Thailand’s USD 14 billion stimulus plan distributes 10,000 baht to 45 million people, promoting local spending and a cashless society, despite facing criticism for fiscal irresponsibility.
Thailand’s Economic Stimulus Plan
The Thai government has unveiled a USD 14 billion stimulus initiative aimed at revitalizing its economy. This comprehensive plan will distribute 10,000 baht to 45 million citizens, fostering local spending and boosting economic activity. Implementation is ongoing, with the first phase already in progress, focusing on distributing funds to vulnerable groups including social welfare cardholders.
Focus on Digital Payment Systems
Thailand’s shift towards a cashless society by 2024 is central to this initiative. The funds will be disbursed through a smartphone application, encouraging users to spend within their local communities over the next six months. Prime Minister Paetongtarn Shinawatra advocates that this approach encourages domestic consumption, despite criticism regarding fiscal responsibility.
Principles of Financial Inclusion
To support this transition, Thailand’s three-year digital payment development strategy emphasizes openness, inclusivity, and resiliency. By enhancing access to digital payment services and improving security measures, the government aims to ensure a robust economic infrastructure that benefits all citizens, establishing a foundation for long-term growth.
Source : Thailand launches first stage of its USD 14 billion stimulus plan
