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Thailand’s economic crisis spurs urgent stimulus measures

Thailand faces a dire economic situation, with the prime minister’s chief of staff, Prommin Lertsuridej, emphasising the urgency of implementing measures to reduce household debt, boost tourism, and provide economic stimulus. “We are not in good shape,” Prommin conveyed, highlighting the challenges faced by Southeast Asia’s second-largest economy, including weak exports and a sluggish post-pandemic recovery. The economy’s unexpected contraction in Q4 of 2023 and a downgraded growth forecast have intensified calls for an interest rate cut from the central bank. In response, the government is pursuing stimulus actions such as visa-free tourism initiatives and tackling the high household debt, which stands at 91% of GDP. Prommin also noted the government’s budget, delayed since October, is expected to be approved for use by next month.


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