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Thailand’s controversial digital wallet handout program has been delayed, triggering widespread frustration among citizens and raising doubts about the government's economic strategy. The scheme, a core campaign promise of the ruling Pheu Thai party, aimed to stimulate consumer spending by distributing 10,000 baht (approximately $307) to each eligible citizen.
Originally positioned as a post-pandemic stimulus to boost GDP growth to 5%, the program has struggled to deliver. To date, only 174 billion baht of the planned 450 billion baht ($14 billion) has been distributed. The first two tranches, totaling 174.4 billion baht, targeted welfare recipients and seniors. The remaining 157 billion baht has now been redirected to offset the economic impact of upcoming U.S. tariffs, expected to rise to 36% in July unless negotiations succeed.
Prime Minister Paetongtarn Shinawatra cited recommendations from the central bank and state planning agency in the decision to pause the program. However, public sentiment is turning sour. A recent survey by the National Institute of Development Administration revealed 60% of respondents support the handout, while 46% expressed anger over its suspension.
Critics argue the policy has failed to boost consumption, with many recipients using funds to repay debt. Thailand’s household debt stands at a staggering 88.4% of GDP, one of the highest in Asia. Economic growth remains sluggish, with GDP rising just 2.5% in 2023 and forecasted between 1.3% and 2.3% for 2024.
Political analysts warn the credibility of Pheu Thai is at stake. “If they can’t deliver what they promised, voters won’t trust them again,” said one expert. With elections two years away, the government must now navigate both public discontent and mounting economic headwinds.
