Thailand Approves 18.6 Trillion Won Stimulus Package to Boost Economic Growth

IconCrypto News Terminal23 Apr, 2024

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Thailand Approves 18.6 Trillion Won Stimulus Package to Boost Economic Growth

Thai Prime Minister Prayut Chan-o-cha has announced a cabinet-approved 500 billion baht (approximately 18.6 trillion won) stimulus package in order to propel Thailand's economic growth. The initiative involves distributing 10,000 baht (approximately 370,000 won) in digital currency to 50 million Thai citizens over the next six months, which can be spent within local communities. Thai government officials anticipate a positive economic impact, expecting an increase in the annual economic growth rate by 1.2%p to 1.6%p. They believe that this measure will significantly contribute to Thailand's economic growth exceeding 5% next year. However, some economic experts, including former central bank governors, have expressed concerns about the potential risks to fiscal soundness. Despite these warnings, the government remains committed to implementing the plan, intending to finance it through the government's 2024 and 2025 budgets as well as funds from the state-owned Bank for Agriculture and Agricultural Cooperatives. Previously on [date], [one liner summary of previous news].

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