The government has approved a budget of 3.35 trillion baht (US$100 billion) for 2024 fiscal year. This represents an increase of 5.18%, or 165 billion baht, compared to the 2023 fiscal year, in which the government set expenditure at 3.18 trillion baht and a budget deficit of 695 billion baht.
The 2024 budget has been endorsed by four state economic agencies: the Finance Ministry, the Budget Bureau, the Bank of Thailand, and the National Economic and Social Development Council. The state expenditure for the upcoming fiscal year is set at 3.35 trillion baht, and the budget deficit is expected to be 593 billion baht, which is roughly equal to 3% of Thailand’s forecasted gross domestic product (GDP).
Revenue collection is estimated at 2.75 trillion baht, an increase of 10.7% from the previous fiscal year. The administration, meanwhile, projects an average inflation rate of 1% to 2% for the fiscal year 2024 and predicts that the ratio of public debt to GDP will stand at 61.35%. The 3.35 trillion baht budget includes 2.50 trillion baht for fixed expenditure, an increase of 4.43% from the previous fiscal year, making up 74% of the overall budget.
Additionally, 33.7 billion baht has been allocated for replenishing national coffers, accounting for 1.01% of the budget. 690 billion baht will be redirected for investment purposes, a 0.08% increase from last year, and representing 20.6% of the national budget. 117.25 billion baht has been earmarked for repaying government loans, which is a 17.25% increase from the previous year’s budget.
Government Spokesman Anucha Burapachaisri stated that the budget aims to enhance the country’s competitiveness and provide necessary finances for ongoing and new investments in economic and social infrastructures. He added that the budget will also support the education system, the development of the labor sector, and state welfare schemes.
According to Anucha, the government’s priority is to keep the budget deficit manageable at no more than 3% of the GDP and work towards achieving a balanced budget when possible. State agencies are required to present their budget requests to the Budget Bureau by January 27th. (NNT)
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