Thailand deploys support package of $12.5 bln to stimulate economy
The Thai government is banking on a digital wallet handout scheme to boost the Southeast Asian country's sluggish economy due to low incomes and high household debts, a senior official said on Wednesday.
A crowded street in Thailand. Photo courtesy of AFP.
The handout of THB10,000 ($278) per head to 50 million eligible Thai citizens through a digital wallet is a crucial short-term stimulus measure, aiming to revive purchasing power and boost overall confidence in the economy alongside the government's efforts to tackle underlying structural issues, Finance Minister Pichai Chunhavajira told a news briefing.
The ruling Pheu Thai Party's flagship policy is expected to cost about THB450 billion ($12.5 billion), down from THB500 billion planned earlier, as officials project a take-up rate of the handout at less than 90%.
The scheme, originally scheduled to be launched in early 2024, has delayed for financing challenges.
The Finance Ministry said the handout registration will begin in August, with the expenditure planned for the fourth quarter of 2024.
Beneficiaries are required to spend digital wallet credits in their neighborhood within a six-month period.
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