170 billion baht stimulus to focus on tourism as economy plateaus

Inbound tourism to Thailand is about to get a boost with a proposed 170 billion baht government stimulus package . The Finance Ministry will submit the full plan to Cabinet on August 19.

Lavaron Sangsnit, the director general for the fiscal policy office, says the package aims to boost inbound tourism, and promote travel within the country by Thai and foreign tourists. The stimulus is also aimed to support farmers, small businesses and middle income earners.

The package comes after an economic slump in the first quarter around 2.8%. The government is also worried that a stronger baht and weaker Chinese yuan will continue to adversely affect the number of Chinese tourists coming to Thailand.

The Bank of Thailand yesterday cut its policy rate by 25 basis points to 1.5% in a move intended to slow down the continuing strength of the baht .

More details about the economic stimulus specifics when they become available.

SOURCE: The Nation