The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) supports the government using the Pao Tang app for the 10,000-baht digital wallet scheme.
The private sector panel backs the government's stimulus that provides 10,000 baht to people via a digital wallet.
However, the JSCCIB recommends the government use the Pao Tang mobile app, an open-platform digital wallet operated by Krungthai Bank, said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, after the panel meeting.
If the government uses Pao Tang for the digital wallet scheme, it would save both cost and time. Moreover, the government could leverage the app to expand into social welfare programmes and other state schemes, said the JSCCIB.
If the government has a targeted segment, specific coverage, or specific goods and services to be included in a scheme, it could use its fiscal budget more efficiently via the app, benefiting the country's economy, Mr Kriengkrai said.
Pao Tang was initiated by the Prayut Chan-o-cha government to support government schemes during the pandemic, which it expanded to provide the government's social welfare programmes and other relief measures.
There are around 40 million users of the Pao Tang app.
"The 10,000-baht digital wallet scheme should be implemented during the Songkran festival next year to boost domestic consumption and support the Thai economy as the 2024 fiscal budget disbursement is likely to be delayed," said Mr Kriengkrai.
"If the cash handout scheme is delayed, it would derail the economy."
The panel also changed its export outlook for this year to a contraction of 1-2%, from a contraction of 0.5-2%.
The JSCCIB cut its foreign arrival estimate for this year from 29-30 million to 28-29 million based on the global economic slowdown.
The panel maintained its GDP growth forecast at 2.5-3% and inflation rate range of 1.7-2.2%.
Economic growth would be driven by government stimulus and tourism, said Sanan Angubolkul, chairman of the Thai Chamber of Commerce.
Moreover, the panel expects a prolonged Israel-Hamas conflict to pose a new risk to the global economy, possibly leading to big increases in energy and food prices globally.
Crude prices could rise to US$140-150 a barrel if the conflict in the Middle East escalates and expands to other countries, said the JSCCIB.
However, if the war is limited, the crude price could fall below $100 per barrel, affecting global economic growth by only 0.1-0.3% in 2024, said the panel.
The Mideast conflict should not significantly affect Thailand's trade and tourism, according to the JSCCIB.
Thailand's export exposure to Israel, Palestine and other countries surrounding the conflict is around $1.5 billion per year, representing 0.3% of Thailand's international trade.
Foreign travellers to Thailand from these countries number around 200,000 per year, or less than 1% of total arrivals, noted the panel.