Impact assessment within next fortnight
The government is likely to take about 1-2 weeks to evaluate the impact of a surge of fresh infections in the country and come up with additional measures to help those affected by the fresh outbreak.
Danucha Pichayanan, secretarygeneral of the National Economic and Social Development Council (NESDC), said related economic agencies are working on fresh economic packages to remedy the economic suffering from the latest surge of infections.
On Tuesday, Prime Minister Prayut Chan-o-cha ordered the deputy prime minister in charge of economic affairs, the Finance Ministry, the NESDC and the Budget Bureau to find additional measures to ease the economic impact caused by the new wave of infections.
Additional measures should be implemented within two months to help 40 million people, the premier said.
“Deputy Prime Minister Supattanapong Punmeechaow, who is in charge of economic affairs, will announce extra aid packages within 1-2 weeks,” said Mr Danucha, without giving any more details.
According to Mr Danucha, the NESDC is closely monitoring domestic consumption and household debt, areas directly affected by the new wave of infections.
As of Nov 16, the NESDC projected private consumption expenditure to increase by 2.4% this year, compared with a 0.9% decline in 2020, owing to the removal of lockdown measures, the continued economic stimulus, improved consumer confidence from successful control of the domestic outbreak and the recovery of the export sector’s income base.
Government consumption expenditure is projected to expand by 4.7% in 2021, increasing from 3.6% growth in 2020.
“The government has enough money to help those affected by the fresh wave of new infections and finance additional economic stimulus measures,” said Mr Danucha.
He added the agency is considering whether the government should allocate 400 billion baht designated for economic and social rehabilitation under the 1-trillion-baht emergency loan decree to help ease the impact incurred from the fresh wave of infections.
Mr Danucha said the government is also preparing new measures aimed at reducing living costs along with relief packages, especially for those affected by the new infections.
The agency estimates the impact from the fresh wave is unlikely to be as severe as the initial wave. He said government also has better knowledge and equipment to contain infections.
Mr Danucha believes the outbreak will be brought under control if people adhere to instructions on safety measures.
Kulaya Tantitemit, acting directorgeneral of the Fiscal Policy Office (FPO), said the FPO is also working with related economic agencies on new measures to help people affected by the latest outbreak and expects to propose solutions to the cabinet soon.
Details of the steps are expected to be unveiled next week in order to forward them for cabinet approval, said Ms Kulaya, without disclosing details of the planned measures. Using capital worth 500-600 billion baht allocated from the 1-trillion-baht emergency loan decree is among the options to fund the new measures, she said.
Ms Kulaya denied reports the Finance Ministry would provide 4,000baht cash handouts for two months to ease suffering inflicted by the prolonged crisis.