2025-01-08
The Government of Thailand has confirmed that Phase 2 of the economic stimulus program will be implemented on January 29 2025. The program involves a direct payment of 10000 baht to eligible citizens, with the aim of strengthening household finances and stimulating domestic consumption.
What is Thailand's economic stimulus package?
Phase 2 of the stimulus package is a continuation of the government's efforts to rebuild the economy after the global recession. The measures aim to increase economic activity and support vulnerable groups.
Phase 2: Instant payouts of 10000 baht
Phase 2 means that 10000 baht will be paid directly to eligible citizens on January 29, 2025. The Thai government hopes these funds will increase household purchasing power and stimulate consumption, particularly in the tourism and service sectors.
Phase 3 starts in February/March
The next step in the government's strategy, phase 3, is expected to roll out in February or March and will include digital transfers of aid funds. The government has not yet revealed details of which technological solutions will be used, but there is speculation that digital platforms and e-wallets could become a central part of the payouts.
The goal: economic recovery and growth
Minister of Finance Christmas monkey Amon-Viwat has stated that the stimulus package is part of a broader strategy to boost economic growth, especially after the uncertainty of recent years. The government expects that the measures will contribute to GDP growth of 2,3–3,3% in 2025–2026.
Who gets the support?
It is not yet clear which groups will be covered by the payments, but previous stimulus packages have been targeted low-income earners, pensioners and the unemployed.
Challenges and criticism
While the initiative is welcomed by many economists and households, some experts have expressed concerns about how it will affect government finances in the long term. It remains to be seen whether the government's investment will produce the desired results.
Frequently Asked Questions About Thailand's Economic Stimulus Package
What is the purpose of the stimulus package?
The stimulus package aims to strengthen the economic recovery by providing direct support to households and increasing domestic consumption.
When are the payments made?
Phase 2 will start on 29 January 2025 and Phase 3 will be implemented in February/March.
How do you get the support?
Exact details have yet to be revealed, but it is expected to take place via bank transfers or digital wallets.
Thailand Info continue to monitor developments and report the latest updates.
Text: The editorial staff
Image license: jprohaszka, Pixabay, original image