Thailand’s 2024 economic stimulus program has started, providing 10,000-baht stipends to vulnerable groups. This initiative, with a 145 billion baht budget, aims to enhance GDP and boost local economies.
Introduction to the 2024 Economic Stimulus Program
The first phase of Thailand’s 2024 economic stimulus program has been launched, distributing a 10,000-baht stipend to vulnerable groups. This initiative, with a substantial budget of 145 billion baht, aims to provide immediate relief and encourage spending on essential goods and local services, thereby stimulating the economy.
Expected Economic Impact
According to Dr. Thanavath Phonvichai from the University of the Thai Chamber of Commerce, recipients intend to use the funds primarily for necessities, contributing to a multiplier effect that could circulate the money through the economy several times. Initial spending is forecasted to benefit community businesses, especially during festive times like Loy Krathong and New Year.
Future Considerations
Dr. Thanavath predicts that this stimulus will result in a GDP growth of 3.8-4.3% for Q4 2024, surpassing earlier estimates. Experts, including Sanan Angubolkul, emphasize the importance of ongoing government measures such as tax incentives to maintain momentum. Continuous tracking of economic indicators will be crucial for assessing the program’s success and ensuring sustainable growth.
Source : Thai Chamber Predicts GDP Growth Surge from Digital Cash Stimulus
