BANGKOK (Reuters) – Thailand’s government is planning to implement the third phase of its signature $14 billion “digital wallet” handout scheme in April, a deputy finance minister said on Tuesday, as it tries to stimulate its economy.
The handout scheme and other government measures to jumpstart the economy could lead to growth of more than 3% this year, and spur “very high” growth in the first quarter, Julapun Amornvivat said.
The government has targeted an uptake of 45 million people in the handout programme, which provides 10,000 baht ($295) to each person to spend in their localities within six months. So far 14.5 million people have received payments since it started last September.
The second phase will begin on Jan. 27 and target 3 million senior citizens, Julapun said, adding the government has set a budget of 187 billion baht ($5.5 billion) for the second and third phases.
Official 2024 gross domestic product data is due on Feb. 17. Finance Minister Pichai Chunhavajira earlier this month said he expected growth of 2.7% to 2.8% in 2024.
($1 = 33.95 baht)
(Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Martin Petty)
