BANGKOK (NNT) - The world economy is experiencing a slowdown due to the ongoing trade war between China and the United States, the Brexit saga and other factors. These issues have affected tourism and people’s spending power in Thailand. To boost the domestic economy and stimulate spending in the country, the government introduced the first phase of the Chim, Shop, Chai (Taste, Shop, Use) campaign. The positive response from the general public has prompted the government to launch the second phase of this economic stimulus campaign, which consists of four measures.

The first measure is the release of the second phase of the Chim, Shop, Chai campaign, which will be granted to three million eligible participants. They will each receive a 1,000-baht cash handout and be eligible for a 15% cash rebate on up to 30,000 baht of tourism-related spending. The rebate rate will also increase to 20% when 30,000 to 50,000 baht is spent. Registration continues until December 31, 2019.

The second measure is a tax reduction from 2% to 0.01% for those who buy property worth up to three million baht and a mortgage fee of 1%. The measure will be in effect until December 24 this year.

In the third measure, the Government Housing Bank is offering low-interest mortgage loans to home buyers, with an overall limit of 50 billion baht. The amount borrowed must not exceed 3 million baht while the interest rate will remain at 2.5% for the first three years. and is seen as a measure to speed up disbursement of the national budget. The measure will be in place until December 24 this year.

The Finance Minister, Uttama Savanayana, said today the second and third measures are intended to give people an opportunity to buy a house. The measures will also help stimulate the property sector.

"They will have the opportunity to own a home. Their expenses will be reduced. They can spend on other priorities or save the money. It will benefit the economy. Thirdly, the property sector, as we know, is a downstream industry. Therefore, this measure is not aimed at the upstream sector only. But you have to think this way, when people sell and buy houses, jobs will be created, such as workers, contractors and so on."

The fourth measure is to speed up disbursement of the national budget. This is related to the cost of organizing workshops and seminars in the country as it will increase the circulation of money in the economy.

The Finance Minister said these economic measures will encourage people to spend more, from the grassroots to national levels. They are designed to ease the economic slowdown.

National News Bureau Of Thailand