Pichai Chunhavajira, Thailand’s finance minister, speaks at a news conference in Bangkok, Thailand, on Wednesday, July 24, 2024. – Bloomberg
BANGKOK: Thailand's government unveiled a billion-dollar handout scheme on Wednesday (July 24) that it hopes will boost the flagging economy but warned recipients would not be allowed to spend the money on marijuana, jewellery or lottery tickets.
More than 50 million eligible citizens will be able to begin registering for a digital payment of US$277 from August 1, Deputy Finance Minister Julapun Amornvivat told a news conference.
The money can be spent at registered shops and outlets but he said that those selling marijuana, jewellery or lottery tickets would not be eligible.
Recipients will begin receiving the money in the fourth quarter of 2024, he said.
The scheme is projected to cost around 450 billion baht (US$12.5 billion).
Finance Minister Pichai Chunhavajira said it was necessary to "inject money" into the system to boost Thailand's flagging economy.
The nation's vital tourism sector accounts for almost 20 per cent of its GDP but has struggled in the wake of the Covid-19 pandemic and changing traveller habits.
Chinese tourists in particular have been slow to return. They previously accounted for the largest percentage of Thailand's visitors, with around 11 million touring the country in 2019.
The World Bank forecasts Thailand's economy will grow by 2.4 per cent in 2024, up from 1.9 per cent in 2023. – AFP
