Thai government seeks urgent economic stimulus amid rising household debt

The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6 billion.

Prommin Lertsuriyadet, the secretary to the Thai prime minister, informed that several indicators depict slower growth compared to other regional countries, along with increasing household debt. This places the nation firmly within the grip of a crisis. He warned that without government intervention to stimulate the economy, the situation could rapidly worsen.

Prommin expressed the government’s view of every single individual as an economic engine to create…