Tuesday, October 20, 2020

Stimulus measures under consideration to lift property sector, consumption

Oct 02. 2020
Permanent secretary at the Finance Ministry, Krisada Chinavicharana
Permanent secretary at the Finance Ministry, Krisada Chinavicharana
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By The Nation

The Finance Ministry is considering more stimulus packages to support the property sector and increase consumption.

 

The newly appointed permanent secretary at the Finance Ministry, Krisada Chinavicharana, said on Thursday that he would meet with senior officials to discuss ways to help the economy recover from the Covid-19 impact.

There are signs of recovery, but the ministry wants to look into how to stimulate the economy in the short and medium term, he said on Thursday, his first day in office as permanent secretary. Krisada is a former director-general of the Customs Department.

The ministry will look into which businesses or groups of people need more support. The government has been implementing Covid-19 relief packages, assisting small businesses and low-income groups.

He said some real estate segments, such as low-rise property, are doing well, while some segments may face difficulty, referring to high-rise or condominium developers who are hit by oversupply of residential units and a decrease in people's purchasing power.

The ministry will also look into whether to resume the shopping package, known as "Eat, Shop and Spend", which subsidised people shopping for goods, travel and dinning at restaurants.

The latest economic indicators in August have shown signs of recovery since July, but the economy is expected to see a close to 10 per cent contraction this year as exports and tourism -- the two main engines of the Thai economy -- have not recovered yet due to the persistence of the Covid-19 pandemic worldwide.

The Bank of Thailand reported that business confidence in September rose for the fifth consecutive month to 47.5 while the manufacturing confidence index touched 50 for the first time since the virus outbreak early this year.

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