BANGKOK – Most Thai people believe the nation is suffering an economic crisis that needs to be addressed urgently, according to a survey, which shows mixed views among citizens about the government’s planned US$14 billion (S$18.8 billion) cash handout programme.

A majority of 63.5 per cent of survey participants think the ailing economy requires urgent solutions, and 20.2 per cent believe that while the nation is in a crisis situation, the need to address the issues is not too pressing, according to a survey by the National Institute of Development Administration released on Jan 28.

The poll was conducted via phone between Jan 22 and 24 among 1,310 Thai nationals aged 18 and above nationwide.

Prime Minister Srettha Thavisin last week reiterated that the country’s economy, South-east Asia’s second largest, is in a “crisis”, with the past decade’s average annual growth of about 1.9 per cent trailing most regional peers.

Mr Srettha and his government have pushed for more stimulus measures and have called for policy rate cuts.

The latest government initiative is the so-called digital wallet programme, which initially planned for 10,000 baht (S$380) to be wired to about 55 million Thai adults.

Due to budgetary concerns expressed by central bankers and opposition parties, the programme was scaled back to about 50 million people by excluding some high-income earners. 

About 34.7 per cent of respondents in the survey want the government to stop the cash handout project, while 33.7 per cent believe it should be implemented in 2024 and 18.6 per cent think it should be given only to fragile groups. 

In 2023, gross domestic product growth was estimated to have slowed to 1.8 per cent even as a recovery in tourism, a key pillar of the Thai economy, began gathering pace.

At the same time, consumer prices fell in the fourth quarter, bolstering Mr Srettha’s rate-cut calls. BLOOMBERG