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Thai Cabinet approves new economic stimulus measures

The Thai government has rolled out new stimulus measures intended to boost full-year economic growth to 2.8%

Boris Sullivan



The Thai Cabinet today approved three new stimulus packages to prop up the softening economy, said Finance Minister Uttama Savanayana.

The government expects the measures to propel full-year economic growth to 2.8% from a projection of 2.6% recently announced by the National Economic and Social Development Council (NESDC).

The Office of the National Economic and Social Development Council (NESDC) has recently announced that Thailand’s Q3 2019 GDP growth came in at 2.4 percent, adjusting the overall GDP growth this year down to 2.6 percent, citing negative factors from the trade war affecting the export sector.

The aim is to boost the economy during the remainder of this year and the first quarter of next year

Finance Minister, Mr Uttama Savanayana

1. Grassroot economy  booster

The first package is to boost the grassroots economy and is divided into three sub-projects, namely a village fund for 71,742 villages graded A, B and C. 

Each will receive 200,000 baht to invest in community rice barns, space to dry crops, rice mills, organic fertilizer, water sources or machinery for processing farm products.

There is also the Credit for Community Business project under which the BAAC will provide credit lines, amounting to 50 billion baht, to Village Funds and urban communities for investment in small businesses. The credit line will be for three years at an annual interest rate of 0.01%.  The program will start on December 1st and end on November 30th 2023.

2. Helping farmers to reduce costs

To help farmers cover harvesting and rice quality improvement costs for the 2019-20 crop year, each household will receive 500 baht per 0.06 hectares, up to a maximum of 1.2 hectares or 10,000 baht.  About 4.57 million farming households will benefit from this package, with payments to commence September 30th 2020. The Bank of Agriculture and Agricultural Cooperatives (BAAC) will make the payments, totalling 28 billion baht, and will be refunded later by the government.

3. Home buyers 50000 baht giveaway

The third package is intended to help real estate developers sell their surplus units by offering a 50,000 baht “giveaway” down payment incentive to buyers, each of whom must have a monthly income not exceeding 100,000 baht, and must be listed in the Revenue Department’s record of taxpayers.

The number of buyers will be limited to 100,000 and the 50,000 baht “giveaway” will be on a first come first serve basis. The program will start on November 27th and last until March 31st 2020.

Finance Minister Uttama said this housing stimulus package will cost the tax payer about 5 billion baht, and refunds will be wired into the accounts of the buyers through the PromptPay application by the Government Housing Bank.



Covid-19 to cut Asian growth to 2.2%, Thailand -4.8% (ADB)

Restrained largely by slowing exports, Thailand posted paltry growth at 2.4% last year. GDP growth is likely to slow further to –4.8% this year but could pick up to 2.5% in 2021.

Boris Sullivan



 Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication.


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BOI Announces Measures to Facilitate Investors Affected by COVID-19 Situation

The Thailand Board of Investment (BOI) said in a statement that it remains as committed as ever to serve the needs of investors, and announced practical measures to ensure the continuity of service to support companies





The Thailand Board of Investment (BOI) said in a statement that it remains as committed as ever to serve the needs of investors, and announced practical measures to ensure the continuity of service to support companies as economic activity in this critical period is affected by the spread of the coronavirus disease 2019 (COVID-19) and the Emergency Decree put in place by the government to control the situation.


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EAP Countries Brace for Economic Shock of COVID-19

Growth in the developing EAP region is projected to slow to 2.1 percent in the baseline and to negative 0.5 in the lower case scenario in 2020, from an estimated 5.8 percent in 2019.

World Bank



The virus that triggered a supply shock in China has now caused a global shock. Developing economies in East Asia and the Pacific (EAP), recovering from trade tensions and struggling with COVID-19, now face the prospect of a global financial shock and recession.


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