Growth of the Thai Economy after the COVID-19 Outbreak with Digital Money Distribution Policy

Abstract

Background and Aims: Restoring, healing, and developing economic growth, the government's policy determination must affect the economic system and the well-being of the people. Remedial measures and economic recovery after the COVID-19 outbreak under the crisis of the global economy and the Thai economy. The Thai government has implemented economic recovery policies during the spread of COVID-19 such as measures to reduce interest rates, we travel together, half-each, and the more we use, the more we get. To stimulate the economy in the short term from the economic crisis. This will affect people having money to spend in their daily lives. Therefore, this article aimed to study 1) analyze relief measures and revive the economy and 2) propose guidelines for developing the economic system.

Methodology: this study is based on a review of various economic theoretical concepts, textbooks, academic articles, and related research to express opinions on how the government should formulate policies that will benefit the growth of the Thai economy.

Results: The current government's digital money distribution policy is considered a short-term economic stimulus policy like past policies. At present, COVID-19 disease does not have much of an impact on people's lives because people are fully vaccinated. Therefore, people can live a normal life and the economic system is continuously recovering. However, economic recovery from the COVID-19 epidemic requires many factors, such as 1) developing and promoting labor skills, 2) promoting investment in the private sectors, especially in small and medium-sized businesses, 3) promoting research and development of innovation and technology, 4) promotion of infrastructure system development, 5) The government should promote and support the development of the working-age population to upgrade labor skills and increase competitiveness in new industries according to the changes in the digital world for Thailand to move beyond the middle-income country trap, and 6) the government should focus on supporting and helping the elderly society by increasing their occupational skills to generate income as Thailand is currently entering an aging society To develop a micro-economy that will affect the macroeconomy to achieve sustainability.

Conclusion: The results of the study indicate that the current government digital money distribution policy has a short-term economic stimulus effect and does not have much of an impact on people's livelihoods as a result of the people's complete vaccination. This allows people to live their lives normally and the economy is only recovering better. Economic recovery depends on developing labor skills, promoting investment in the private sector, research and development, developing infrastructure systems, supporting the working-age population, and helping the elderly community with vocational skills These things will help Thailand move forward in the digital age and develop a sustainable economy.