Finance Ministry mulls stimulus packages to boost property sector, consumption

The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy going again, as the impact of the Covid-19 pandemic continues to make itself felt. He says there are some signs of recovery, with August showing more encouraging economic activity than that of July.

A report in Nation Thailand says the Finance Ministry is now looking at ways to support the country’s property sector. Krisada says high-rise developments, such as condo projects, are particularly suffering, as supply outstrips demand.

The ministry is also considering a reboot of the successful “Eat, Shop, Spend” campaign rolled out twice already this year, aimed at boosting consumption for Thai citizens. The scheme provided shoppers with a subsidy on travel, dining out, and consumer items.

Thailand’s economy is expected to shrink by nearly 10% this year, due to the significant hit taken by its 2 key drivers, exports and the tourism sector.

SOURCE: Nation Thailand