Thailand Rolls Out $14 Billion Stimulus Plan to Boost Economy

Thailand's government has introduced a $14 billion economic stimulus plan, which will provide 10,000 baht to an estimated 45 million citizens. The first phase focuses on welfare cardholders and disabled people. The plan aims to enhance economic activity amid criticism over funding sources.

Thailand's government on Wednesday initiated the first phase of its ambitious $14 billion stimulus scheme. The program aims to distribute 10,000 baht each to roughly 45 million citizens, thereby boosting economic activity.

The initial phase targets 14.5 million welfare cardholders and disabled individuals, who are expected to receive the cash by the end of the month. Prime Minister Paetongtarn Shinawatra announced the plan's commencement, stating, 'Cash will be put into the hands of Thais and create a tornado of spending.'

The digital wallet scheme, initially designed for distribution via a smartphone app, has faced criticism from economists for being fiscally irresponsible. However, the government defends the scheme and is exploring funding options. The goal is to uplift Southeast Asia's second-largest economy, which is projected to grow by 2.6% this year.

(With inputs from agencies.)