The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
Thailand’s Cabinet has approved a stimulus package worth approximately 115 billion THB (around 3.51 billion USD), aiming to bolster economic growth and create millions of jobs across the country.
The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira said the economic stimulus projects are designed for short-term economic stimulation while enhancing Thailand’s competitiveness amid global economic volatility driven by multiple uncertainties. Among the 481 projects, key areas of focus include the development of water resources and communication infrastructure, tourism promotion, export support, productivity enhancement, digital transformation, and community-based economic development.
A total of 34 projects have been approved with a combined budget of 85 billion THB. Of these, eight projects focus specifically on water resource development aimed at mitigating seasonal flooding, drought, and soil erosion. These initiatives are expected to benefit more than 900,000 households, supply water for over 640,000 ha of agricultural land, and generate around 70,000 temporary jobs per month.
Transportation infrastructure receives 45.864 billion THB across 26 projects, targeting road connections between secondary cities, enhanced safety measures, and agricultural area networks. The government expects to develop 417 km of new roads, generating 285,000 jobs.
Tourism will receive 10.053 billion THB through 420 projects. Officials project the investment will attract over 2.76 million additional tourists, generating more than 55 billion THB in economic value.
To ensure timely action, the Ministry of Finance has stressed that all projects must have contracts signed or procurement agreements finalised by September 30 or the funding will be cancelled.
The Thai economy expanded by 3.1% year-on-year in the first quarter of 2025 but forecasters expect a steady slowdown for the rest of the years as the impact of US tariffs starts to materialise.
Separately, there will be soft loans worth 200 billion baht to help exporters, Pichai added./.
Source: Vietnam+
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
