Former prime minister Thaksin Shinawatra made a noteworthy appearance at the ‘Vision for Thailand’ event held by Nation Group on Thursday, generating a buzz among those keen to envision the country’s future. (Photo: Reuters)
In a significant move, the Pheu Thai Party-led government has secured an additional budget to bolster its flagship digital wallet policy. Announced on Friday through the Royal Gazette, the royal endorsement confirms a whopping 122 billion baht to fund the initiative, taking effect on Saturday. This heartening development could bring a much-needed boost to the country’s economy.
Thaksin, speaking passionately at the Vision for Thailand forum, emphasized the necessity of the party’s handout plan to invigorate a sluggish economy that has been staggering for too long. “We need to stimulate the economy as our country has grown slowly for a long time,” Thaksin remarked, underscoring the numerous benefits of the handout scheme—a pivotal campaign promise during last year’s elections.
His Thursday remarks conveyed a strong indication that Prime Minister Paetongtarn is likely to persist with the controversial plan, despite the waves of criticism from economic experts and the central bank of Thailand. However, the vision to uplift Thailand’s economic landscape remains undeterred.
Detailed further, the government is evaluating the allocation of 145 billion baht from the 2024 fiscal budget to roll out the handouts to around 14.5 million individuals in September, with subsequent disbursements continuing from October. Thaksin expressed his optimism, stating, “It will be an immediate economic boost in September.”
The scheme envisions distributing 10,000 baht via a digital wallet to approximately 50 million eligible Thais, though this ambitious plan hangs in the balance following the Constitutional Court’s dismissal of Srettha Thavisn as prime minister. This unforeseen political upheaval has cast a shadow over the initiative’s implementation.
Despite the ongoing political uncertainties, Thailand’s economy showed resilience, growing by 2.3% in the April-June quarter compared to the same period last year, surpassing expectations. This growth, set against the backdrop of policy ambiguity following the recent government change, suggests a reservoir of potential waiting to be tapped into.
Thaksin’s digital wallet plan seems like a populist gimmick rather than a sustainable economic policy. Why not invest in long-term infrastructure instead?
James, it’s easy to critique, but short-term relief is necessary too. People are struggling now; they can’t wait for long-term projects to materialize.
I understand that, Anya, but these kinds of handouts create dependency. It’s not a lasting solution.
@James B, Handouts can indeed be problematic, but investing in public welfare can stimulate the economy in the short term, which can lead to sustainable growth.
Totally agree with James B. Populist measures are only good for winning elections, not governing a country effectively.
This reminds me of the Universal Basic Income (UBI) experiments. If implemented properly, this could be a transformative policy for Thailand.
UBI and Thaksin’s plan are not the same. This is just a one-time handout, not a recurring income.
True, Pla, but even a one-time handout can pave the way for a more comprehensive UBI scheme in the future.
Ava, we have to see the real impact first. Economic theories are fine, but real-world implementations are tricky.
I’m skeptical whether the government can actually secure and manage 145 billion baht without corruption.
Corruption is indeed a serious concern, Piyasakol. Thailand’s history doesn’t inspire much confidence in that regard.
Absolutely, Tawan. Transparency and accountability have always been issues here.
@Piyasakol, while corruption is a concern, we should focus on the mechanisms to prevent it rather than dismissing the initiative outright.
This policy might actually help reduce income inequality in Thailand. It’s about time the government did something for the underprivileged.
@Jessica K, income inequality is a complex issue and can’t be solved with a single policy. This looks more like a temporary patch-up.
Can Thaksin’s plan really transform the economy, or is it just another political distraction?
Fantastic point, Narong. I’m concerned that this might just be a distraction from more pressing and structural economic issues.
Interesting times ahead. The real question is, will the political instability derail this plan?
Good point, David. Political instability has been a constant in Thai politics. It’s hard to see how such a grand plan can go smoothly.
Exactly, Chatchai. I guess we have to wait and see how it all plays out.
Every major change faces hurdles. Let’s not be too pessimistic!
This is just Thaksin trying to buy votes again. How is this any different from his other populist measures of the past?
I see your point, but this digital push could modernize Thailand’s economy. It’s not all bad.
What happens to those who don’t have access to digital platforms? We’re ignoring a significant chunk of the population.
I really hope this works. The Thai economy has been stuck in a rut for too long.
Hoping for the best Sean! It’s high time we had some positive news.
Absolutely, Pinsuda. Fingers crossed!
How much of this budget will actually reach the people? I suspect a large portion will get lost in bureaucratic inefficiencies.
People criticize Thaksin, but at least he is trying to do something. Many politicians just sit on their hands.
It’s a gamble. If it pays off, Thaksin will be a hero again. If it fails, he’ll face a lot of backlash.
This could be a huge step forward for Thailand in embracing digital economies.
With the social divides in Thailand, this scheme might worsen the urban-rural divide.
Will this plan boost local businesses or will it just increase dependency on government aid?
Thaksin’s vision is ambitious, but will the political environment support such a large-scale execution?