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Investing.com -- Thailand’s government is aiming to exceed its 3% economic growth target for this year, backed by a strong first half and propelled by the next phase of its signature stimulus program and measures valued at 150 billion baht ($4.4 billion).
Deputy Finance Minister, Paopoom Rojanasakul, stated that these stimulus measures, which include the next stage of the "digital wallet" scheme, will be implemented by the end of the third quarter. He assured that the government has sufficient resources prepared and that the spending will be wisely used and at suitable times.
The government is banking on its flagship 450 billion baht ($13.3 billion) "digital wallet" scheme to rejuvenate an economy that has been battling since the onset of the pandemic. This scheme involves transferring 10,000 baht ($300) to an estimated 45 million people.
Despite about a third of payments already being made in cash, consumption remains a challenge, as per the central bank governor. He pointed out that not all of the handouts were spent in the prior phases, with some being used to repay loans.
The growth in the fourth quarter of last year did not meet expectations, registering at 3.2%. Over the entire previous year, Southeast Asia’s second-largest economy grew by 2.5%, slower than anticipated and trailing behind its peers.
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