Thailand endorses budget for 2024
Bangkok (VNA) – The Thai cabinet has approved a budget of 3.35 trillion THB (over 100 billion USD) for the 2024 fiscal year, government spokesman Anucha Burapachaisri has said.
The new budget is 5.18% or 165 billion THB higher than the 2023 fiscal year, Anucha said.
The government set the expenditure at 3.18
trillion THB, with a budget deficit of 695 billion THB, the Bangkok Post reported.
The budget deficit is roughly
equal to 3% of Thailand's forecast gross domestic product (GDP), down by 102
billion THB. Revenue collection is estimated at 2.75 trillion THB, up by
10.7%.
The government expects an
average inflation rate of 1% to 2% in fiscal 2024, while the ratio of public
debt-to-GDP is expected to stand at 61.35%.
The 3.35 trillion baht budget
comprises 2.508 trillion THB worth of fixed expenditure, up 4.43% from the
last fiscal year. This amount makes up 74% of the overall budget.
Anucha emphasised that the
budget provides vital support for enhancing the country's competitiveness and
the necessary finances for ongoing and new investments in economic and social
infrastructures, adding that the government attaches
priority to keeping the budget deficit manageable, at no more than 3% of the
GDP starting from 2024 fiscal year./.