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Economic think tank says shopping stimulus will only help in the short-term

Maya Taylor

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PHOTO: Elite Havens Magazine

The research division of Kasikorn Bank says while the government’s planned shopping stimulus has its advantages, the benefits will only be short-term. The Kasikorn Research Centre points out that the scheme, which it’s hoped will run from October 23 to December 31, will only provide a temporary boost to the economy.

The stimulus measure, which is being put to the Cabinet on Monday, will offer shoppers a co-payment of 3,000 baht each, with a maximum daily payment of 150 baht. The payment is intended to subsidise consumer purchases, with the exception of lottery tickets, flight and accommodation bookings, alcohol and tobacco.

Nation Thailand reports that, according to the Kasikorn Research Centre, a take-up by 1.85 million consumers should generate around 55.5 billion baht for the economy. Should the number of consumers rise to 4 million, the figure would be more than twice that, at 120 billion baht.

The centre also says that without the scheme, total credit card payment for 2020 is expected to decrease by 12%. If the scheme is successful, that should improve to 11%. Retailers are expected to benefit the most, with the scheme also expected to boost the sale of items currently experiencing a fall in demand due to the current economic crisis.

However, the centre points out that the stimulus package is only a short-term solution, adding that most retailers who will benefit will be large corporations and not small businesses. It will also not be worth while for production lines to resume full scale operations, as any increase in demand for consumer products will only last for the 2 months the scheme is in operation.

SOURCE: Nation Thailand

 

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8 Comments

8 Comments

  1. Avatar

    Toby Andrews

    Friday, October 9, 2020 at 11:41 am

    But only for Thais Right?
    The retailors will just put up the prices because the buyers are given discounts.

  2. Avatar

    Issan John

    Friday, October 9, 2020 at 12:54 pm

    “But only for Thais Right”?

    God Almighty, this is Thailand!

    Of course it’s “only for Thais”.

    The idea that “retailors will just put up the prices because the buyers are given discounts” is so patently stupid that even I can’t be bothered to comment further.

    • Avatar

      Noneya Bidnizz

      Tuesday, October 13, 2020 at 3:37 am

      Please DO NOT comment further .

      Your comments only show your ignorance , xenophobia and outright racism .

      Mung Bpen Kwaii !!!

  3. Avatar

    Glenn

    Friday, October 9, 2020 at 2:23 pm

    DUH

    • Avatar

      Toby Andrews

      Friday, October 9, 2020 at 5:40 pm

      It is just another case of dual pricing.
      The Thais pay less. They have discount – the foreigner pays more.
      Ever been to one of these Thai stores that allow 7 percent back at the airport for the departing foreigner?
      No, I doubt you have. If you did you would see the prices are inflated because the buyer receives a discount.
      Yes, don’t bother commenting further. All you write s puerile none sense

      • Avatar

        Geoff

        Saturday, October 10, 2020 at 7:56 am

        You expect the Thai government to support foreigners with financial help? Seriously! LOL. The stimulus package allows Thais to buy basic commodities – most of which no-longer have the means to do so. Better you keep your ‘puerile nonsense (one word) to yourself!

  4. Avatar

    ron

    Sunday, October 11, 2020 at 2:33 am

    Why doesn’t the foolish government stop with the nonsense and open up the economy?

  5. Avatar

    west tiger

    Sunday, October 11, 2020 at 1:13 pm

    The two things that could save the Thai economy the Government ignores, and that is make it easier for Farang tourists to return and reduce the value of the Baht

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Coronavirus (Covid-19)

Wednesday Covid UPDATE: 24 deaths and 1,983 new infections

Tim Newton

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The Thai public health ministry is reporting an additional 34 Covid-related deaths and 1,983 new infections from the past 24 hours of Bangkok and provincial reports. We’ll post all the provincial numbers just after lunch when they become available.

• Bangkok health officials are aiming to get around 70% of the Bangkok’s residents – about 5 million people – vaccinated within 2 months.

Yesterday PM Prayut Chan-o-cha noted that the number of people registering for vaccinations with the government had fallen below target.

• Krabi’s tourism operators are urging the government to push forward with local vaccination plans and commit to regulations for the province’s national parks so they can proceed with plans to re-open on October 1.

Ekawit Pinyotamanotai, president of the Krabi Tourism Association, says that “vaccine readiness is the key factor to build the confidence of locals and tourists”.

• The Marine Department is imposing strict new social distancing and regular cleaning aboard boats on the capital’s main canal routes for passenger ferries. They are also ordering more frequent services to spread out the load on each boat.

Boat operators will now add more trips during the morning rush hour from 7am to 8.30am and in the evening from 4:30pm to 6pm. The service frequency will increase from 5-7 minutes to 2-3 minutes to prevent crowding on both boats and piers – Nation Thailand

 

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Coronavirus (Covid-19)

PM Prayut pushes vaccine priority for the national agenda

Neill Fronde

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PHOTO: PM Prayut received the vaccine without side effects and has set it as a top priority on the national agenda. (via Thai Government Public Relations Department)

PM Prayut Chan-o-cha asked the Thai cabinet to make the Covid-19 vaccine part of the national agenda in order to make it Thailand’s top priority. He urged Thai people through a Facebook post to get vaccinated and not hesitate. The PM reminded people that getting everyone vaccinated to the point of herd immunity is the only way to end the Covid-19 pandemic and the resulting economic crisis. He also reassured people that all vaccines administered in Thailand are tested and approved by the Ministry of Public Health, and are safe.

Thailand is set to receive 100 million vaccines by the end of 2021 and plans are on the agenda to secure another 50 million jabs. The goal is to develop herd immunity to cripple Covid-19’s rapid spread by vaccinating 50 million Thai people. Domestic vaccine production is scheduled to manufacture a minimum of 61 million AstraZeneca vaccines with Siam Bioscience authorised to produce the jabs in Thailand. The company has a technological transfer agreement with AstraZeneca and hopes that it can ramp up production to be the hub of AstraZeneca’s distribution within Southeast Asia.

PM Prayut stressed the safety of the jabs after a few high-profile negative side effects have spread fear throughout the Thai population, slowing down his vaccine agenda. He asserted that all cabinet ministers had already received Covid-19 jabs and didn’t experience any side effects, with the PM himself having been filmed and photographed receiving the AstraZeneca vaccine.

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SOURCE: Thai PBS World

 

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Coronavirus (Covid-19)

PM Prayut Chan-o-cha seeks looser restrictions in ‘red’ zones

Thaiger

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Photo via Facebook/ PR Thai government

Covid-19 infections are still high, but PM Prayut Chan-o-cha says he wants restrictions to loosen up and businesses to reopen as soon as possible in provinces classified as “red” zones under tight control to combat Covid-19.

The prime minister says he has ordered governors of red zone provinces to look into easing disease control measures. Looking into each province’s Covid-19 situation and the restrictions’ impact on the local economy, governors are told to find a good balance that works well for both the economy and public health.

Spokesperson for the Centre for Covid-19 Situation Administration, Taweesilp Visanuyothin, says restrictions at restaurants in red zone provinces can be lifted if the situation improves.

PM Prayut Chan-o-cha seeks looser restrictions in 'red' zones | News by ThaigerPM Prayut Chan-o-cha seeks looser restrictions in 'red' zones | News by ThaigerSOURCE: Bangkok Post

 

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