Thailand’s new government plans to cut energy prices and city-train fares and temporarily suspend debt repayment by farmers as part of a raft of measures to ease the cost of living and spur investment in Southeast Asia’s second-largest economy.
Srettha Thavisin’s yet-to-be unveiled cabinet will order a cut in electricity and diesel prices at its first meeting, the new prime minister said this week. A plan to cap subway and sky-train fares in Bangkok at 20 baht , down from a peak of 47 baht is being discussed with coalition partners before implementation, he said Thursday.
The former business tycoon, who is also widely tipped to hold the charge of finance ministry, faces the task of jump-starting an economy amid rising interest rates and slowdown in exports due to a weakening Chinese economy. Thai household debts are near record levels and farmers and small and medium enterprises are still reeling from the impact of the pandemic, factors that’s forced the government to slash its 2023 growth forecast.
“This will be a one-time grand-scale fiscal step that will resuscitate Thai economy for real,” Paopoom, also a key member of Pheu Thai’s economic team, said in an interview. “It will be like a whirlwind to stimulate both consumption and investment nationwide. Thailand will be among the first group of nations in the world to use this kind of technology in the fiscal policy arena.”
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