BANGKOK – Thailand's 500-billion baht ($13.85-billion) 'digital wallet' handout scheme is a necessary stimulus measure to boost a lagging economy held back by low income and high household debt, its finance minister said on Wednesday.
BANGKOK – Thai land's 500-billion baht 'digital wallet' handout scheme is a necessary stimulus measure to boost a lagging economy held back by low income and high household debt, its finance minister said on Wednesday.Projected economic growth of 2.4 percent this year is low and a result of structural issues, Pichai Chunhavajira said, adding those problems were being fixed in parallel to stimulus measures to jumpstart the economy, Southeast Asia's second biggest.
Some experts, including former central bankers, have called it fiscally irresponsible due to potential impacts on public debt, while the Bank of Thailand has recommended it be targeted more toward vulnerable sectors rather than a mass handout that will provide only a short-term remedy.The government denies this and said it would closely adhere to fiscal discipline.
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