BANGKOK, Sept 12 (Askume) – Thai Prime Minister Patongthan Shinawatra outlined the government’s policy agenda to parliament on Thursday.The plan is to provide 450 billion baht ($13.4 billion) to Southeast Asia’s second-largest economy.
The Cabinet of political newcomer Patong Tan was sworn in this month after parliament elected him as Thailand’s youngest prime minister , after his predecessor Sritha Thaweesin was unexpectedly ousted following a court ruling.
These policies largely continue the agenda of Ally Shrestha and his populist Pheu Thai Party, including debt restructuring and investment.Casinos have been legalized to attract more tourists .
Patongtarn, 38, told lawmakers his government faced challenges including structural economic problems and said it would work to stimulate economic growth.
He said, “If fiscal and financial measures are not taken to support economic growth, the country’s economic growth rate is not expected to exceed 3% per year.”
The cornerstone of these measures is the government’s “digital wallet” program, which provides 10,000 baht ($300) to 50 million people , some of whomCash will be given .
Finance Minister Pichai Chunhwajira said the stimulus measures would help reduce household debt, which remains high at 16.4 trillion baht ($486.5 billion) as of March, accounting for 10% of gross domestic product (90.8% of GDP).
“Until the economy gets stimulated and confidence builds, we can’t bring that number down immediately, that’s the reality,” he told the House of Representatives.
He said the first tranche of the distribution programme would be paid on Sept. 25 and 26, totalling about 140 billion baht ($4.15 billion) and distributed to 14.2 million people.
The government insists that this policy is necessary to get the economy moving faster. The central bank expects economic growth to reach 2.6% this year and 1.9% in 2023, but it will still be hampered by most regional economies and will still lag far behind others. Economy.
A survey released on Thursday showed consumer confidence fell for the sixth consecutive month in August to a 13-month low.
Patongdan is Thailand’s second female prime minister and the fourth member of her family to hold the highest office.
These include his father, billionaire Thaksin Shinawatra, who has been Thailand’s most influential and divisive politician over the past two decades.
In his final statement in Parliament, Patong Thane called on opposition MPs to cooperate in moving the country forward.
“We must come together and engage in constructive politics … we must put the needs of the country first.”
(starting at $1 = 33.7300)
