Government officials are optimistic, saying the handouts could bump up growth by as much as 1.8 percentage points. It’s not the only stimulus measure that Srettha had in mind. He’s unveiled property sector incentives and increased government spending to chase a growth target of 5% for Southeast Asia’s second largest economy.
Thailand’s Prime Minister Srettha Thavisin will dole out almost US$14 billion in cash handouts as his government seeks to jumpstart growth in an economy that’s lagged behind most countries in Southeast Asia.
The program, which gives 10,000 baht ($369.7) each to 50 million Thais via a digital wallet in the fourth quarter, was finalized by a committee led by Srettha this week. It comes after months of delays and disputes with the opposition and the central bank over how the ruling coalition’s flagship program should be funded.
