The Thai government will open registration for its 10,000 baht digital wallet scheme from August 1 to September 15 through the “Thang Rath” app, aiming to stimulate the economy.
Officials are confident the funds will be available for use by year-end.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira said Thailand has faced economic challenges for over a decade, with household debt rising to 90% of GDP, or about 16.7 trillion baht. Businesses are struggling with declining sales and liquidity issues.
“The digital wallet initiative is necessary to boost consumer purchasing power alongside structural reforms to enhance national competitiveness,” Pichai stated. He projects 2.4% GDP growth in 2024.
The government acknowledges increased borrowing to support citizens has pushed public debt close to the 70% of GDP ceiling, potentially rising from 12 trillion to 14 trillion baht.
To be eligible for the scheme, applicants must be Thai citizens aged 16 or older by September 15, 2024, with an annual income not exceeding 840,000 baht for the 2023 tax year and total bank deposits less than 500,000 baht as of March 31, 2024. (TNA)
