InfoQuest (May 25, 2020)-Mr. Tosaporn Sirisamphan, secretary-general of the National Economic and Social Development Board (NESDB), revealed the work plans of the 400-billion-baht stimulus package rolled out under the policy framework of economic and social recovery from the COVID-19 outbreak. Specifically, the package will cover four sectors. First, the funds will be used to invest and develop economic activities that can be revived, with emphasis on smart agriculture (precision agriculture, large-scale agriculture, high-value agriculture), food industry, bioeconomy, tourism focusing on high-quality hospitality industry, and creative economy. Second, some of the 400 billion baht will be allocated to revive the basic and community economy, focusing on self-sufficient/integrated agriculture, community products and services, One Tambon One Product (OTOP) strategies, and community tourism.
Third, measures will be adopted to promote and stimulate household and private consumption. One program that can be launched to help spur consumption is to encourage Thais to travel within the territory of the country. For example, the government is considering offering discount travel packages, so that tourists can use the discount for accommodation fees, and the government will subsidize the difference for operators. Fourth, the package will be used to promote stable economic development, upgrade infrastructure, and support production processes, with emphasis on community infrastructure construction, water resources development, and digital platform development.
More than 50 percent of the budget will be used for the second plan, with the focus on channeling funds to the basic economy and accommodating new graduates. The program to encourage Thais to travel within the territory of the country can give the economy a quick boost, while other measures, such as the retail consortium's initiative to save the nation through shopping, need to be reconsidered for suitability.
Mr. Tosaporn said that the package would be open for submission on June 5 and that a discussion meeting about it would be held prior to the consideration by the NESDB, and then it would be submitted to the sub-commission and the review committee for consideration and summary of views before submitted to the cabinet on July 7. Funding for these projects will be launched within July, but only if they can be completed within the fiscal year 2021.
These projects must be consistent with the national policy framework for economic and social recovery. In addition, they must have a clear goal, such as directly benefiting the target groups to help them increase their incomes, reduce their expenditures, bring down operating costs and increase or maintain employment, and creating business opportunities in response to the new normal or changes in the economic structure.
"The lesson of the COVID-19 outbreak is that the government must help people who returned home when the lack of revenues from tourists forced business shutdown get employed and make a living. And the government must attach importance to the basic and community economy. The 400 billion baht will be mainly used to create jobs and help people make a living and increase their incomes," Mr. Tosaporn said.
Source: InfoQuest, by Tanit Tongnok / Tanawat/ Rachada, translated by Xinhua Silk Road
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