BANGKOK (NNT) – Although the COVID-19 outbreak has continuously aggravated countries everywhere, US economic stimulus measures and the rapid distribution of vaccine worldwide, have improved the economic outlook of major trading partners. Thailand’s exports in March totaled more than 750 billion baht, up 8.47 percent year-on-year. The figures were a record high for Thailand.

Mr Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce, said if oil, gold and military supplies were excluded, Thai exports in March would have grown as much as 12 percent thanks to the global economic recovery, cooperation between the public and private sectors of Thailand on driving exports, which lead to timely solutions to problems including a shortage of containers, export problems along the border, misunderstandings of partner countries and adjustment of the trade negotiation pattern.

The Ministry of Commerce has introduced a number of marketing innovations in the New Normal era. They include opening trade negotiations with foreign partners in a pattern of “Hybrid Virtual Trade Exhibition” or at a business matching event so that exports this year can reach a target growth of four percent. Exports are considered the main engine driving the economy as the tourism sector continues to be affected by a new wave of the COVID-19 pandemic.

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BANGKOK (NNT) – With Thailand’s household debt now at an 18-year high due to the COVID-19 pandemic, the Stock Exchange of Thailand has launched a campaign promoting savings as a good financial practice for everyone, while raising awareness on financial literacy.

The Stock Exchange of Thailand has joined hands with the Government Pension Fund and the Student Loan Fund to launch the Happy Money campaign promoting good financial practices among Thai people, as the economy has reached a fragile point from the COVID-19 pandemic.

Presiding over the launching ceremony, the Minister of Finance Arkhom Termpittayapaisith, said today the pandemic has enlarged household debt, with the figure in Q3 2020 recorded at 86.6% of the national GDP, which is higher than the previous period which was at 78.9%.

He said as Thailand is becoming an ageing society, where the population of those 60 years or older will account for more than 20% the entire population by 2023, the practice of good financial management and savings to support one’s retirement jave become more important, as most of the retirees in Thailand at 90% are still dependent on their children or must continue to work. Only a small 2.3% of them are found to be self-sustainable.

Mr Arkhom said the government is trying to improve the financial status and stability of Thai people through the promotion of financial literacy and the practice of savings, to ensure all will have money to sustain themselves after retirement.

He said the Happy Money campaign will help promote essential financial knowledge needed to help drive the country’s economy forward in a sustainable manner.

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BANGKOK (NNT) – Following the government’s Rao Chana scheme, which provides 7,000 baht in subsidies to each person registered as being affected by the COVID-19 situation, the cabinet meeting today (Apr 20) resolved to extend the deadline for people to use the cash payments by one more month, from May 31 to June 30, and increase the number of recipients to 2.4 million.

Director-General of the Fiscal Policy Office (FPO), Dr. Kulaya Tantitemit, as Spokeswoman for the Ministry of Finance, said today that the proposal will increase the number of people eligible for the relief package to 33.5 million, while raising the budget to 3 billion baht. The deadline extension will mitigate the impact of the new COVID-19 outbreak.

So far, there are 32.8 million Rao Chana participants, 13.7 million of whom are state welfare card holders, 16.8 million are new registrants and people whose information is already in the database of the Pao Tang application, and 2.3 million are people who need special assistance or those registering without smartphones. The scheme has led to more than 200 billion baht being circulated in the economy, encompassing 1.3 million registered retail outlets.

However, the government has warned people not to misuse the financial aid, such as swapping the subsidy for cash, or unfairly raising product prices. The Ministry of Finance has coordinated with the Ministry of Commerce, the Royal Thai Police and relevant agencies to monitor and inspect related activities. If shop owners and welfare recipients are found to have violated the conditions, their privileges will be revoked and they may face legal action. The government asks them to cooperate by following the scheme’s conditions.

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