Thailand's budget of 3.2 trillion baht (about 104 billion USD) for fiscal year 2020 rises 6.7 percent from fiscal 2019 (Photo: Reuters) Bangkok (VNA) – The Thai cabinet has endorsed abudget of 3.2 trillion baht (about 104 billion USD) for fiscal year 2020, up6.7 percent from fiscal 2019, which ends on September 30.
According to local media, the Thai Government’sspokeswoman Narumon Pinyosinwat said of the 3.2 trillion baht, regular budgetwill account for 74.7 percent or 2.39 trillion baht, up 5.3 percent from fiscal2019. The investment budget will account for 20.5 percent of the total, or 655billion baht.
The government estimates revenue collection at2.73 trillion baht, up 7.1 percent from the current fiscal year. Fiscal 2020will run with a budget deficit of 469 million baht, up 4.3 percent from fiscal2019.
Narumon quoted Prime Minister Prayut Chan-o-chaas saying that the public should not be much concerned about the budget deficitsince the deficit budget is largely set aside for investment that can generateincome.
Thailand has run a budget deficit since fiscal1999, except for fiscal 2005 and 2006. The Finance Ministry is eager to curbthe deficit to strengthen its fiscal position as a cushion against any economiccrisis that could erupt in the future.
The ministry recently estimated that the countrywould reach a balanced budget by 2026 if the principal and interest paymentswere excluded, or by 2030 if they were included.
The Thai Government forecasts economic growth of3 – 4 percent for 2020 with inflation between 0.8 – 1.8 percent. -VNA
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