11 July 2024

Thailand’s cabinet has approved a third economic package, estimated to cost about 10% of the country’s GDP, or 1.6 trillion baht, to help those who did not benefit from the previous two, as well as small and medium-sized enterprises and the financial sector, during the current deep economic crisis, caused by the COVID-19 pandemic.

Deputy Prime Minister Somkid Jatusripitak said today that funding for this package will come from allocation of the current national budget, adding that he believes that all three packages will help boost the people’s and business confidence in the ability of the Thai economy to gradually recover once the coronavirus crisis subsides.

Finance Minister Uttama Savanayana, meanwhile, said that people not covered by previous support packages, especially the 5,000 baht/month cash handouts, such as farmers, self-employed workers, small and medium-sized business operators and non-bank financial institutes, will benefit from the third package.

In anticipation of the Thai economy changing, in the aftermath of the pandemic, and now that many Thais have left Bangkok for their native provinces, Mr. Uttama said the Government will promote local economies and provide skills training to these people, so that they will not need to return to Bangkok and can work in their home provinces, using their new skills.