Thailand to distribute first US$4.2 billion of handout scheme in "digital wallet" starting this month (www.channelnewsasia.com)

submitted 1 month ago by lemmee_in@lemm.ee to c/world@lemmy.world

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Thailand will distribute 145 billion baht (US$4.2 billion) of its "digital wallet" handout programme earlier than scheduled to support vulnerable groups, a deputy finance minister said on Monday (Sep 9), stressing the need for short-term economic stimulus.

In remarks during a budget debate in the Senate, Julapun Amornvivat said the government has prepared 450 billion baht (US$13.29 billion) in total for its signature handout programme, which seeks to stimulate economic activity by transferring 10,000 baht to 50 million Thais to spend in their localities.

The measure, which was scheduled for rollout in the last quarter of this year, is the cornerstone of Thailand's plans to jumpstart Southeast Asia's second-largest economy, which grew 2.3 per cent in the second quarter.

The handout scheme has been criticised by economists including two former central bank governors as fiscally irresponsible. The government rejects that, but has struggled to find sources of funding.

It insists the policy is necessary to energise the economy, which the central bank expects to grow just 2.6 per cent this year, up from 1.9 per cent in 2023 and far adrift of most regional peers.

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[-] xmunk@sh.itjust.works 20 points 1 month ago

Fucking amazing, putting cash in locals' wallets will provide a serious boost.

this post was submitted on 10 Sep 2024

51 points (100.0% liked)

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