The finance ministry reported that the Thai cabinet on Tuesday agreed additional assistance measures totaling 27.4 billion baht ($748.23 million) to reduce cost-of-living pressures and maintain consumption in the face of growing inflation.
According to a statement from the ministry, the measures will be in effect from September through October and will comprise 21.2 billion baht, or 800 baht per person, under an ongoing program designed to support consumer spending power.
13.34 million low-income individuals with state welfare cards will receive a separate 400 baht payment from the government, for a total of 5.3 billion baht, it was announced.
2.23 million people with special needs will get about 892 million baht, according to the ministry.
Approximately 48.6 billion baht would be injected into the economy as part of the support, increasing the gross domestic product by 0.13 percent this year, according to a statement from the ministry’s spokesman and director of the fiscal policy office, Pornchai Theeravet.
The ministry kept its prediction for this year’s economic growth at 3.5 percent earlier on Tuesday.
In order to keep consumer prices in check, the central bank is anticipated to hike interest rates next month. Headline inflation reached a nearly 14-year high of 7.66 percent in June.
According to Prime Minister Prayuth Chan-ocha, the cabinet also approved tax policies to encourage the usage of electric vehicles registered between October 2022 and September 2025, when it is anticipated that more than 128,000 EVs will be in use.
A government official announced that the government has also approved a soft loan program worth 5 billion baht to assist smaller hotels in reopening.
