BANGKOK: Thailand’s 500 billion baht (US$13.51 billion) “digital wallet” stimulus policy gained Cabinet approval on Tuesday (Apr 23), Prime Minister Srettha Thavisin said, clearing another hurdle for the signature policy of the ruling Pheu Thai party.
The handout would give 10,000 baht (US$270.20) to 50 million Thais to be spent in their local communities over a six-month period. It aims to spark growth in Southeast Asia’s second-largest economy as it struggles with soaring household debt.
The scheme is expected to add 1.2 to 1.8 percentage points to economic growth in 2025, government spokesperson Chai Wacharonke told a media briefing.
Earlier this month, the government said the handout scheme would lift growth by 1.2 to 1.6 percentage points and help the economy expand by at least 5 per cent next year.
The launch of the plan, Pheu Thai’s key platform in the 2023 election, had…
