Thailand national flags on the side of the Thai Parliament complex in Bangkok. AFP file photo for representational purposes only.
Bangkok: Thailand's cabinet on Tuesday approved an economic stimulus scheme worth 44 billion baht (1.35 billion US dollars) to boost domestic consumption and alleviate the cost of living for up to 20 million people.
According to the finance ministry, the co-payment program aims to counteract slowing economic growth, fragile consumer confidence, and high household debt by injecting cash into the economy as part of the government's flagship "quick big win" initiative.
Running through December, the program will offer a 50 percent subsidy on purchases of food, drinks, goods, and services from participating vendors, with eligible Thai citizens aged 16 and older receiving a grant of at least 2,000 baht each (around 61.5 dollars), said Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas.
The program is projected to increase the Southeast Asian country's gross domestic product by approximately 0.22 percent in 2025, the ministry said in a statement.
