Thailand to launch €6.5 billion economic stimulus, as recession fear looms

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Thailand to launch €6.5 billion economic stimulus, as recession fear looms

In the face of a corpulent chorus of an imminent recession spurring frets over major economies across the world, Thailand, the second-largest economy of South-east Asia after Indonesia, had been seeking to prepare for an economic slowdown by injecting a multi-billion dollar stimulus package, Thai Finance Minister, Uttama Savanayana said later last week, adding that the aid project would help Thai economy to brace for a sharp economic slowdown.

Besides, Finance Minister of Thailand, the 19th largest economy in the world by purchasing power parity (PPP) and 25th by nominal GDP, with service sectors brewing a majority of its gross domestic products, was also quoted saying last week that the program, which would be worth approximately €6.5 billion, would cushion Thailand’s slowing economy by providing cheaper loans for small- and medium-scale businesses alongside their subsidies, price guarantees for farmers, while a hefty sum of its aid package would be capitalized to revive Thailand’s tourism industry.

On top of that, addressing that the package was scheduled to be passed by government as early as next week, Savanayana said on Friday (August 16th), “The government is confident that these measures will help alleviate the difficulties facing people and the economy in tackling global economic issues.

” Nonetheless, Thailand’s economy grew at a pace of 2.8 percent, its slowest in more than four years, as the Southeast Asian nation had been scuffling amid a gruesome trade conflict between Washington and Beijing alongside a stronger currency, which had handcuffed its export business for most part of this year.