BANGKOK - Thailand will extend tax incentives to millions of its middle and upper income groups to fire up consumption and counter the nation's worst economic slump triggered by the coronavirus pandemic.
Thailand, like most of the emerging market economies, is betting on an expansive fiscal policy to cushion the blow from the virus outbreak that's devastated its tourism and exports. South-east Asia's second-largest economy is on track this year for its worst contraction on record, with the Finance Ministry predicting gross domestic product will shrink 8.5 per cent.
The benchmark SET index of stocks rose as much as 1 per cent to its highest level in more than two weeks on Thursday with the SET Commerce Index jumping as much as 1.9 per cent, the most since Sept 15. The national economic panel also recommended extension of a co-pay programme subsidising hotel and airfare costs for local tourists by three months to Jan 31.
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