Thailand Launches Digital Wallet Initiative for Youth to Boost Economy

Thailand’s Prime Minister, Paetongtarn Shinawatra, announced a digital wallet scheme targeting youth aged 16-20 to stimulate the economy. This initiative aims to boost domestic spending and streamline fund distribution through the ‘Tang Rat’ app. The government is optimistic about exceeding projected economic growth for 2025, while considering extensions of the program to older age groups. Continuous evaluations will ensure fiscal discipline and accessibility for all citizens.

In a recent update following a March 10 meeting of the Subcommittee on Economic Stimulus, Prime Minister Paetongtarn Shinawatra emphasized the role of fiscal policies in stimulating economic growth in Thailand. Highlighting significant factors such as government investment, private consumption, and exports, she acknowledged tourism as a pivotal economic driver and referenced insights gained from the ITB Berlin event, focusing on enhancing Thai agricultural exports to Europe.

Prime Minister Paetongtarn expressed optimism regarding Thailand’s economic trajectory, believing it may surpass the Ministry of Finance’s growth projection of 3% for 2025. She attributed this potential growth to collaborative efforts between public and private sectors. “Today’s meeting served as a platform for collaborative discussions, where various agencies proposed economic stimulus initiatives within their respective responsibilities,” she noted, stressing the importance of both short-term and long-term economic strategies.

A notable initiative discussed was the introduction of a digital wallet scheme aimed at 2.7 million youth aged 16-20, designed to stimulate the digital economy and promote domestic spending. Recipients will be required to use the funds through the “Tang Rat” app in their registered districts, fostering localized economic engagement.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira, along with Deputy Finance Ministers Julapun Amornvivat and Paophum Rojanasakul, highlighted the benefits of a digital wallet system. They indicated that it could facilitate streamlined fund allocation and support economic data analysis for future policymaking while enhancing financial oversight and mitigating risks associated with previous aid programs.

Looking ahead, officials mentioned a potential expansion of the digital wallet eligibility to include older demographics, pending ongoing evaluations. Cash disbursements are expected by late Q2 or early Q3, maintaining a focus on fiscal discipline and long-term economic sustainability. Additionally, provisions will be made to assist those lacking mobile access.

The Thai government’s new digital wallet scheme aims to stimulate economic growth by targeting youth aged 16-20, enhancing domestic spending while ensuring financial oversight. This initiative, supported by collaborative public-private efforts, symbolizes a step towards a more inclusive and digitally-driven economy. With potential outreach to older demographics, the government remains committed to assessing long-term sustainability alongside immediate economic benefits.

Original Source: asianews.network