Thailand economic recovery no longer depends on tourism and exports

Prime Minister Prayut Chan-o-cha.

Thai government has spent 550 billion baht to help parties affected by the coronavirus disease 2019 and is seriously trying to stimulate the local economy, Prime Minister Prayut Chan-o-cha said.

During his speech on “Thailand Rebounds” on the occasion of the 74th anniversary of Bangkok Post, Gen Prayut said Thai and global economies unexpectedly suffered the COVID-19 pandemic and lockdown measures resulted in economic recessions in many countries.

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“Economic recovery can no longer depend on external factors like tourism and exports. The Thai government must strengthen the local economy in the country to make up for external demand for products and service during the global crisis,” the prime minister said.

The government tried to cut people’s cost of living and assigned the Finance Ministry to borrow 1 trillion baht to cope with COVID-19 impacts. It spent 550 billion baht from its budget in the past three months to help affected parties and would carefully spend 400 billion baht more to stimulate the economy, he said.

He urged the private sector to introduce promotional campaigns to reduce lay-offs and help general people by relaxing rules on mortgage and automobile instalments. (TNA)