Thai Cabinet nods for new short-term economic stimulus package

BANGKOK, April 30 (TNA) - The Thai Cabinet has approved a new short-term economic stimulus package, aimed to boost the national economic growth to about 3.9 per cent year-on-year on average in 2019. Nathaporn Jatusripitak, an advisor to the Minister Attached to the Prime Minister's Office, told journalists that the Thai Cabinet approved the new 13.2-billion baht-economic stimulus package at its weekly meeting, held at Bangkok's Government House on Tuesday, in response to a slowdown in Thai exports and people's purchasing power in the country, caused by a slowdown in the world economy. Nathaporn stated that the incumbent government of Prime Minister General Prayut Chan-ocha will implement the new four-measure economic stimulus package pending the inauguration of the newly-elected Thai administration over the next few months. According to the advisor, the new economic stimulus package includes measures to assist a total of about 14.5 million low income earners nationwide who hold the government's welfare cards. The advisor said that beneficiaries of the new economic stimulus package includes 1.16 million persons with disabilities (PWDs) who will each receive the official financial support of 200 baht a month additionally from mid-May to September, 4.1 million local farmers who will each receive a one-time financial support of 1,000 baht, 2.7 million primary-to-secondary-level students who will each receive the financial support of 500 baht, but no more than trio per family, and the remaining holders of the government's welfare cards who will each receive the financial support of 500 baht monthly for two months, from the existing 200-300 baht a month. Besides, the new short-term economic stimulus package also includes tax incentives to boost the domestic tourism through a personal income tax deduction of up to 20,000 baht each during April 30-June 30, as well as to support sports players and students buying educational materials from May 1 to June 30, excluding computers and tablets, and to give a tax break with reduced prices of electronic books (e-books) of no higher than 15,000 baht each throughout this year, of the purchase of people's first houses and community-based goods. Meanwhile, the Bank of Thailand (BOT) assessed that the country's gross domestic product (GDP) should grow by more than 3.8 per cent year-on-year on average in 2019 if the GDP growth, to be officially reported by the Office of the National Economic and Social Development Board (NESDB) next month, stood at least 3.4 per cent year-on-year in the first quarter of this year. (TNA)