Economics
Thai economy is expected to return to 4-4.5% growth in 2021
The Minister of Finance is expecting the economy will grow 4-4.5% next year, however it may take up to 4 years for visitor numbers to recover.
BANGKOK (NNT) – The Thai economy has been showing signs of recovery, thanks to the government’s many stimulus measures.
The Minister of Finance is expecting the economy will grow 4-4.5% next year, however it may take up to 4 years for visitor numbers to recover.
The Minister of Finance Arkhom Termpittayapaisith predicts that Thailand’s tourism sector will start to recover after the successful development and distribution of COVID-19 vaccines globally, with the number of visitors next year expected to be at least 8 million.
He said, however, that by how much the country will reopen to tourists will depend on the public health conditions, adding that it may take until 2024 for tourist numbers to return to 40 million per year.
With this prospect, the Finance Minister said the government still finds it necessary to continue stimulating domestic purchasing via co-pay campaigns, tourism subsidy campaigns and living allowances for holders of welfare cards.
The government is now considering the extension of these campaigns, however there are still no definite timeframes set for by how long these campaigns will be extended.
The Minister of Finance said the government also needs to provide capital support for SMEs, so they have the liquidity they need to continue their businesses.
On public sector investments, Minister Arkhom said the government will be accelerating digital infrastructure investment and promoting investments in its s-curve industries, particularly the technology and digital industries, eco-friendly, healthcare and medical services industries.
The government is also to consider imposing tariffs on online purchases of goods and services, especially for orders from foreign merchants.
The Minister of Finance said the Thai economy in 2021 is expected to return to 4-4.5% growth.
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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.
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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