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Thailand to roll out more economic measures for New Year

Thai economy next year is expected to grow by 3.5-4.5 percent, while the Ministry of Finance has prepared more measured to be rolled out

National News Bureau of Thailand

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BANGKOK (NNT) – The Ministry of Finance’s permanent secretary says that the Thai economy next year is expected to grow by 3.5-4.5 percent, while the Ministry of Finance has prepared more measured to be rolled out for the general public as New Year gifts.

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The Ministry of Finance’s Permanent Secretary Krisada Chinavicharana gave the opening speech at the Wealth Forum seminar, where he has pointed out that the Thai economy has already passed the lowest point, and has started to recover.

He said the economic output in Q3 this year was at a negative 6.4 percent, however the Q4 performance is expected to swing back to negative 3.5-4.5 percent, thanks to successful COVID-19 measures, positive progress in COVID-19 vaccine development and the global economic recovery.

At the same time, the government has been pursuing financial and monetary measures, using the 1 trillion baht emergency loan for economic recovery from COVID-19, with funding now being disbursed for related projects.

In addition, the Ministry of Finance is planning to roll out additional measures for the general public in the final weeks of this year.

The Finance Ministry’s permanent secretary said the Ministry of Finance will continue to promote economic growth, maintain the employment rate and expedite government spending. The ministry is sure its measures will help rebuild confidence among international companies to enable them to invest in Thailand once again.

Mr Krisada said, during his speech, that this Wealth Forum will help convey to audiences correct understanding about the Thai economy, the world economy and market fluctuations, which will help investors make informed decisions.

He responded to a question, on the government’s 50:50 co-pay campaign, that the government will likely increase the number of eligible persons in the next round of registration, pending a report on expected applicants, from Krungthai Bank, and further evaluations.

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50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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Customs Department Considers Measures to Help SMEs

National News Bureau of Thailand

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BANGKOK (NNT) – The Customs Department is seeking ways to reduce the impact of the exemption on import tax and value-added tax (VAT) for imported goods worth up to 1,500 baht, as such measures are hurting small and medium-sized enterprises (SMEs).

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