Thailand to give 50 million people $429 each to boost economy
Srettha Thavisin was elected prime minister of Thailand last year after proposing the stimulus plan.
Thailand has unveiled the next stage of a controversial plan to give 50 million people roughly £215 ($429) each, in an attempt to boost a lackluster economy.
The digital wallet scheme was a key election pledge of Srettha Thavisin, the Prime Minister. It will give 10,000 baht to all lower-income Thais aged 16 and over and is expected to cost 450 billion baht (roughly $20.5b).
The government has insisted the handouts will unleash an economic tornado, with Srettha suggesting the stimulus could increase GDP by as much as 1.6 percentage points. This would be a much-needed boost for an economy underperforming compared to peers in Southeast Asia.
But the policy – a campaign promise by Srettha’s Pheu Thai party last year – has proved controversial, with economists warning it is an inefficient strategy for long-term growth and lingering questions about how it will be financed.
