FRIDAY, March 29, 2024
nationthailand

CP’s top boss backs govt’s Bt1-trillion stimulus package

CP’s top boss backs govt’s Bt1-trillion stimulus package

Tycoon Dhanin Chearavanont has voiced support for the government’s plan to borrow around Bt1 trillion as part of its latest stimulus scheme to boost the economy after the Covid-19 outbreak.

Charoen Pokphand Group (CP)’s senior chairman said this massive borrowing will help prevent massive layoffs, which if they occur will make the economy crash.
On April 7, the Cabinet approved the third phase of economic stimulus worth Bt1.9 trillion to relieve the impact of the contagion.
The stimulus measures, powered by three emergency decrees, one of which allows the Finance Ministry to borrow up to Bt1 trillion, of which Bt600 billion will be spent on cash handouts and public health measures, and Bt400 billion will be spent on economic recovery measures.
Dhanin believes the outbreak will come to an end soon thanks to the efforts of experts worldwide to come up with a vaccine.
He predicted that the tourism industry will be the first to recover after the crisis, and advised restaurants to not stop operating, but start selling food at lower prices or adopt a delivery strategy to survive.
He went on to say that the government should work on turning Thailand into a global economic hub thanks to its better handling of the outbreak when compared to many other countries, and said that this can be done by revising investment rules to further draw investment and promote ease of doing business.
Dhanin also advised the state to consider relaxing the lockdown on a location-by-location basis.

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