Thai economy in recession, needs a boost - Finance Official.

The deputy finance minister stated on Monday that a high level of family debt is the reason Thailand's economy is in a recession, underscoring the necessity of stimulus measures to revive the economy. The government is dedicated to carrying out its 500 billion baht ($14.05 billion) handout plan, which involves sending 10,000 baht to 50 million Thais, according to Deputy Finance Minister Julapun Amornvivat. He expressed hope that there won't be a significant delay in the plan's implementation. Due to weaker exports and fewer foreign visitors, the government last week cut its growth forecast for Southeast Asia's second-largest economy in 2024 from 3.2% to 2.8%.Additionally, it reduced the 2.7% growth prediction for 2023 to 1.8%. In contrast, that represents 2.6% growth in 2022.

Source: Thailand Government Sources