The Thai government expects to carry out the third phase of its cash handout stimulus programme in the second quarter next year, when 140 billion baht will be distributed to 14 million people, according to Deputy Finance Minister Julapun Amornvivat.
"The various stimulus measures can push growth above 3% next year. We are quite confident of that," Mr Julapun said on Wednesday, adding that full-year growth in 2024 will not exceed 2.8%.
About 14.5 million needy and disabled people have so far received a payment of 10,000 baht, out of an estimated 45 million who are expected to be take part in the Pheu Thai-led government’s signature scheme.
In January, 40 billion baht will be transferred to the elderly, followed by 140 billion baht in the second quarter to others who have registered, Mr Julapun said.
The government also plans to spend 40 billion baht to lower costs of production for farmers by early next year, he added.
Southeast Asia’s second-largest economy grew by 3% in the July-September period this year, the fastest rate in two years, the National Economic and Social Development Council (NESDC) said this week.
The agency forecast growth of 2.6% this year and 2025 growth in a range of 2.3% to 3.3%.
Last year's growth of 1.9% lagged regional peers. The economy has struggled under high household debt and borrowing costs as well as sluggish demand from major trading partner China.
After sustained government pressure, the Bank of Thailand (BoT) unexpectedly cut its policy interest rate last month. Its next rate meeting is on Dec 18 but it has signalled there will be no change.
