Report Thailand Overhauls Stimulus Strategy, Cancels Digital Wallet Plans

[snoop1130]

File photo for reference only

 

In a bold move amid escalating global economic uncertainties, the Thai government has officially cancelled its much-anticipated digital wallet scheme, initially poised to provide 10,000 baht to each young citizen aged 16-20. Instead, more than 150 billion baht is being redirected to a new, more comprehensive economic stimulus package, aimed at cushioning the national economy from the adverse effects of international trade tensions and recent U.S. tariff measures.

 

As global trade wars intensify, with the U.S. enacting reciprocal tariffs that ripple through international markets, Thailand's exports and manufacturing sectors are feeling the strain. Finance Minister Pichai Chunhavajira emphasized the urgent need for a strategic pivot. "Despite the challenges, the government remains committed to ensuring sustained economic growth," Pichai remarked, affirming the goal of achieving over 3% GDP growth by 2025.

 

The Economic Stimulus Policy Committee, chaired by the Prime Minister, is set to convene at Government House on May 19 to hammer out the details of this new economic strategy. The upcoming measures are likely to be multi-faceted, targeting key vulnerable sectors such as tourism and real estate, which could face significant pressures if corrective steps are not taken promptly.

 

Centrally, the government plans to restructure industrial production, enhance liquidity for businesses battered by the influx of competitively priced foreign goods, and solidify the domestic market's resilience. This comprehensive package is designed to not only mitigate immediate economic disruptions but also pave the way for long-term structural adjustments.

 

A government source disclosed that a total of 157 billion baht from the central emergency and contingency budget will now be allocated to more impactful initiatives. This reallocation reflects the input of important advisory bodies, including the National Economic and Social Development Council (NESDC) and the Bank of Thailand (BoT). Both organisations had previously expressed reservations about extending the digital wallet scheme, advocating instead for a broader approach to tackling economic stresses.

 

To keep the public informed and maintain transparency in these challenging times, the government intends to communicate extensively about why the digital wallet has been dropped. The refocusing of resources aims to address the significant economic crisis head-on, benefiting a broader segment of the population and stabilizing the Thai economy for years to come.

 

  Adapted by ASEAN Now from The Nation 2025-05-16

 

 

[bdenner]

Always thought "Common Sense" and Thailand was an oxymoron! I stand corrected - or - partially after this back flip.

[Peabody]

It was a joke, not a serious promise.

Similar to Day 1 promises to end the Ukraine/Russia war, lower grocery/gas/housing/egg/car/medicine prices, removing tax on SSA, tips, and some other BS, etc., etc.

[NoDisplayName]

54 minutes ago, snoop1130 said:

the government plans to restructure industrial production, enhance liquidity for businesses battered by the influx of competitively priced foreign goods, and solidify the domestic market's resilience.

 

What's the best dressing for word salad?

[proton]

They lied then in other words

[connda]

1 hour ago, snoop1130 said:

In a bold move amid escalating global economic uncertainties, the Thai government has officially cancelled its much-anticipated digital wallet scheme, initially poised to provide 10,000 baht to each young citizen aged 16-20. Instead, more than 150 billion baht is being redirected to a new, more comprehensive economic stimulus package, aimed at cushioning the national economy from the adverse effects of international trade tensions and recent U.S. tariff measures.

I wonder how many of the suckers will fall for it again when their politicians campaign on giving all Thai citizens 10K each.  Hell, it worked once, it should work again. 

"No, really.  We really mean it this time.  See, you put the other people into office and they lied to you.  We're telling you the truth.  Put us into office and you'll all get 10K THB.  Honest!" 

[connda]

55 minutes ago, proton said:

They lied then in other words

Yep!

[connda]

1 hour ago, NoDisplayName said:

 

What's the best dressing for word salad?

[ikke1959]

Read my lips.. it will come back when there are new elections.. but I hope that the netizens are wiser now