Digital wallet's empty promise

Does anyone remember these words? Fiscal multiplier. Economic cyclone. Exit from the black hole of poverty.

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These are the vocabulary that Pheu Thai Party politicians have used to describe the merits of the party's flagship policy, the “digital cash wallet”.

During their latest national election campaign, the party's candidates promised to hand out 10,000 baht to all Thais over 16. The scheme cost almost half a trillion baht, yet the party told voters the one-time giveaway would be multiplied 4-5 times, eventually lifting GDP to 5% in a year.

Since becoming the government's leader, the party has aggressively pushed this economic stimulus plan.

Anyone who disagreed with the plan was described as having political motivations for doing so, if not a lack of understanding about finance. But lists of opponents countered the party's reprimand. Among critics are former governors of the Bank of Thailand, scores of economic professors at leading universities, and former finance ministers.