Thailand to kick off large-scale consumption stimulus program

Thailand's Commerce Ministry is working with the private sector to launch a price reduction campaign for goods and services three months before the much-anticipated digital wallet scheme begins.

Thai Deputy Prime Minister Phumtham Wechayachai, who is also Minister of Commerce, on Saturday led a discussion with at least 150 private operators in response to the move, a form of economic stimulus, as ordered by Prime Minister Srettha Thavisin.

Wechayachai said the PM has instructed the ministry to work with all sectors to help small- and medium-sized enterprises alleviate the burden of expenses and reduce the cost of living for three months, from August 20 to November 20, 2024, before the 10,000 baht (nearly $284) digital wallet scheme kicks off in December.

The first measure is to work with companies to reduce rental fees for small shops and market stalls, help them promote their businesses online and reduce shipping costs with help from Thailand Post. Next, the availability of sales spaces will be increased by launching new shopping areas in every province. The third measure is to work with large manufacturers and wholesalers to reduce living costs through nationwide discount campaigns.

The ministry will organize regular seasonal promotions, such as the "9.9" and "10.10" campaigns in September and October, as well as the Vegetarian Festival in October and New Year.

Wechayachai revealed that the PM will announce the kick-off for this raft of measures during the mobile cabinet meeting on August 20 at Rajamangala University of Technology Suvarnabhumi in Ayutthaya.