The Thai government has announced a new phase of its economic stimulus program, providing a 10,000-baht digital cash handout to approximately 2.7 million young people aged 16 to 20. The initiative, set to launch in the second or third quarter of the year, marks the third stage of the financial assistance scheme, according to Finance Minister Pichai Chunhavajira.
Unlike the original proposal, which aimed to distribute digital funds to all Thais aged 16 to 60, officials have opted to limit this phase to teenagers and young adults. Deputy Finance Minister Paopoom Rojanasakul explained that the decision aligns with current economic conditions and takes into account the younger generation’s familiarity with digital transactions, ensuring smooth access to the funds.
Addressing speculation about the government’s financial standing, Paopoom dismissed concerns that budget constraints influenced the policy shift. He reaffirmed that the government has allocated 150 billion baht to support the initiative.
This latest rollout follows previous phases targeting other demographics. The first phase prioritized disabled individuals and state welfare cardholders, while the second phase provided assistance to citizens aged over 60.
A notable change in this round is the removal of restrictions on the types of goods that can be purchased with the digital funds. However, certain businesses, including gold shops and liquor outlets, remain excluded from the program. Despite this, alcohol sold at convenience stores will be eligible for purchase using the digital cash. Additionally, rules limiting merchants from converting digital money into physical currency have been relaxed.
Officials anticipate that this phase of the program will inject significant energy into the economy, creating a ripple effect that boosts consumer spending and stimulates growth.
