Thaksin Shinawatra Champions 500 Billion Baht Handout to Stimulate Thai Economy

Thaksin Shinawatra, a pivotal figure in Thai politics, argues for a 500 billion baht handout plan to invigorate the sluggish economy. Despite not holding a formal role, Thaksin's influence is expected to shape his daughter Paetongtarn's new premiership. The program aims to distribute funds via a 'digital wallet' system and is facing scrutiny from economic experts.

Thaksin Shinawatra, a major player in Thai politics, has championed a 500 billion baht ($14.5 billion) handout plan aimed at stimulating the country's sluggish economy, just days after his daughter, Paetongtarn Shinawatra, was elected prime minister by parliament.

Although he holds no formal government role, Thaksin's influence is significant, with expectations that he will shape the premiership of his 38-year-old daughter. Thaksin emphasized the need to stimulate an economy that has seen slow growth for years, highlighting the handout plan as a key campaign promise of the Pheu Thai party in last year's election.

The 'digital wallet' scheme, set to distribute 10,000 baht of credit to 50 million Thais via a smartphone app, was originally scheduled for rollout in the fourth quarter. However, the dismissal of former Prime Minister Srettha Thavisin cast doubts on its implementation. Thaksin's recent comments suggest that Paetongtarn will proceed with the plan despite criticisms from economic experts and Thailand's central bank.

(With inputs from agencies.)