Thai local economy as key to survive COVID-19 Crisis

Deputy Prime Minister Somkid Jatusripitak.
Deputy Prime Minister Somkid Jatusripitak.

BANGKOK – The government is supporting local economy and small and medium-sized enterprises to shore up the national economy throughout the coronavirus disease 2019 crisis this year.

Deputy Prime Minister Somkid Jatusripitak shared the idea in a meeting to discuss assistance for SMEs at the Industry Ministry.

The Thai economy could not depend on exports and tourism, so it had to turn to two categories of domestic economic activities which were domestic consumption and government spending, Mr Somkid said.

The government would spend 400 billion baht on economic and social development. Most of the money would stimulate local economy through projects aimed to strengthen the economy of communities and develop local infrastructures, he said.

“The government is doing its best to quickly spend the money. I ask all parties to help stimulate the national economy in the next 3-4 months and let it survive this year,” Mr Somkid said.


Plans were being discussed with the Finance Ministry and the Bank for Agriculture and Agricultural Cooperatives to ensure income generation for the people who returned home in provinces, he said.
“The private sector can take part in this to rescue the Thai economy,” Mr Somkid said.

He assigned the Revenue Department to consider the private sector’s proposal for a three-year exemption of SMEs from corporate income tax.

Kalin Sarasin, chair of the Board of Trade of Thailand, said that support should go to high-value agriculture that included processed farm products and foods which could be used for domestic consumption and exports. (TNA)