Thailand to roll out a $13.8B handout plan in digital money to citizens
Thailand's PM introduced a $13.8 billion Digital Wallet plan, offering 10,000 baht to 50 million citizens for local spending. Economists doubt its sustainability despite aiming to boost GDP growth. Funding faced delays and cuts. World Bank predicts 2.4% GDP growth in 2024.
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Thailand's Prime Minister announced a controversial $13.8 billion handout plan in digital money to boost the country's economy. The program, named the Digital Wallet, aims to provide 10,000 baht (about $275) to 50 million citizens for spending at local businesses. Registration for eligible businesses and individuals will start in August. The plan, a campaign promise of the ruling party, is expected to increase GDP growth by 1.2 to 1.6 percentage points. However, economists have criticized it as potentially ineffective for sustainable economic growth. The funding for the project faced delays and adjustments, with the budget dropping from 500 billion baht to 450 billion baht. The plan excludes individuals with a history of fraud and certain goods from purchase. The World Bank projected Thailand's GDP growth at 2.4% for 2024, reflecting the country's economic challenges. The Digital Wallet initiative is a significant attempt to stimulate the economy but faces skepticism regarding its long-term impact and implementation challenges.
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2 commentsLietaer, B., & Dunne, J. (2013). Rethinking money: How new currencies turn scarcity into prosperity. Berrett-Koehler Publishers.
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