Money in Thailand. It’s a mess right now. Honestly, if you’ve been following the headlines from the New York Times or the Bangkok Post lately, you know the vibe is tense. The government tried to pull off a "tornado" of spending, but it looks like the wind just died down.
Everyone was talking about it. 10,000 baht. A digital wallet. A ticket to a better economy. But by May 2025, the dream started to crumble. Prime Minister Paetongtarn Shinawatra basically had to pull the plug on the big finale. Why? Because the world changed too fast.
What Really Happened with Money in Thailand NYT
The "digital wallet" was supposed to be the Pheu Thai party's masterpiece. The plan was simple on paper: give 10,000 baht (about $275–$300) to almost every Thai adult. The catch? You had to spend it near home using a specific app called Thang Rath. They wanted to force the money to stay in local villages instead of flowing straight to big malls in Bangkok.
It started okay. In September 2024, the first phase launched. About 14.5 million people—mostly those with disabilities or state welfare cards—actually got their money. It was real cash then, sent via PromptPay, because the app wasn't ready. People were happy. But the "economic storm" the government promised? It felt more like a light drizzle.
The $14 Billion Question
The total price tag for this was meant to be around 450 to 500 billion baht. That is a staggering amount of money for a country whose public debt is already the highest in Southeast Asia at over 64% of GDP.
By early 2025, the cracks were everywhere. The Bank of Thailand (the central bank) and the NESDC (the state planning agency) were basically screaming that this was a bad idea. They argued that the "multiplier effect"—how much the economy grows for every baht spent—was way lower than the government claimed. The World Bank weighed in too, suggesting the boost to GDP was only about 0.3%.
🔗 Read more: We Are Legal Revolution: Why the Status Quo is Finally Breaking
Then came the real killer: global politics.
Why the Digital Wallet Scheme Shelved in 2025
You can’t talk about money in Thailand NYT reporting without mentioning the "Trump effect." When the U.S. started slapping massive reciprocal tariffs on global goods, Thailand's export-heavy economy took a gut punch.
Suddenly, having 150 billion baht sitting in a "giveaway" fund felt like a luxury the country couldn't afford. In May 2025, the government officially scrapped Phase 3. This was the round meant for 2.7 million young people and the remaining working-age population.
Instead of handouts, the money got moved.
- 10 billion baht went to a fund for "national competitiveness."
- 8.5 billion baht was shoved into the student loan fund.
- The rest? Redirected to help manufacturers survive the trade war.
It was a pivot. A painful one. The government had to explain to millions of people who had already registered on the Thang Rath app that the "free money" wasn't coming.
💡 You might also like: Oil Market News Today: Why Prices Are Crashing Despite Middle East Chaos
The 2026 Reality: A Slower Burn
We are now in 2026, and the economic forecast looks... well, "sluggish" is the nice way to put it. KResearch and the IMF are both projecting GDP growth to slow down to about 1.6%.
Remember how everyone thought tourism would save the day? It’s helping, but it’s not the magic wand it used to be. There’s a new 300-baht tourism tax finally rolling out this year. It’s supposed to fund visitor insurance and better infrastructure, but some worry it'll just make travelers pick Vietnam or Indonesia instead.
The Debt Trap
Household debt in Thailand is the elephant in the room. It’s hovering around 85-86% of GDP. That’s why the cash handouts didn't work as well as hoped. When people got their 10,000 baht, many didn't run out to buy a new fridge or start a small shop.
They paid off their predatory "informal" loans.
They bought rice and oil and then went back to being broke.
📖 Related: Cuanto son 100 dolares en quetzales: Why the Bank Rate Isn't What You Actually Get
You can't jumpstart a car if the battery is completely dead.
What This Means for You
If you’re looking at money in Thailand NYT perspectives as an investor or a traveler, the landscape has shifted from "stimulus-driven growth" to "survival and restructuring."
The government is trying to move away from just giving out cash. They’re looking at "green industries" and trying to fix the fact that Thai factories are currently getting crushed by cheap imports from China.
Actionable Insights for Navigating the Current Economy:
- Watch the Baht: The currency has been volatile. With the Bank of Thailand expected to cut interest rates to 1.0% in early 2026, the baht might weaken against the dollar, which is good for tourists but bad for locals buying imported fuel.
- Digital is Here to Stay: Even if the handout failed, the PromptPay system and the push for digital wallets have made Thailand one of the most cashless societies in the region. You almost never need physical bills in big cities now.
- The Tourism Tax is Real: If you’re visiting in 2026, factor in that extra 300 baht (for air) or 150 baht (land/sea) arrival fee. It’s finally happening.
- SME Struggles: If you’re doing business here, know that small businesses are hurting. Credit is tight, and banks are being very stingy with loans because of the high debt levels.
The "tornado of spending" never quite made landfall. Thailand is now stuck doing the hard work of structural reform—fixing factories and lowering debt—without the shortcut of a massive cash injection. It's less exciting than a 10,000-baht gift, but in the long run, it's probably the only way the country avoids a repeat of 1997.
To keep your finances stable in this climate, diversify your holdings outside of the SET (Thai stock market), which has been trailing its peers, and keep a close eye on U.S. trade policy announcements throughout the rest of 2026.