Thai commerce chamber urges extension of economic stimulus

The tourism subsidy package will run until Jan 31 next year, while a separate co-payment scheme will end on Dec 31.
By: | December 9, 2020

Thailand’s chamber of commerce and industry is urging its government to extend its economic stimulus package for another three to six months, continuing ongoing efforts to boost the local economy. 

The country still needs fiscal-monetary injections, despite expert belief that the economy will get better next year, says the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB), according to the Bangkok Post. 

Aimed at boosting the tourism sector by subsidising 40% of hotel expenditure and airfares for Thai travellers, the subsidy package will run until Jan 31, 2021. 

Under a separate co-payment scheme, the Thailand government will pay for 50% of food, drink and general goods purchases of up to 150 baht (US$5) per person daily, capped at 3,000 baht (US$99) per person, from Oct 31 to Dec 31.

READ: Thailand to introduce new stimulus measures

JSCCIB has also urged the government to take on debt and use it to stimulate the economy.

The Chamber expects a better economic outlook next year, with exports expanding by 3-5%, GDP growing by 2-4% and inflation ranging between 0.8-1.2%, said JSCCIB member and Thai Chamber of Commerce chairman Kalin Sarasin.