Tourism revenue not enough to stimulate Thai economy, says expert
To achieve its 5 per cent economic growth target, the government must inject at least 500 billion baht into the economy, president of the University of the Thai Chamber of Commerce (UTCC) said on Friday.
Thanawat Phonwichai said that in the first half of 2022, the government should add at least 500 billion baht to its subsidy schemes as well as create jobs for fresh graduates and restart infrastructure projects. He said moves to boost people’s purchasing power will help the economy grow by 3-4 per cent next year and may even bring it back to pre-Covid levels.
Thanawat also said the government should stick with its plan to reopen pubs, bars, karaoke outlets and other entertainment venues in December, otherwise, its sincerity may come into question.
He added that provincial economies also need stimulation because most people lack purchasing power as they are either unemployed or in debt.
The November 1 reopening of Thailand is expected to boost the Thai economy by 1 to 1.5 per cent this year.
