Wholesalers and retailers across Thailand express optimism regarding the government’s THB 10,000 (USD 300) cash handout under the Digital Wallet scheme aimed at vulnerable groups, anticipating a positive impact on the retail sector. Industry analysts expect this initiative to boost consumption and increase spending by 10-15% within the year.
The government commenced distributing the funds on September 25, prioritising 14.55 million state welfare cardholders and individuals with disabilities. Somchai Pornrattanacharoen, honorary adviser to the Thai Wholesale and Retail Trade Association, noted an immediate rise in activity across stores on the first day of the programme.
Milin Weerarattanaroj, an executive at Tang Ngee Soon Superstore in Udon Thani province, estimated that 10-15% of the THB 140 billion (USD 4.2 billion) allocated for the scheme will be spent in wholesale and retail outlets nationwide.
The stimulus package, which was a key policy of the ruling Pheu Thai Party during the election, seeks to revive the economy, which has been trailing behind its regional counterparts. The central bank has projected a 2.6% economic growth rate for 2024, following a 1.9% increase in 2023.
(Source: The Nation)