PM formally launches economic recovery programme
Small businesses to benefit the most from the programme, which includes lower rent for shops and stalls and increased space
Thai Prime Minister Paetongtarn Shinawatra was joined by several of her ministers at yesterday’s launch of her administration’s economic recovery programme. The event, held at Government House, was also attended by representatives from the public and private sectors, including CP Group, The Mall Group, BJC Big C, PT, OR, SeaValue, Thai Union, and OSOTSPA.
Emphasising that the government is prioritising economic stimulation and citing last month’s launch of the 10,000 baht economic stimulus, she said that the programme is crucial for maintaining the momentum in stimulating the Thai economy to ensure maximum efficiency and value. This round focuses on small businesses, which make up 90% of all businesses and form the backbone of the Thai economy, with the programme designed to reduce costs, increase income, and expand opportunities over five months.
“The government expects to stimulate the economy by up to 110 billion baht. This is the result of a strong collaboration among all sectors to revive the nation's economy. The government drives policy, while the private sector plays a key role in supporting practical implementation,” Paetongtarn said.
The programme has been running since September and will continue until January next year. The key elements of the programme are as follows:
Cost reduction for small businesses: This includes rent reductions for shops and stalls in the government and private sectors. For example, in Bangkok, rent has been reduced by up to 50% in 12 major markets, benefiting around 11,000 vendors. The Ministry of Commerce and other government agencies have waived rent for over 3,000 businesses.
Increasing sales spaces for small businesses: The government and private sectors are offering additional spaces for small businesses, such as provincial government halls and over 1,300 commercial markets across Thailand.
Reducing living costs for citizens: Through partnerships with major producers and wholesalers, the programme reduces prices on consumer goods. A nationwide sale campaign includes over 130 private sector partners, including large manufacturers, department stores, gas stations, and online platforms, with over 100,000 outlets participating in price reductions.
Commerce Minister Pichai Naripthaphan added that the goal of stimulating more than 110 billion baht in the economy through this project is based on three main economic recovery activities. The first, around 78.7 billion baht, comes from stimulating spending by vulnerable groups who each received 10,000 baht.
The second, worth approximately 18.7 billion baht, comes from reducing business costs and creating opportunities for small entrepreneurs, as well as organising economic circulation activities, while the third part involves large retailers and manufacturers holding price reduction events to help lower living costs and stimulate domestic spending, which is expected to generate another 14.4 billion baht.
By the end of the project, it is anticipated that the economic stimulus will reach its target, helping all sectors of the population and revitalizing the Thai economy.
