USD 518 million Covid-19 package for business approved

Updated: Oct 2, 2021

THAILAND: The funds will be used to provide financial support to companies and their staff, as the country eases restrictions since its biggest outbreak of July, 2021.

Government spokesperson, Thanakorn Wangboonkongchana, said the Thai government has approved THB 34 million since the beginning of the pandemic to support those affected by the country’s attempt to curb the spread by tightening restrictions.

The Thai government will further provide THB 16.1 billion to both employers and employees in 13 provinces, and THB 862 million will be provided for those who previously missed out on receiving the assistance. In addition, the Thai government has also approved THB 20 million in housing loans to lower-income earners during this unprecedented time.

As of 15 September, Thailand has 17.7% or around 12.4 million of its people fully vaccinated. It is planning on opening its capital city, Bangkok, to fully vaccinated tourists by 1 October 2021, in hopes to revive its tourism industry that was severely impacted by the pandemic.

The hospitality and tourism industry in Thailand accounts for a large proportion of the country’s GDP. In 2019 alone, the contribution of travel and tourism to GDP for Thailand was 21.9 %, however, in 2020, it fell to 6.1%, the largest contraction since the Asian Financial Crisis in 1997.

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