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Monday, May 20, 2024

Thailand Cabinet Approves THB 500B Stimulus Policy

Thailand’s 500 billion baht ($13.51 billion) digital wallet stimulus policy was granted cabinet approval on Tuesday by Prime Minister Srettha Thavisin, overcoming another obstacle for the ruling Pheu Thai party’s flagship policy. The initiative aims to distribute 10,000 baht to 50 million Thais over six months for spending within their local communities. It seeks to revitalize Southeast Asia’s second-largest economy, grappling with soaring household debt.

Officials anticipate that the program could contribute 1.2 to 1.6 percentage points to economic growth and propel the economy to expand by at least 5 percent next year.

Due to funding constraints, the handout plan was initially slated for the fourth quarter. It was delayed until solutions were found to finance it without significantly increasing…

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