Thailand Launches Economic Stimulus Program to Boost Economy

Thailand has initiated a program to distribute money to its citizens, aiming to stimulate economic growth and prosperity.

The Thai government launched the first phase of its economic stimulus program, valued at 14 billion USD, on September 25. Approximately 45 million people are expected to receive 10,000 baht each, promoting trade and economic activities.

In the initial phase, 10,000 baht ($305) will be distributed in cash to 14.5 million welfare card holders and individuals with disabilities. This phase is anticipated to conclude by the end of the month.

Prime Minister Paetongtarn Shinawatra stated at the program’s launch event, “Cash will be given to Thais and create a spending whirlwind.”

The commitment to provide financial assistance to citizens is a populist policy that the Pheu Thai party, part of the ruling coalition, promised to implement during their election campaign. However, the program’s implementation was delayed under the previous administration.

The “digital wallet” program was initially designed to transfer benefits via a smartphone app, with funds to be spent over six months. Under Prime Minister Paetongtarn’s administration, the program has been modified to distribute subsidies in both cash and via e-wallet.

Prime Minister Paetongtarn announced, “There will be more economic stimulus measures and we will conduct an e-wallet policy in the future.”

Despite initial financial concerns raised by economists, including two former central bank governors, the Thai government remains committed to the program, seeking to fulfill the promises made by the Pheu Thai party during the election.

The government believes that the money distribution program will help boost the economy, which is currently growing at a slower rate than many countries in the region.