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Thailand Acknowledges Economic Recession, Calls for Stimulus

Thailand’s Deputy Finance Minister, Julapun Amornvivat, has confirmed the country’s economy is in a state of recession, citing high levels of household debt as a major factor. To combat this economic downturn, the government is reiterating its commitment to a 500 billion baht ($14.05 billion) stimulus plan, which includes transferring 10,000 baht to 50 million Thais.

The government’s recent reduction in growth projections for 2024 to 2.8% reflects challenges such as weakened exports and reduced foreign tourist numbers. The deputy finance minister emphasized the urgency of addressing the high household debt burden and expressed hope that the delayed rollout of the stimulus plan would not be prolonged.