Digital Wallet Project to Spur Economic Growth, PM Assures

[webfact]

File photo courtesy: Prachachat

 

Prime Minister Srettha Thavisin today reconfirmed the much-anticipated, although delayed, digital wallet project will undoubtedly foster economic growth by boosting domestic consumption, manufacturing, job creation, and state revenue.

 

Addressing the House of Representatives on the 2025 budget during the first day of a three-day floor debate, the Prime Minister assured that the 10,000-baht digital wallet initiative will be rolled out in the fourth quarter of this year, benefiting a total of 50 million citizens across the country.

 

The Prime Minister likened the Pheu Thai-initiated populist handout campaign to a tornado, predicting it will significantly stimulate domestic consumption, enhance the manufacturing sector, generate more jobs, and bolster the country's economic growth potential.

 

The funding for the 500 billion baht project will partially come from the current and next fiscal years' government budgets, providing 175 billion baht and 152.7 billion baht respectively. The remaining 172.3 billion baht will be borrowed from the Bank for Agriculture & Agricultural Cooperatives.

 

Under this scheme, each of the estimated 50 million citizens aged 16 and above will receive a digital wallet loaded with up to 10,000 baht to spend on merchandise at local stores and restaurants within their home districts over a six-month period.

 

Thailand's Prime Minister Srettha further detailed that the 3.75 trillion baht budget for the next fiscal year represents a 272 billion baht increase from the current fiscal year. This budget seeks to support an anticipated economic growth range of 2.5 to 3.5%, with inflation expected to be between 0.7 and 1.7%.

 

The total budget includes 2.88 trillion baht in forecasted state revenue, plus 865.7 billion baht in planned borrowing to cover the corresponding budget deficit. As of the end of last March, public debt stood at 11.4 trillion baht, accounting for 63% of the country’s GDP and within the mandatory 70% limit. Foreign reserves totalled 224.4 billion dollars.

 

The budget also allocates 2.7 trillion baht for regular expenditures and 908.2 billion baht for investment projects led by the Pheu Thai government, according to the Prime Minister.

 

-- 2024-06-20

 

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[TooPoopedToPop]

It's an obvious vote-buying scheme with Thaksin's dirty fingerprints all over it.

[bg53]

3 hours ago, webfact said:

The Prime Minister likened the Pheu Thai-initiated populist handout campaign to a tornado, predicting it will significantly stimulate domestic consumption...

 

Not how tornados work.

[dinsdale]

Rather apt that the image is a mobile phone which won't be/will be/won't be/........ able to be purchased using the handout. Apart from that there will be no long term stimulus as the money will all be spent in 1 week. 

[Tropicalevo]

And the people who need it will be unable to get it as it is only available on a smartphone using an app.

Scammers are waiting.

And if anyone really believes that every Thai has a smartphone, look again.

 

Edited June 20 by Tropicalevo

[Pouatchee]

3 hours ago, webfact said:

generate more jobs

 

just how does he plan on assessing that?

[Purdey]

A couple of weeks wages is hardly going to move the needle is it?

More jobs with better monthly wages would work.

[Thingamabob]

Stunning that some Thai people actually believe this guy's drivel.

[hotchilli]

8 hours ago, webfact said:

Prime Minister Srettha Thavisin today reconfirmed the much-anticipated, although delayed, digital wallet project will undoubtedly foster economic growth by boosting domestic consumption, manufacturing, job creation, and state revenue.

Complete and utter rubbish

[hotchilli]

11 minutes ago, Thingamabob said:

Stunning that some Thai people actually believe this guy's drivel.

You'd be surprised. 

My missus believes a spirit lives in an ant hill in the garden, she won't let me near it

[koolkarl]

More political BS. This scheme is get people hooked using QR codes to pay for everything.  As the gov plans to get rid of cash entirely sooner than later.  Big brother wants to see all and tax you to Star Trek, the next generation.

[Dogmatix]

Will not stimulate GDP growth because too many imports or imported components will be bought which are negative contributions to GDP growth and the debt is toxic that will probably have a negative impact on credit ratings and borrowing costs.  Basically people get a small bonus now and have to pay off the debt and miss out on other benefits in the future.  A zero or negative sum game.

[jvs]

Reverse Robin Hood!

Take from the poor and give to the rich.

Why not just sent some money to people who really need it?