6 June 2024

In a bid to cope with an expected slowdown in global economic growth next year, Deputy Prime Minister Somkid Jatusripitak has instructed the Finance Ministry to inject another  50 billion baht into the Pracharat Fund.

This injection is for funding the government’s plan to stimulate Thailand’s economy ahead of a slowdown in global economic growth expected to begin next year as a result of the ongoing trade war between the US and China, said Somkid.

With this additional sum, the fund will have in hand altogether 100 billion baht for stimulating the grassroots economy, he said.

The fund will focus on improving care for the elderly population that has yet to receive sufficient help from the state recently, he said, adding that the Finance Ministry will conclude on measures to help them and seek cabinet approval on new measures soon.

“The key to success in economic stimulation next year is that the government’s investment will have to continue without interruption,” he said.

It will take the country at least three months to have a new government while investment in the public sector cannot wait and should never be delayed for the sake of economic stimulation, he said.

Somkid said he had instructed the ministry also to accelerate the drafting of a bill on land and building tax collection and drat amendments to the Revenue Code to allow increases in taxes imposed on operators of electronic businesses, he said.

These two bills  are pending with the National Legislative Assembly.