The COVID-19 pandemic has greatly impacted Thailand’s economy. The government, in response, implemented various policies to keep the economy afloat and stimulate recovery. This resulted in the government’s revenue collection exceeding the target by 91 billion baht in the first 4 months of fiscal 2023. Meanwhile, the country’s foreign reserves are among the most robust in the world.
Government spokesman Anucha Burapachaisri said Prime Minister Gen. Prayut Chan-o-cha had continually executed policies to drive the Thai economy. This effort was achieved via targeted economic measures that were synergistic in nature and has resulted in the improved recovery of the Thai economy.
Mr. Anucha said that in the first four months of fiscal 2023, the government was able to collect 836.6 billion baht of net revenue. The figure was about 91 billion baht or 12.3% in excess of projections, reflecting the robustness of the Thai economy and the country’s fiscal stability.
The spokesperson said foreign reserves stood at 225 billion USD in January this year, rising from 216.6 billion USD in December 2022. He explained that foreign reserves are able to be used immediately if necessary, in cases such as compensating for payment imbalances or implementing foreign exchange rate policies that require the use of foreign reserves as a tool. He added that according to the International Monetary Fund’s ranking, Thailand is among the nations with the most foreign reserves, excluding gold. (NNT)