Thailand’s former central bank chiefs joined economic experts in urging the government to scrap its flagship $15 billion cash handout policy, warning that it risks stoking inflation and hurting long-t
The “digital wallet” program, which would give most Thais a one-time handout of 10,000 baht , will do more harm than good, according to a statement signed by 81 economic experts.
Government officials say the multiplier effect on the economy could be four times the cost of handouts and lift economic growth to as high as 5% in 2024, from 2.8% projected for this year. “Nobody can conjure money. There’s no money growing on trees or falling from the sky,” they wrote. “Ultimately the people will have to pay back the price, whether in the form of higher taxes and/or higher costs of living due to inflation.”
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