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The chief of staff of the Thai Prime Minister’s Office said that Thailand’s economy is facing a “critical situation” and needs to take stimulus measures to resolve household debt, promote tourism and attract foreign investment.
The government is trying to revive the economy, but it has been hit by weak exports and the epidemic. Policymakers have lowered their growth forecasts for this year, and central banks are under pressure to cut interest rates. The government’s ambition is to make Thailand a hub for multiple industries.
The government plans to revive the economy with visa-free travel and tackle household debt, but critics warn it could spark fiscal problems and inflation. The government budget of 3.48 trillion baht is ready for expenditure.
(Source: Reuters Image source: freepik)
