The recently elected administration of Prime Minister Srettha Thavisin, which is part of a coalition led by the Pheu Thai Party, has announced a detailed policy program that consists of seven important topics. This policy, which is referred to as “1 stimulation, 3 speeding up, and 3 creation,” calls for big changes in several of Thailand’s economic and political spheres.
The government’s primary focus under the “stimulation” category is to bolster the domestic economy. This will be accomplished by the implementation of a digital wallet program, a bold idea that involves giving all Thai citizens over the age of 16 access to 10,000 baht in digital currency. The caveat is that within six months, this money needs to be used within a 4-kilometer radius of the recipient’s registered residence. This project is expected to cost a whopping 560 billion baht. It is important to keep in mind, though, that this plan has the potential to raise its value by a staggering 6x, or 3 trillion baht. On January 1, 2024, implementation is scheduled to start to boost regional economic activity.
Three significant initiatives that the administration wants to get forward more quickly are:
The government aims to promote innovation and expansion in several high-potential businesses under the “creation” umbrella.
In conclusion, the seven-point policy plan outlined by Prime Minister Srettha Thavisin is a diverse strategy for addressing economic issues, fostering growth, and enhancing the welfare of Thai residents. If these measures are successfully implemented, the political and economic landscape of the nation could change in the ensuing years. There is little doubt that both domestically and globally, considerable attention will be paid to the accomplishment of this ambitious goal.
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