Cabinet approves budget for 2024

  • The cabinet approved a budget of THB3.35tn for the 2024 fiscal year.
  • The new budget is 5.18% bigger, or THB165bn higher, than the 2023 fiscal year. For the 2023 fiscal year, the government set the expenditure at THB3.18tn, with a budget deficit of THB 695bn.
  • As for the fiscal 2024 budget, state expenditure is set at THB3.35tn and a budget deficit of 593 billion baht. With the budget deficit being roughly equal to 3% of Thailand’s forecast gross domestic product (GDP), down by THB102bn.
  • Revenue collection is estimated at THB2.75tn, 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 THB3.35tn (2024) budget comprises THB2.508tn worth of fixed expenditure, up 4.43% from the last fiscal year (2022). The amount makes up 74% of the overall budget.
  • Furthermore, THB690bn will be diverted for investment purposes, which represents an increase of 0.08% from 2022. It amounts to 20.6% of the national budget.
  • In addition, THB117.25bn is earmarked for repaying the principal of government loans, up 17.25% from the 2022 budget.
  • However, the government attaches priority to keeping the budget deficit manageable, at no more than 3% of the GDP starting from the current fiscal year onward. The goal is to work toward achieving a balanced budget when possible

External Link :