Thailand’s newly appointed Prime Minister, Srettha Thavisin, presented his government’s policy statement to parliament on Monday, outlining immediate measures aimed at revitalizing the economy. The proposed initiatives include a digital money handout and reductions in energy prices.
Srettha emphasized the need for stimulus measures as key drivers of Thailand’s economic growth, such as tourism and consumer spending, are currently experiencing sluggish recovery, posing the risk of an economic recession. He delivered this message during a joint session of the National Assembly.
Prime Minister Srettha outlined a plan to distribute 10,000 baht (approximately 280 U.S. dollars) in digital money to individuals at all levels, including grassroots communities. He stated that this initiative would jumpstart the economy, fostering job creation and economic activities, while also generating revenue for the government.
He further elaborated that this policy would establish a digital economic foundation for Thailand, positioning the nation for a new era of economic development. It would create fresh opportunities for the public, open doors to new sources of funding for businesses, and enhance the efficiency and transparency of the economic system.
Addressing other pressing issues, Srettha acknowledged the need to address the country’s high household debt, which currently exceeds 90 percent of Thailand’s gross domestic product (GDP).
Additionally, the prime minister pledged to implement plans to reduce energy prices, including those for gasoline, cooking gas, and electricity. He also highlighted the government’s commitment to exploring new energy sources.
In an effort to boost tourism, Srettha’s government intends to promote the industry by implementing visa fee exemptions for visitors from specific countries and expediting visa applications for international travelers attending events in Thailand.
Under Thailand’s constitution, the Council of Ministers is obligated to present a policy statement to the bicameral parliament before formally assuming office. Following Monday’s policy address, parliamentary debates on these proposals are scheduled to continue until Tuesday.
