Thailand’s Prime Minister, Prayut Chan-o-cha, has announced a stimulus package worth 560 billion Thai Baht (nearly $16 billion) to be rolled out in the next six months.
The objective is to boost domestic demand and local investment to revive the struggling economy.
According to Bloomberg, the plan includes energy price reductions and the suspension of debt repayments due from farmers and small business owners.
Addressing the Thai Parliament on Monday, Prime Minister Prayut revealed that the plan, known as the “Digital Wallet” scheme, would serve as a catalyst for the country’s economy.
He emphasized that it would encompass funding for all sectors of the economy.
The implementation of the plan is scheduled for the first quarter of the upcoming year. This initiative was a significant electoral promise by the ruling ” Palang Pracharath Party,” led by the Prime Minister.
Officials believe that the plan will have multifaceted effects on the economy, generating economic returns of over four times its value.
This is expected to lead to an economic growth rate of 5% in the next year, compared to the projected 2.8% for the current year.
