THAILAND will dole out 560 billion baht (S$21.5 billion) to its 55 million adults in the next six months to spur domestic demand and investment, with new Prime Minister Srettha Thavisin pitching the revival of a sluggish economy as his government’s top priority.
All Thais aged 16 and above will receive 10,000 baht each that can be spent on specific goods and services in their neighbourhood within a set period. The government will also soon cut energy prices and offer a debt moratorium to farmers and small businesses battling loan burden, Srettha said in a customary policy statement made in parliament on Monday (Sep 11).
The so-called digital wallet plan “will act as a trigger that will once again wake up the country’s economy”, Srettha said, adding the handout will ensure even distribution of the money into all sectors of the economy.
The first working meeting of Srettha’s Cabinet on Wednesday is likely to sign off on some of the measures outlined by the premier in parliament.
The digital wallet programme – set to be rolled out within the first quarter – is the main pre-election promise of Srettha’s Pheu Thai Party and officials say the multiplier effect on the economy could be four times the handout and lift economic growth next year to as high as 5 per cent from 2.8 per cent projected for this year.
Srettha, a former property mogul who also doubles as the finance minister, faces the challenge of boosting growth amid declining demand for its goods from its top trading partner China, and less-than-expected earnings from foreign tourists. The 11-party coalition government also faces the prospect of a spurt in inflation as drought conditions threaten to slash harvests of crops such as rice and sugar.
Source: The Business Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
