Big Boost for Thailand! Thai Prime Minister Srettha Thavisin just announced a game-changing economic stimulus plan, handing out a whopping $13.7 BILLION to 50 million Thais!
That’s right, half the population is getting a digital handout of 10,000 baht ($275) from the Thai government to spend at local businesses. This is a major move by the Prime Minister, and could be just what the Thai economy needs.
Here’s the Breakdown:
- The money will mostly come from their 2024 and 2025 budgets.
- They’re hoping it’ll give a 1.6 percentage point boost to their GDP!
- This cash is targeted towards lower-income Thais to help those who need it most.
- There are a few catches though: you can only spend it in your local area and on certain goods.
Economists Divided on Effectiveness:
Economists aren’t all on the same page about how effective this plan will be in the long run. Some think it’s a temporary fix, while others believe it’ll encourage people to spend again and revive the economy.
The Thai government has addressed concerns about funding for this plan, so that’s one less thing to worry about.
Bold move by Thai Prime Minister
This is a bold move by the Thai Prime Minister, and it’ll be interesting to see how it all plays out. Will it be a game-changer for Thailand’s economy or just a short-term sugar rush? Only time will tell, but one thing’s for sure – Thailand’s economy is in for an interesting ride under Srettha Thavisin’s leadership!
Pheu Thai’s Promise
The ruling Pheu Thai party had promised this during last year’s general election campaign, and some economists raised concerns, but their commitment to helping lower-income Thais is commendable. The plan specifically targets those with yearly incomes below $23,000 and limited savings, aiming to reduce economic disparities.
Thai Prime Minister’s Announcement: A Delayed Dream Realized
The original plan was to provide digital wallets for all Thais 16 and older, but the current plan is more limited to lower-income citizens. The Thai Prime Minister expressed disappointment that the plan couldn’t be implemented sooner, but they needed to be careful and make sure everything was done legally and transparently. The funding will come mostly from the 2024 and 2025 fiscal budgets, with some help from the state’s Bank for Agriculture and Agricultural Cooperatives.
Stay tuned for updates on this exciting story about the Thai Prime Minister’s digital cash handout plan!
Source: AP
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