Thailand News | Thai government's 1.9 trillion baht boost for economy during transition

Thailand’s National Economic and Social Development Council (NESDC) unveiled plans to inject 1.9 trillion baht into the Thai economy to bridge the gap before the new government can budget for the year 2024, emphasising fiscal reforms and monitoring household debt.

Secretary-General Danucha Pichayanan highlighted the need for industry restructuring and government action in response to shrinking exports, which is affecting the whole region including Vietnam, Malaysia, and Indonesia. With an expected increase in foreign tourists and strong private consumption, the Thai economy is expected to remain healthy.

During the transitional phase awaiting the new government, the NESDC will focus on approving the annual budget bill for the year 2024, which should be completed by the first quarter of 2023 at the latest. Consultations with the Bureau of Budget and state enterprises have outlined around 1.05 trillion baht for public sector investment entering the system in the fourth quarter of 2022, with another 50 billion baht in the first quarter of 2023. Together, these investments would provide approximately 1.8-1.9 trillion baht to support the Thai economy.

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[jspbipro]

Stimulus equals debt which will put even more pressure on the baht...already has weakened on the news to 35 vs USD.

[mikeb]

It can also drive down the value of the baht, making Thailand more competitive for exports and some tourists.