Thailand backs economic recovery projects

A street in Bangkok (Source: AP)

Thailand’s cabinet on August 4 approved a budget of 884.62 million baht (28.5 million USD) to fund 157 economic recovery projects in 57 out of 77 provinces nationwide that have been hit by the COVID-19 pandemic.

Deputy government spokeswoman Rachada Dhnadirek said the money would be allotted to support many farming businesses, including organic agriculture, goat farms and mulberry farms. Some of it would also be used to promote businesses linked to tourism in the provinces, he added.

For the first time since 2014, the Thai economy has decreased by 1.8 percent year-on-year in the first quarter of 2020.

The Bank of Thailand (BoT) has just estimated that the Southeast Asia's second largest economy could see a record drop of 13 percent in the second quarter of this year when economic activities are delayed due to restriction measures against COVID-19./.

VNA