Thailand will expedite a 145 billion baht digital wallet program to aid vulnerable groups, aiming to stimulate economic growth amid uncertainty following a government change and previous economic struggles.
Thailand plans to expedite its “digital wallet” initiative, allocating 145 billion baht ($4.2 billion) to support vulnerable communities earlier than anticipated. The program aims to stimulate the economy by distributing 10,000 baht to 50 million citizens, encouraging local spending as the economy grew by just 2.3% in Q2.
Deputy Finance Minister Julapun Amornvivat highlighted preparations for a total of 450 billion baht ($13.29 billion) in handouts. Registration has begun, with 32 million individuals enrolled, primarily those with smartphones, to access funds through an app.
While the new government promises to uphold the economic agenda despite uncertainty from a recent leadership change, critics argue the handout scheme is fiscally irresponsible. Nevertheless, the government insists that these measures are vital for economic growth, which the central bank projects will only reach 2.6% this year.
