods purchased between 1 Jan 22 and 15 Feb 22, which is expected to help stimulate spending of THB42bn.
  • A fourth phase of a co-payment scheme to stimulate spending on goods is also planned for Mar 22 – Apr 22 in 2022, the finance minister said.
  • The cabinet also agreed to extend a cut in some property transfer fees to 0.01% until the end of 2022.
  • Pornchai Theeravet, head of the ministry’s fiscal policy office, said the stimulus measures were expected to lift economic growth by 0.7% in 1Q22.
  • Thailand is expected to expand 4% in 2022 after just 1% predicted for 2021, Finance Minister Arkhom Termpittayapaisith said at a news conference.

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