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By Kitiphong Thaichareon and Chayut Setboonsarng
BANGKOK (Reuters) -Thailand's government wants to lift economic growth above its 3% target this year and is confident a strong first half will be followed by momentum from the next phase of its signature stimulus programme and measures worth 150 billion baht ($4.4 billion), officials said on Monday.
Those stimulus measures, including the next stage of its "digital wallet" scheme, will be implemented by the end of the third quarter, said Paopoom Rojanasakul, a deputy finance minister.
"We have enough ammunition prepared," he said, adding that the spending would be used wisely and at the appropriate times.
The government is pinning its hopes on the flagship 450 billion baht ($13.3 billion) "digital wallet" scheme, which transfers 10,000 baht ($300) to an estimated 45 million people, to jumpstart an economy that has struggled since the pandemic.
While about a third of payments are already made in cash, the central bank governor has said consumption remains a problem, noting not all of the handouts were spent in earlier phases, with some used to pay off loans. Fourth quarter growth last year missed expectations, coming in at 3.2%.
Southeast Asia's second-largest economy expanded 2.5% over the whole year, slower than expectations and lagging peers.
The next phase of the handout scheme, a key plank of the ruling party's election platform, will deliver payments via a smartphone application to 2.7 million people aged 16-20 and will begin in the second quarter, Finance Minister Pichai Chunhavajira said on Monday.
By using a digital platform, the next phase is expected to be more effective, said Deputy Finance Minister Julapun Amornvivat.
"Because we are using the mechanism of the digital wallet, it can control and direct money to the places we want more," he said.
On February 26, the Bank of Thailand cut the key interest rate by 25 basis points to 2.00%, responding to a weaker growth outlook and increased risks from global trade uncertainty, amid repeated government calls for further easing to help a flagging economy.
The government is also targeting export growth of more than 4%, and a weaker baht would help meet that goal, Pichai told reporters.
The central bank said the bar is high for a further cut as the level is consistent with the current economic outlook and robust to risks going forward.
The central bank also projects growth to be slightly higher than 2.5% this year, down from 2.9% seen in December.
(Reporting by Thanadech Staporncharnchai, Kitiphong Thaichareon and Chayut Setboonsarng; Writing by Martin Petty; Editing by John Mair and Sam Holmes)
