Thailand to inject $15.2B into economy through digital wallet plan – PM

Thailand’s Prime Minister Srettha Thavisin delivers the policy statements of the Council of Ministers to the parliament, in Bangkok, Thailand, September 11, 2023. REUTERS/Athit Perawongmetha/File Photo

BANGKOK  – Thailand’s Prime Minister Srettha Thavisin said on Monday his government would inject 560 billion baht ($15.23 billion) into the economy next year through its signature digital wallet policy.

The stimulus will be driven by the key plank of Srettha’s Pheu Thai Party’s electoral platform, where each citizen over 16 will receive a 10,000 baht ($282) handout in the form of digital money to use in their local community.

Srettha, a real estate mogul who came to power in August, is looking to breathe life into a sluggish economy weighed down by weak exports and low investor confidence.

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In livestreamed remarks to government officials, he said he was seeking to draw investors in green energy and issue 30 billion baht ($816.55 million) in sustainability bonds. He reiterated the government would pursue a series of free trade pacts.

Srettha, who is also finance minister, said the government would further reduce electricity prices and triple the income of farmers in the next four years.

($1 = 36.7700 baht)