He said that chief among them, the disbursement of central budget worth Bt56 billion in the middle of this year to finance some infrastructure projects should significantly boost the economy. The impact would be significant if more than 70 per cent of the budget or about Bt40 billion is disbursed, he added.

A total of Bt65.5 billion is expected to flow into the economic system due to the infrastructure investment and other stimulus measures – the subsidised housing scheme (Baan Pracha Rath) and Songkran spending boost.

Charl said if several developers joined the Baan Pracha Rath scheme, this could boost the economy by Bt10-Bt20 billion.

The Cabinet is expected to approve the measure to boost Songkran spending, which may allow taxpayers to deduct their taxable income by expenses incurred during April 9-17 by upto Bt15,000.

KResearch expected this to boost the economy by Bt5 billion.

Tim Leelahaphan, Thailand economist of Maybank Kim Eng Securities, said that the Songkran measure would help boost consumption and drive domestic tourism. The Tourism Authority of Thailand (TAT) has set a new target for domestic tourism revenue of Bt900 billion – around 40 per cent of combined domestic and inbound tourism revenue – this year, up from Bt850 billion predicted earlier and Bt790 billion in 2015. Tourism accounts for about 10 per cent of Thailand’s GDP.

As domestic tourism would be a focus this year, after Songkarn, he expected the government to announce similar schemes during the low tourist season to boost travel. Tourism accounts for about 10 per cent of Thailand’s GDP.

Late last year, the government launched a special tax break allowing individuals to deduct up to Bt15,000 on purchases made during the year-end festive season. Taxpayers capitalising on the break raked in Bt4 billion in deductions.