BANGKOK, Thailand – Prime Minister Paetongtarn Shinawatra on Wednesday (Oct 16) launched an economic recovery project aimed at reducing expenses, increasing income, and expanding opportunities for small businesses and vulnerable groups.
The project, set to run for five months until January 2025, is expected to stimulate the economy by approximately 110 billion baht ($3.3 billion) and benefit 95% of small entrepreneurs, Paetongtarn said at the launch event.
The initiative follows a previous economic stimulus measure that distributed 10,000 baht to vulnerable groups starting September 25, which the government claims injected 145.5 billion baht into the economy.
The new project comprises three key strategies. These include reducing costs for small businesses by lowering rent for shops and stalls in both government and participating private areas and increasing income opportunities by opening military camps and provincial halls for small vendors to set up markets. Finally, the project is aimed at lowering living costs for citizens by coordinating with major manufacturers and wholesalers to reduce prices of consumer goods. Large-scale discount events are being organized as part of this effort.
Commerce Minister Pichai Naripthaphan stated that major private sector players have agreed to support smaller businesses as part of the project. He also noted that foreign investment in Thailand has recently surpassed 200 billion baht, signaling growing international interest in the country.
The government emphasized its commitment to implementing short, medium, and long-term plans to improve citizens’ living conditions. (TNA)
