Thailand’s government introduces a digital wallet scheme focused on youth aged 16-20 to support economic growth. The initiative aims to utilize funds through a mobile app to boost domestic spending. Officials emphasize the advantages of this approach for financial oversight and potential future expansions to older demographics.
Prime Minister Paetongtarn Shinawatra recently updated the public on Thailand’s digital wallet scheme, emphasizing the government’s economic growth strategies following a March 10 meeting of the Economic Stimulus Subcommittee. The discussion focused on fiscal policies aimed at enhancing government investment, private consumption, and exports, with a particular emphasis on tourism as an economic driver.
She cited insights from her attendance at ITB Berlin, which highlighted the potential for Thai agricultural exports to Europe and better intergovernmental collaboration. Paetongtarn expressed optimism that Thailand’s economy could surpass the Ministry of Finance’s 3% growth prediction for 2025, attributing this to robust cooperation between public and private sectors.
During the meeting, she noted, “Today’s meeting served as a platform for collaborative discussions, where various agencies proposed economic stimulus initiatives within their respective responsibilities”. A notable proposal was the digital wallet scheme aimed at 2.7 million registered youth aged 16-20, designed to stimulate the digital economy and increase domestic spending through the “Tang Rat” app, to be utilized within their local districts.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira, along with other finance officials, discussed the digital wallet initiative’s benefits, highlighting its effectiveness in fund distribution and its role in economic data analysis for future policy formulation. They pointed out that digital distribution would enhance financial oversight and mitigate risks associated with previous aid programs.
The government is also contemplating the possibility of extending eligibility to older age groups. Cash disbursements are anticipated by late Q2 or early Q3, with ongoing evaluations committed to maintaining fiscal discipline and ensuring long-term economic viability. Importantly, the government will also provide assistance to individuals lacking mobile access.
In summary, Thailand’s digital wallet initiative for youth aims to enhance domestic spending and boost the digital economy, with a focus on public-private collaboration. The government’s strategy addresses ongoing economic challenges, while projecting a hopeful growth trajectory for 2025. The inclusion of financial oversight measures and the potential for future expansions indicate a forward-thinking approach to the nation’s economic revitalization.
Original Source: asianews.network
