Recovery energy aims for B110bn increase
PUBLISHED: 17 Oct 2024 at 04: 45
With the aim of increasing the economy by up to 110 billion baht, the state has launched a global economic recovery program, enlisting big companies to help smaller operators.
The campaign, which runs from September this year until January, has three parts: reducing costs, generating income, and creating opportunities with a focus on small operators, who account for 90 % of the country’s business operations and serve as the backbone of the economy.
Prime Minister Paetongtarn Shinawatra affirmed the government’s dedication to stimulating economic engagement at the start on Wednesday, citing the government’s dedication to promoting consumer investing and creating company opportunities. Last season’s 10, 000-baht cash handout marked a significant step in this regard.
According to Ms. Paetongtarn, the state anticipates the effort will boost the economy by up to 110 billion baht, noting that the private sector backs the execution while the public sector is the driving force behind it.
In terms of lowering rental charges for operators who book spaces owned by condition agencies and participating companies, the government has pressed for assistance from state agencies and businesses. 12 business operators in Bangkok who collaborate with the Bangkok Metropolitan Administration have agreed to cover the cost of half the rental charges for about 11, 000 suppliers until the close of the year.
Additionally, Thailand Post and participating partners have agreed to lower transportation costs because the Commerce Ministry and various state organizations have agreed to waive rental charges for over 3, 000 sellers.
Ms. Paetongtarn argued that the running of a company requires significant expenses like transportation and rental charges. She said that the Defense Ministry and the Interior Ministry does make certain areas at military outposts and municipal rooms into areas as a result of the government’s efforts to boost the number of small-scale businesses. More than 1, 300 sites will be created globally.
Additionally, the government is working with key manufacturers and wholesalers to lower the cost of consumer goods and hold reduction events. More than 130 users with over 100, 000 trees may take part in this system, she said. The state may offer both short- and long-term programs to boost the economy, according to the prime minister.
The kick-off was joined by Deputy Prime Minister Phumtham Wechayachai, Commerce Minister Pichai Naripthaphan, Deputy Commerce Minister Suchart Chomklin and staff from the personal business including CP Group, The Mall Group, BJC, Big C, PT, PTT Oil and Retail Business Plc, Sea Value, Thai Union and OSOTSPA.
Mr. Pichai referred to the economic recovery strategy as the first step in the healing process as a result of the country’s efforts to attract investments from a range of industries. He claimed that investments in electronic circuit boards totaling 150 billion ringgit were made last year, while data center purchases totaling 160 billion baht were made this month, excluding investments of 30 billion ringgit from Google and another 30 billion ringgit from the UAE.
Ms Paetongtarn’s subsequent visits to Qatar and Laos even drew funding interest in many areas including food safety, he added. The projected 110-billion-baht number is expected to come from three solutions. Of the full, 78.7 billion ringgit may stem from increased paying among vulnerable groups who received a 10, 000 bass money flyer. This group is expected to spend about 54 % of the flyer on cheap items as part of the economic recovery job.
On 18.7 billion ringgit will be used to reduce business costs and expand opportunities for little operators through festivals and other unique events to encourage saving. The remaining 14.4 billion ringgit will be generated by manufacturer cost reductions and sales activities at section businesses and retail/wholesale stores. Meanwhile, KKP Research has revised its economic forecast for 2024, increasing the GDP projection from 2.6 % to 2.8 %, and for 2025, from 2.8 % to 3.0 %.