Thai government to stimulate economy with digital wallet scheme

[webfact]

 

The Thai government has reaffirmed its commitment to launch the digital wallet scheme in May, a key policy of the ruling Pheu Thai Party. The scheme, financed by a 500 billion baht (US$ 14,518,005,000) loan, aims to inject 10,000 baht (US$ 290) into the digital wallet of every Thai citizen aged 16 and above as a means to stimulate the economy. The government is leveraging the advice of the Council of State to ensure the flawless execution of the scheme.

 

Prommin Lertsuridej, the prime minister’s secretary-general, clarified that the loan bill for the digital wallet scheme is legitimate. The input from the Council of State would merely assist in implementing the scheme more efficiently.

 

The government had previously sought the council’s advice on the feasibility of enacting the loan bill to fund the digital wallet scheme. Responding to queries on the potential impact of this policy on the country’s GDP, Prommin stated that the policy was part of a larger matrix of strategies intended to bolster the economy.

 

He indicated that the projected growth rate of 2.3% to 3.7% by the Budget Bureau for the 2024 annual spending plan didn’t account for the potential influence of the digital wallet scheme. He further assured that the government’s focus would be on strengthening the economy over four years, reported Bangkok Post.

 

by Mitch Connor

Picture courtesy of Bangkok Post

 

Full story: The Thaiger 2024-01-04

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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[Ben Zioner]

I am not an economist, but my logic is that dishing out taxpayer money to people without counterpart [no creation of wealth] will only trigger inflation. So who is the idiot? me or them? 

 

This is the most obscene vote buying there has ever been. Even Prawit looked cleaner and smarter that this mob.

[huangnon]

All just a BS ruse to introduce financial slavery via a digital currency that exists on a bank's computer screen only, and not in a 'customer's' pocket.

[BE88]

1 hour ago, Ben Zioner said:

I am not an economist, but my logic is that dishing out taxpayer money to people without counterpart [no creation of wealth] will only trigger inflation. So who is the idiot? me or them? 

 

This is the most obscene vote buying there has ever been. Even Prawit looked cleaner and smarter that this mob.

 

The problem is that the most famous economists don't understand that printing more money brings inflation in the West, so Thailand copies them.

 

Prawit he only slept for ten years

Edited January 4 by BE88

[Ben Zioner]

3 minutes ago, BE88 said:

 

The problem is that the most famous economists don't understand that printing more money brings inflation in the West, so Thailand copies them.

 

You are right. And the West used this mechanism to defer the economic impact from 2020/2021 to 2022/2023. But that's no excuse to use inflation to set the groundwork for reelection.

[BE88]

4 minutes ago, Ben Zioner said:

You are right. And the West used this mechanism to defer the economic impact from 2020/2021 to 2022/2023. But that's no excuse to use inflation to set the groundwork for reelection.

 

 

 

I see no difference between our two worlds when debt reaches these levels and just to keep politicians in government

 

[Fred Ziffel]

Don't fall for this BS. this is a way to control you and your finances

[DPKANKAN]

As I have stated before, the people who need this 'gift' the most, i.e. those old and poor, with many living in the boonies including no bank account, services and wifi, will have no access to it anyway. Moronic government!!

[hotchilli]

6 hours ago, webfact said:

The Thai government has reaffirmed its commitment to launch the digital wallet scheme in May, a key policy of the ruling Pheu Thai Party.

People are still waiting...

[brianp0803]

In America they call this trickle-up-economics.
Their theory is if you give poor people a lot of money to spend (borrow trillions of dollars to hive to the poor), then businesses will grow to try to capture that money.

 

In high school  I was told this cause inflation. Maybe there are new theories now.

[The Cyclist]

3 minutes ago, brianp0803 said:

In America they call this trickle-up-economics.
Their theory is if you give poor people a lot of money to spend (borrow trillions of dollars to hive to the poor), then businesses will grow to try to capture that money.

 

In high school  I was told this cause inflation. Maybe there are new theories now.

 

Re-invention of old fairytales

 

It used to be Jack and the beanstalk, now it is Jack and the magic money trees.

 

 

[worgeordie]

6 hours ago, webfact said:

, aims to inject 10,000 baht (US$ 290) into the digital wallet of every Thai citizen aged 16 and above as a means to stimulate the economy

It states every Thai citizen 16 years and above , But I have also read

that this will be means tested and those people who have a certain

amount of savings ,will not be able to receive the 10 K Baht..so which is it...

 

regards worgeordie

[Almer]

Big Brother, during covid they gave loans to busnesses, they now have the names of many busnesses, they will slowly but surely build a missing data base of every thing they wish to know buy giving handouts, the reporting of loan sharks another fact finding mission.

[Sydebolle]

Interesting - so the taxpayer pays himself a post-election vote buying THB 10'000? 

It remains to be seen, what happens when the puppet master is out of his medical jail term; then - possibly - the political card games get mixed up completely, the present government and the primi-inter-paris will leave the stage of limelight and the new team emptying the troughs will regretfully proclaim, that it is sheer madness if not impossibility to fork out more than USD 14 billion - apart from a completely blown-out-of-proportion military spending for 2024. 

You're welcome ;-) 

[retarius]

10 hours ago, Ben Zioner said:

I am not an economist, but my logic is that dishing out taxpayer money to people without counterpart [no creation of wealth] will only trigger inflation. So who is the idiot? me or them? 

 

This is the most obscene vote buying there has ever been. Even Prawit looked cleaner and smarter that this mob.

The do it all the I=time in the US whenever there is a stimulus needed....both parties do it....but much greater amounts than this $2000, $3000 ie 60000 baht to 100,000 baht.

[retarius]

4 hours ago, DPKANKAN said:

As I have stated before, the people who need this 'gift' the most, i.e. those old and poor, with many living in the boonies including no bank account, services and wifi, will have no access to it anyway. Moronic government!!

Bit all the unused money has to go somewhere doesn't;t it, and I know that a lot of noses are in the trough already. Thing is most poor people are excluded so you have to live less than 4 kms from the shop participating in the scheme. There's a reason it's called a scheme, there will be billions of baht left floating around for the elites to get their hands on. Sadly there will be no protection. 

[Karma80]

This will hurt Thailand for years. They learned nothing from watching soaring inflation because of stimulus worldwide. And to borrow $15 billion to do it is incredible.