BANGKOK, Oct 8 (NNN-TNA) – Thailand’s cabinet, yesterday, approved an economic stimulus scheme, worth 44 billion baht (1.35 billion U.S. dollars), to boost domestic consumption and alleviate the cost of living for up to 20 million people.
According to the finance ministry, the co-payment programme aims to counteract slowing economic growth, fragile consumer confidence, and high household debt, by injecting cash into the economy, as part of the government’s flagship “quick big win” initiative.
Running through Dec, the programme will offer a 50 percent subsidy on purchases of food, drinks, goods, and services, from participating vendors, with eligible Thai citizens aged 16 and older receiving a grant of at least 2,000 baht each (around 61.5 dollars), said Deputy Prime Minister and Minister of Finance, Ekniti Nitithanprapas.
The programme is projected to increase the country’s gross domestic product by approximately 0.22 percent this year, the ministry said in a statement.– NNN-TNA
