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Thailand’s $22B Digital Cash Boost Explained

Thailand’s Digital Wallet Programme to Begin Registrations in August

Thailand to Launch Controversial Digital Cash Handout Programme in August
Thailand’s Prime Minister Srettha Thavisin announced that registration for a digital cash handout programme will begin on August 1. The initiative, known as the "Digital Wallet," will distribute 10,000 baht ($456 NZD) in digital currency to 50 million citizens to stimulate the local economy. The programme, a key promise of the ruling Pheu Thai party, is expected to boost GDP growth by 1.2% to 1.6%.
Despite its potential benefits, economists have criticised the programme as unsustainable. Funding issues have also delayed its implementation, with the cost now projected at 450 billion baht ($20.5 billion NZD), to be covered by the 2024 and 2025 fiscal budgets. The scheme will exclude individuals with a history of fraud and certain goods, details of which will be finalised by the Commerce Ministry.
The World Bank projects a modest GDP growth of 2.4% for Thailand in 2024, reflecting ongoing economic struggles. Initially aimed at all Thais aged 16 and older, the programme will now target lower-income individuals.

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