Thailand plans budget for fiscal year 2023
The Thai government is planning a fiscal 2023 budget worth 3.185 trillion THB (about 95 billion USD), with a deficit of 695 billion THB for the fiscal year, which starts in October 2022.
Scene taken in Bangkok, Thailand in December 2018 (Source: AFP/VNA)According to Chalermphol Pensoot, director of the Budget Bureau, the budget was approved at a meeting held on December 23 between Prime Minister Prayut Chan-o-cha and four economic agencies - the Finance Ministry, the Budget Bureau, the National Economic and Social Development Council and the Bank of Thailand.
The planned deficit is 5 billion THB, or 0.71 percent, lower than in fiscal 2022. The framework also aims for 3.2-4.2 percent growth in 2023, 2.9-3.9 percent in 2024, and 2.8 percent-3.8 percent in 2025 and 2026.
Chalermphol said details of the fiscal 2023 budget, to be presented to the cabinet meeting on January 4, is in line with Thailand’s 20-year national strategic plan, 13th national economic and social development plan (2023-2027), and the government's medium-term fiscal policy framework for 2023-26, which was approved by the cabinet on December 21.
The fiscal 2022 budget, beginning on October 1 this year, totalled 3.10 trillion THB, with a deficit of 700 billion THB, up by 91 billion THB, or 15 percent higher than fiscal 2021./.
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