Thailand to distribute Digital Money worth 10,000 Baht to 50 million citizens to boost Economy

Pichai Chunhavajira, Thailand's Finance Minister, has affirmed that plans are moving forward to pay a social benefit in digital currency. From August 1 to August 1, up to 45 million Thais will be eligible to receive 10,000 baht, or roughly $280, in digital currency.

However, the plan to distribute digital money has come under criticism from economists who claim that, in comparison to other strategies, it is an ineffective way to encourage sustainable economic growth.

The controversial digital cash handout program, which will cost billions of dollars and is intended to boost the faltering economy, will open for registration to qualified businesses and individuals starting in August, according to a statement made by Thailand's prime minister on Monday.

The Pheu Thai party, which prevailed in the general election of the previous year, made a campaign pledge regarding the Digital Wallet plan. According to the AP, the plan will cost $13.8 billion and provide digital cash transfers to Thais who are 16 years of age or older and have incomes under $23,000 and savings under $13,700.

Srettha Thavisin, the prime minister, announced on the social media site X that registration will open on August 1 and that he has issued directives to guarantee the program's seamless execution.

A few restrictions are also included in the plan; previously, it was suggested that oil, services, and internet purchases should be included, but these are still up for debate. Deputy Minister of Finance Julapan Amornvivat stated that following the submission of the comprehensive plan to the Cabinet the following week, the exclusions would be announced by the Commerce Ministry.

Thailand's economy has struggled recently and doesn't appear to be getting better. There are no obvious signs of growth. The Thailand Economic Monitor published by the World Bank this month predicted 2.4% GDP growth in 2024.

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