Thailand stimulates community tourism, domestic consumption

The Deputy Prime Minister, Dr. Somkid Jatusripitak chairs the government’s tourism stimulus policy meeting.
The Deputy Prime Minister, Dr. Somkid Jatusripitak chairs the government’s tourism stimulus policy meeting.

The Ministry of Finance is considering the launch of more measures to stimulate domestic consumption, to alleviate the adverse impacts of the COVID-19 pandemic. The measures will correspond with the government’s tourism stimulus policy.

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The Deputy Prime Minister, Dr. Somkid Jatusripitak, said that a meeting of relevant agencies discussed measures to help the business sector and the general public affected by COVID-19, with employment being a priority. To help people, who returned to their home provinces due to business closures, the National Economic and Social Development Council (NESDC) will seek measures to promote employment and development of local areas. Related projects will be integrated. The Ministry of Finance has set a target to increase employment opportunities for at least 400,000 people, under the 400-billion-baht budget slated for economic and social rehabilitation.

The Fiscal Policy Office (FPO) will consider measures to assist entrepreneurs, particularly those in the tourism sector, as their businesses are experiencing weak demand. The FPO will help spread tourism activities to more areas.

The Revenue Department and other relevant agencies will consider launching additional measures to stimulate domestic spending in the middle of this month, to correspond with the Tourism Authority of Thailand’s (TAT) “We Travel Together” tourism stimulus package. The measures will be similar to the government’s Chim, Shop, Chai (Taste, Shop, Use) economic campaign. However, the new measures will urge those with higher purchasing power to spend more, as this group has become more cautious with their spending due to the pandemic. The measures will be made clear in two weeks.

To reduce the non-performing loan (NPL) rate for small- and medium-sized enterprises (SMEs), the Office of SME Promotion (OSMEP) is now providing aid to enterprises that have yet to receive government assistance. The Ministry of Finance and the Bank of Thailand (BOT) will hold a meeting to launch additional measures to help businesses pay off their long-term loans.(NNT)