Thailand Announces $13.85 Billion Digital Wallet Scheme with 10,000 Baht for 45 Million Participants

Jul 24, 2024, 03:29 AM

Thailand's Finance Minister Pichai Chunhavajira announced a 500 billion baht ($13.85 billion) 'digital wallet' handout scheme to stimulate the sluggish economy. The scheme, which includes a 10,000 baht digital wallet policy, aims to address high household debt and low income, which have pressured purchasing power. The government expects 45 million participants in the digital wallet scheme, with 450 billion baht prepared for distribution. The economy is projected to grow by 2.4% this year, which is considered low due to structural issues. Public debt is nearing 70%, leaving limited fiscal space for further measures.