Launch of the Final Phase of 2024 Economic Stimulus Set for March

The Thai government has rolled out the final phase timeline of its 2024 economic stimulus program, featuring a 10,000-baht digital wallet fund.

Key Takeways

• The Thai government revealed plans for the final stage of its 2024 economic stimulus program, distributing 10,000 baht via digital wallets. The initiative seeks to support citizens financially, drive economic growth, and reduce inequality. Phased implementation targets different demographics, addressing varied needs across the population.
• Ex-Prime Minister Thaksin Shinawatra outlined the program’s details in Chiang Rai. The second phase, assisting seniors, aligns with Chinese New Year 2025, while the third phase, for those under 60, begins in March. Its success hinges on completing technological infrastructure, projected to be ready by then.
• Eligibility for Phase 3 requires Thai nationals aged 16 or older by September 15 of last year, with an income below 840,000 baht for the 2023 tax year and bank deposits under 500,000 baht as of March 31. The digital wallet initiative emphasizes financial inclusion, aiding millions through targeted support.

This initiative aims to boost economic growth, provide financial aid to millions, and address inequality. Implemented in stages, the program targets various demographic groups. Ex-Prime Minister Thaksin Shinawatra outlined the initiative in Chiang Rai, announcing that the second phase, focusing on seniors, aligns with Chinese New Year 2025, while the anticipated final phase, aimed at those under 60, launches in March.

This phase’s success hinges on completing the necessary technological infrastructure. Eligibility requirements for Phase 3 include being a Thai national aged 16 or older as of September 15th last year, with an annual income below 840,000 baht for the 2023 tax year. Additionally, applicants’ total bank deposits shouldn’t exceed 500,000 baht as of March 31st last year. Those imprisoned or disqualified from other state programs aren’t eligible. The digital wallet initiative underscores the government’s focus on financial inclusion and targeted citizen support.

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