Thailand’s new digital wallet initiative aims to distribute funds to 2.7 million youth aged 16-20, promoting economic activity. The initiative arises from a meeting led by PM Shinawatra centered on fiscal policies to enhance growth. Expected cash distributions are set for late Q2 or early Q3, with plans to address accessibility concerns and potential eligibility expansion.
Thailand is rolling out a digital wallet scheme aimed at youth aged 16-20, as stated by Prime Minister Paetongtarn Shinawatra after a recent meeting focused on economic stimulus. Discussions centered on fiscal policies, including government investment, private consumption, and export growth, highlighting tourism’s role as a significant driver.
The Prime Minister shared insights from the ITB Berlin event which pointed to opportunities for Thai agricultural exports to Europe and improvements in inter-ministerial collaboration. She expressed optimism that the economy might surpass the Ministry of Finance’s 2025 growth projection of 3%, attributing this potential to collaboration between public and private sectors.
During the meeting, various agencies put forth economic stimulus proposals under legal frameworks to boost short-term economic activity while planning for sustainable growth. A standout proposal was the digital wallet initiative designed for 2.7 million eligible youth, aiming to promote the digital economy and increase domestic spending.
The program, utilizing the “Tang Rat” app, mandates that recipients spend the funds within their registered districts. Officials, including Deputy Finance Minister Pichai Chunhavajira, emphasized the benefits of this digital wallet in streamlining fund distribution and aiding economic analysis for future policies.
Thousands of previous aid programs faced overspending, and this digital approach aims to improve oversight. Plans are in place to evaluate the potential expansion of eligibility to older age groups. Cash disbursements are anticipated by late Q2 or early Q3, aligning with reassessments of fiscal discipline and long-term economic strategies. Furthermore, provisions will be available for those lacking mobile access to ensure widespread participation.
The digital wallet scheme in Thailand targets 2.7 million youth to stimulate the economy, particularly focusing on enhancing digital transactions. The initiative reflects a strategic move towards improving financial oversight while also addressing potential economic growth beyond initial forecasts. Continuous evaluations and potential expansions of eligibility illustrate a responsive approach to policy-making aimed at sustainable economic development.
Original Source: asianews.network
