Thailand’s prime minister said Monday that eligible businesses and individuals can register from August for digital cash handouts, a controversial program that will cost billions of dollars and is meant to boost the lagging economy.
The government announced in April the widely criticized ambitious plan, named the Digital Wallet, meant to give 10,000 baht (about $275) to 50 million citizens in digital money to spend at local businesses.
However, economists have criticized the program, calling it an ineffective way to contribute to sustainable economic growth compared to other measures.
Thailand has in recent years suffered from a sluggish economy that appears to have deteriorated with no clear sign of growth. This month, the World Bank’s Thailand Economic Monitor projected GDP growth of 2.4% for the year 2024.
Actually it’s quite clever. In Thailand the biggest companies belong to extremely rich and very secretive families. Giving the digital wallet money to the people, but at the same time limiting where you can use it and what you can buy with it. This will make sure the money ends up in the pockets of the rich families. Keeping Election promises, a good PR Spin, and padding the pockets of the people that keep you in power. All at the same time.
Yep like the Chearavanont family they own, among other things, almost all of the 12000 7-Eleven stores in Thailand. And the ones they don’t own are franchised or licensed via them.
Honestly, even with cash it is actually hard to not give money to the oligarchs in Thailand. Pretty much every single transaction involves profit to the likes of CP Group. The chicken farms, the plastic bags, the sauces, the fuel…
I owe my ewallet to the company store!
How is ensuring it is spent locally giving it to franchises and big business?