Former finance minister doubts anticipated impact of “digital wallet”

[snoop1130]

 

Former Thai finance minister, Thirachai Puvanatnaranubala, has questioned claims by the Srettha government that the much-publicised digital wallet scheme will help Thailand achieve a 5% growth in GDP next year and urged it to focus more on the supply side.

 

He said he doubts that the scheme will increase the competitiveness of the Thai economy in the long run either.

 

Deputy Finance Minister Julapun Amornvivat has, however, insisted that the scheme will add 2 trillion baht to currency in circulation and help to boost GDP by 5%.

 

Full story: Thai PBS 2023-09-27

 

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[Dogmatix]

He is right but also has a grudge against the Shins.  He was SG of the SEC during Thaksin's sale of Shin Corp and bent the takeover rules so that Temasek could tendering for the Shin subsidiaries as well, including AIS which would made the acquisition much more expensive for them and might have put them off.  He was rewarded by being made Yingluck's first finance minister but started refusing to do what he was told after only a few weeks.  So he was sacked and they put out a false rumour that he had stolen funds from the lottery to blacken his character and justify the sacking.  He was succeeded as finance minister by Kittirat who has now been indicted on corruption charges relating to rice sales to Indonesia via Siam Indica, owned by a bent rice trader buddy of Thaksin's who is currently residing overseas waiting for statutes of limitations to expire. So Thirachai maybe lucky he got out early,

[connda]

45 minutes ago, snoop1130 said:

Former Thai finance minister, Thirachai Puvanatnaranubala, has questioned claims by the Srettha government that the much-publicised digital wallet scheme will help Thailand achieve a 5% growth in GDP next year and urged it to focus more on the supply side.

And 20% inflation YoY.  Food inflation at around 50%. 

[hotchilli]

12 hours ago, snoop1130 said:

Former Thai finance minister, Thirachai Puvanatnaranubala, has questioned claims by the Srettha government that the much-publicised digital wallet scheme will help Thailand achieve a 5% growth in GDP next year and urged it to focus more on the supply side.

A lot of truth in that, but why stop a good fairy tale from the government

[tomazbodner]

Of course there is one way to do it which costs nothing - make your own digital currency out of thin air, let people trade among themselves but don't allow them to exchange it for THB until 5 years later or something like that. By the time it's 5 years either it's another government in charge or currency implodes and is worth nothing.