Thailand’s 2024 budget of THB3.35trn gets nod from state agencies
Four state economic agencies have approved the fiscal 2024 budget of 3.35 trillion baht with a budget deficit of 593 billion baht.
The 2024 budget is an increase of 165 billion baht from last year’s budget, but this year’s deficit is lower by 102 billion baht.
The four agencies – the Budget Bureau, National Economic and Social Development Council (NESDC), Bank of Thailand and Finance Ministry – will propose the budget to the Cabinet for approval next Tuesday.
NESDC secretary-general Danucha Pichayanan said that setting next year’s government expenditure at 3.35 trillion baht was appropriate given economic recovery following the Covid-19 crisis.
The 2024 budget is based on expected GDP growth of 3.3% to 4.3% next year from global economic recovery, he said.
"Recovery of the global economy and trade volumes will benefit Thailand's exports, resulting in GDP expansion," he said, adding that global trade volume next year is expected to expand by 3.7%.
He said the government’s plan to increase public spending while reducing the deficit in 2024 would boost Thailand’s financial status in the long term.
He also expects the budget deficit to drop as the global situation improves.
Finance Minister Arkhom Termpittayapaisith said preparing the 2024 budget had been challenging as it was necessary to increase expenditure while reducing the budget deficit.
He said the 2024 budget is in line with the government’s medium-term fiscal plan (2024-2027) for a deficit of no more than 3% of GDP.
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