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Thai digital wallet scheme will boost GDP with minimal impact on public debt: Study

The study also pointed out that if Thailand’s economic growth stood at around 2 per cent as it has been for the past eight or nine years, the country will not be able to provide for its ageing population.

The Nation

The Nation

         

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A recent study conducted by the Fiscal Policy Research Institute shows that the 10,000-baht digital handout scheme could significantly boost Thailand’s GDP, the PM’s Office spokesman Chai Watcharong said. PHOTO: THE NATION

October 30, 2023

BANGKOK – The study shows that the handout will significantly boost Thailand’s GDP by 4.73%, 5.22%, 5.61% and 5.54% for the fiscal years 2024, 2025, 2026 and 2027. It also shows minimal impact on the public debt-to-GDP ratio.

Though the study was conducted to compare the policies of various political parties before the May 14 general election, it also incorporated the financial policies put forward by different political parties while campaigning for votes.

The results provided a picture of the effect schemes like the digital wallet would have on the country’s economy.

Pheu Thai Party’s policies revolved around addressing future challenges that Thailand will be facing. The study pointed out that if Thailand’s economic growth stood at around 2% as it has been for the past eight or nine years, the country will not be able to provide for its ageing population.

Hence, it said, it is necessary to elevate the country’s GDP growth to around 5% to stimulate spending, revitalize the economy and foster recovery as soon as possible.

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