Tuesday, April 16, 2024

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The country of Thailand plans to infuse $15.2 billion into their economy through the implementation of a digital wallet system.


Srettha Thavisin, the Prime Minister of Thailand, announced on Monday that his administration plans to infuse 560 billion baht ($15.23 billion) into the economy in the upcoming year through their digital wallet initiative.

The main focus of Mr. Srettha’s Pheu Thai Party’s election campaign is to provide a stimulus package, where every individual above the age of 16 will receive a digital money allowance of 10,000 baht ($282) to spend within their community.

In August, Mr. Srettha, a prominent figure in the real estate industry, took over and is now seeking to revitalize a stagnant economy that is hindered by poor export performance and diminished investor trust.

During a live broadcast to government officials, he expressed his goal of attracting green energy investors and issuing sustainability bonds worth 30 billion baht ($816.55 million). He also restated the government’s intention to pursue multiple free trade agreements.

The government plans to lower electricity costs and triple farmers’ income in the next four years, according to Mr. Srettha, who serves as both finance minister and spokesperson.