Thailand is gearing up to launch the third phase of its ambitious $14 billion “digital wallet” handout program as soon as April or within the second quarter the latest, as part of ongoing efforts to invigorate its economy, according to Deputy Finance Minister Julapun Amornvivat.
The initiative, along with other government efforts, is projected to elevate economic growth to over 3% this year, with particularly robust expansion expected in the first quarter.
The government hopes to enroll 45 million participants in the scheme, which allocates a 10,000 baht ($295) digital payment for each individual to spend locally within six months. This follows initial conditions set at the program’s outset. Since its inception last September, the program has reached 14.5 million recipients, though disbursements have been in cash so far.
The forthcoming second phase, commencing January 27, will specifically target 3 million senior citizens, with a budget of 187 billion baht ($5.5 billion) earmarked for both the second and third phases. Finance Minister Pichai Chunhavajira has estimated the 2024 GDP growth to range between 2.7% to 2.8%. Official figures for the year are expected on February 17.
