Thailand rolls out a $13.8 billion digital cash handout program to boost its economy. Prime Minister Srettha Thavisin announced the start of registration for the “Digital Wallet” program on August 1, according to AP News.
The plan, initially announced in April, aims to distribute 10,000 baht (approximately $275) to 50 million Thai citizens, totaling $13.8 billion. The costs have dropped to $12.4 billion as 10% of users did not utilize past handouts, Deputy Minister of Finance Julapan Amornvivat stated during a press conference on July 15, as reported by Bloomberg.
The digital currency is intended to be spent at local establishments over six months. The handouts target adults earning no more than 70,000 baht ($1,890) per month and with less than 500,000 baht ($13,500) in their bank accounts. The program will be financed through a combination of the 2024 and 2025 budgets, with some funding from the state-owned Bank for Agriculture and Agricultural Cooperatives, confirmed by AP News.
Beneficiaries must spend the funds within their local communities, with restrictions on purchases like alcohol, cigarettes, fuel, services, and online transactions. The World Bank projects an increase in Thailand’s GDP growth from 1.9 percent in 2023 to 2.4 percent in 2024.
Despite optimism from the government, economists criticize the program for its impact on public debt and fiscal deficit. Concerns have been raised about the long-term benefits of the plan, as noted by Bloomberg.
The implementation of the Digital Wallet scheme is a significant economic policy move for Thailand in addressing its slow growth.
**Meta Description:** Thailand introduces a $13.8 billion digital cash handout program to stimulate the economy. This article discusses the details of the “Digital Wallet” scheme and the potential impact on Thailand’s economic growth.
**Focus Keywords:** Thailand, digital cash handout program, Digital Wallet scheme, economy, GDP growth
**H1:** Thailand Introduces $13.8 Billion Digital Cash Handout Program to Boost Economy
**H2:** Details of the Digital Wallet Scheme and Economic Impact on Thailand
