The Thai government has launched its long-awaited digital wallet project. The program aims to distribute 10,000 baht ($282) to most citizens. However, the first day of registration revealed major technical hurdles as millions of people tried to sign up, according to Reuters.
Technical Challenges on Opening Day
On the opening day, the registration system was overwhelmed with applicants. As of early afternoon, 10.5 million people had successfully applied, but many more were unable to enter the portal. Many users reported problems receiving the password via SMS required to complete registration.
Prime Minister Sreeta Thaveesin acknowledged the difficulties and said: “It’s normal to have problems on the first day, but we did our best.” Despite initial setbacks, the government remains committed to the plan.
Transitioning into addressing concerns about the program, the 500 billion baht ($14 billion) plan is aimed at stimulating Thailand’s economy, which has been struggling with high household debt and weak spending.
Economic Stimulus and Criticisms
The government expects the plan to boost economic growth next year by 1.2 to 1.8 percentage points. The scheme, set to launch in two months, will allow participants to use allocated funds over six months to local businesses, from large shopping malls to small suppliers. The government anticipates 45 million out of 50 million eligible Thai citizens to participate.
While the plan has garnered support, it has also faced criticism from some economists and former central bankers who expressed concerns about its fiscal impact.
Future Outlook and Controversy
Looking ahead, the government remains optimistic about the program’s potential to revitalize the economy. Despite initial challenges, the commitment to providing financial aid to citizens is unwavering. As discussions continue, it’s clear that both supporters and critics will play a role in shaping the outcomes of this initiative.
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