Former Prime Minister Thaksin Shinawatra endorsed the new digital wallet initiative, suggesting it could be a significant boon for Thailand’s sluggish economy, according a report by The Nation.
Speaking at the Kiattiocha Restaurant in Chiang Mai province, where he was joined by his sisters and greeted by local officials, Thaksin addressed the economic challenges facing the nation.
Thaksin, who has remained an influential figure in Thai politics, remarked on the current economic downturn, noting that the economy has struggled to rebound. He identified the digital wallet scheme as a potential remedy, citing the acute shortage of available funds in the banking system that has stymied lending capabilities.
“The banks have depleted their funds, leaving no money available for lending,” Thaksin explained. He expressed optimism that the digital wallet initiative could invigorate the economy by injecting much-needed liquidity into the market.
Despite criticism from the Move Forward Party regarding the feasibility and impact of the digital wallet scheme, Thaksin defended the government’s strategy. He argued that such differences in opinion are common in politics but reaffirmed his belief in the benefits of the government’s approach.
Thaksin also highlighted the slower economic growth in Thailand compared to other ASEAN countries, attributing this lag to insufficient money circulation. He emphasized that the government’s decision to infuse capital into the economy through initiatives like the digital wallet is designed to accelerate economic recovery and growth.
Responding to inquiries about the sustainability of the digital wallet scheme, Thaksin reassured that the program would likely face no significant hurdles.
“There shouldn’t be any problems, from what I can see, because the government might temporarily increase debt at this point, but there will be measures to reduce government debt. Increase debt on one side, reduce on the other, and it will balance out,” he stated.
Thaksin’s support for the digital wallet scheme underscores his ongoing engagement in the economic discourse, aiming to drive Thailand towards a more robust financial future. His remarks have sparked further discussion on how digital financial tools can be utilized to support broader economic strategies in the country.
