The Thai government has announced a second phase of its digital handout program, allocating 40 billion baht to support approximately 4 million vulnerable seniors aged 60 and above. Each eligible recipient will receive 10,000 baht (approximately $290) via the “Tang Rath” government app, starting before Chinese New Year 2025.
Eligibility Criteria
To qualify, applicants must meet the following conditions:
- Be aged 60 or older and classified as vulnerable.
- Have an annual income under 840,000 baht and total bank deposits below 500,000 baht.
- Not be recipients of Phase 1 or blacklisted from other government programs.
- Not currently imprisoned.
The government is working to ensure citizens without smartphones can also access this benefit.
Debt Relief Initiative
In tandem with the handout program, the government unveiled a debt relief plan targeting household debts under one year old. This includes a three-year interest payment suspension for loans related to housing, vehicles, and consumer goods, valued at over 1.2 trillion baht. Borrowers maintaining good payment records may see reduced interest rates for up to a decade.
Economic Impacts and Criticism
The opposition has questioned the effectiveness of the program in stimulating the economy, arguing that delays and a lack of digital wallet systems diminish its potential impact.
Thailand’s Economic Outlook
The National Economic and Social Development Council (NESDC) reported Q3 GDP growth of 3%, with a forecasted annual growth rate of 2.6%, revised up from 1.9%. Key contributors include:
- Private consumption: +3.4%
- Service sector: +6.5%
- Construction: +15.5%
- Exports: +10.5%
- Government consumption: +10.5%
Prime Minister Paetongtarn Shinawatra emphasized the importance of stimulating private sector investment to further boost economic performance.