BANGKOK — Continuing from a major initiative injecting 145.552 billion baht ($4.4 billion) into the system, with 10,000 baht ($300) in cash distributed directly to the public, the Thai government has launched more projects to boost the economy.
On October 16, Prime Minister Paetongtarn Shinawatra presided over the press conference for the Kick-Off event of the “Economic Recovery Program” at the Government House.
She stated that the 10,000-baht cash transfer program for 14.5 million vulnerable groups and disabled people has received overwhelmingly positive feedback. Some households received more than 10,000 baht due to having multiple members, with some receiving 20,000 to 30,000 baht. People combined their funds to start small businesses, and some new enterprises have emerged, which the government takes pride in.
The government is aware that economic recovery is crucial and builds on the success of the first cash distribution. Therefore, it aims to further stimulate the economy through various measures and support programs for the public.
The latest stimulus program focuses on small business owners, who make up 95 percent of all businesses and form the backbone of Thailand’s economy. The program aims to reduce spending and expand opportunities over a five-month period starting in September 2024 and ending in January 2025.
The program consists of three main parts. The first is the reduction of costs for small businesses. Reducing costs is crucial as it allows businesses to breathe a sigh of relief as lower expenses lead to higher profits. Rental discounts are granted for market stalls and spaces owned by both the government and private entities.
In Bangkok, Governor Chadchart Sittipunt has worked with the government to reduce rents for 12 large markets by 50%, which will benefit around 11,000 traders by the end of the year. In addition, the Ministry of Commerce and other government agencies have waived rental fees for over 3,000 businesses. The rental costs are a considerable burden for retailers, while the rental discounts, shipping fees will also be reduced.
Thailand Post will work with government agencies to offer discounted shipping rates to businesses affiliated with the National Farmers Council, the Thai Chamber of Commerce and the Office of Small and Medium Enterprises Promotion.
The second part of the program is to improve sales opportunities for small businesses by giving them access to government and private sector spaces. For example, the Ministry of Defense has offered military camps as market locations and the Ministry of Interior has provided space in front of provincial halls. In addition, more than 1,300 markets are organized across the country.
The third part focuses on reducing the cost of living for the general public. This will be achieved through partnerships with major manufacturers and wholesalers to reduce the prices of essential goods.
A series of price reduction events will take place involving private sector companies, major manufacturers, department stores, petrol stations and online sales platforms. In total, 130 organizations with over 100,000 stores will participate in the initiative.
The government expects this program to boost the economy by up to 110 billion baht ($3.315 billion) thanks to close cooperation between the public and private sectors. The government aims to achieve tangible results through greater involvement of the private sector.
After the press conference, the Prime Minister took part in a video conference with various provinces where events were held simultaneously. The first province she greeted was Khon Kaen, where she spoke in the local Isaan dialect.
The province introduced its famous products, including Khao Suan Kwang grilled chicken, which the prime minister fondly remembered eating with sticky rice while traveling with her father during her childhood. She gave it a thumbs up and described it as a perfect meal.
The Prime Minister also spoke with representatives from Lopburi, Udon Thani, Phuket and Chiang Rai. The entrepreneurs expressed confidence that the program will be effective in boosting the local economy. During the meeting, the Prime Minister addressed words of encouragement to all and wished them prosperity.
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