Chamber of Commerce proposes familiar plans for the economy

Ahead of a meeting with PM Prayut Chan-o-cha tomorrow, the Thai Chamber of Commerce has compiled a list of measures to boost Thailand’s struggling economy. The proposal was sourced from 5 regional chambers of commerce and will be submitted to the prime minister tomorrow as part of his meetings with private sector representatives.

The proposed measures aren’t particularly groundbreaking, mostly suggesting extending current stimulus projects and encouraging the same suggestions as made in the past. They call for an extension on the popular 50:50 program that co-pays for food and groceries, as well as the “shop dee mee kuen” program that translates to “the more you spend, the more you save”.

The proposal stresses vaccinating everyone in the country as quickly as possible, a plan that the Minister of Energy Supattanapong Punmeechaow vowed to support at the meeting, adding that they hope to achieve close to a 100% vaccination rate by the end of the year. He also assured that the overwhelming of hospitals would not happen again in the future as the government is actively procuring new Covid-19 medicines like Paxlovid and Molnupiravir.

Another main point of the proposed measures was offering relief for household debt and providing assistance for small and medium-sized enterprises. The president of the Thai Chamber of Commerce said he expects the proposed measures to help speed the recovery of the economy when the government implements them.

He cautions though that we should expect some inflation and rising costs for products and production costs due to oil prices going up. He urged the government to take easing action on public transport and the cost of living in general. The government has been working to lower energy costs domestically as well as reduce non-tariff barriers that make Thailand more competitive globally. They are also once again attempting to stimulate the economy by luring in one million foreigners bringing their expertise and investment money.

SOURCE: Thai PBS World