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November 26, 2024

Thailand Expands Stimulus Measures to Boost Economy

digital wallet
November 26, 2024

Thailand is rolling out a comprehensive stimulus package centered on its "digital wallet" scheme to support economic recovery and aid vulnerable groups. In January 2025, the second phase of the program will distribute 40 billion baht ($1.16 billion) to approximately 4 million people, focusing on those over 60. This follows the initial rollout of 10,000 baht ($289) handouts to 45 million citizens, which began in September but faced delays.

With 180 billion baht allocated for the digital wallet program, the initiative is part of a broader economic package combining short- and long-term measures, including tax incentives and industry-specific support. Additionally, the Finance Ministry has proposed debt relief measures, such as interest suspension and reduced principal payments for overdue debts amounting to 1.3 trillion baht. The government hopes these efforts will stimulate growth across sectors and sustain momentum into 2025.

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