Thailand endorses budget for 2024 hinh anh 1People go shopping at a supermarket in Bangkok, Thailand. (Photo: VNA)

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./.

VNA