The government’s economic stimulus measures have contributed to economic recovery. The International Monetary Fund (IMF) has praised the Thai government for launching the half-half co-payment and Rao Chana schemes, which have stimulated domestic spending.
Thailand’s Finance Minister, Arkhom Termpittayapaisith, said that the Thai economy is recovering step by step, as reflected in economic indicators last month. Signs of recovery have become more visible following the vaccine distribution in Thailand, and the country’s credit rating remains positive. The IMF lauded the government’s mitigation and stimulus measures, including the co-pay and Rao Chana schemes, in which the government helps subsidize people’s general purchases.
The IMF suggested that the government continue these stimulus measures, to support the economic recovery. The Thai economy is expected to be fully recovered in two years. The Ministry of Finance is considering extending the co-pay scheme, which will depend on the economic situation.
The Thai economy is forecast to expand 2.5 to 3.5 percent this year. Growth may be as high as 4 percent, if the COVID-19 situation improves worldwide, with more foreign tourists visiting Thailand sooner than expected and the export sector showing a strong recovery. Another positive factor is the United States government’s passing of a US$1.9 trillion stimulus plan, with some of the capital expected to reach Thailand.
