Thailand: Cabinet approves fiscal 2021 budget of THB3.3tr

  • The cabinet on 7 Jan 20 approved the fiscal 2021 budget of THB3.3tr with a deficit of THB523bn. The budget for fiscal 2021 is THB100bn or 3.1% bigger than in the fiscal 2020 blueprint.
  • The fiscal 2021 budget is based on an economic growth forecast of 3.1-4.1% and an inflation rate of 0.7-1.7%.
  • Public debt in 2021 is estimated at 45% GDP or THB8.24tr. This is based on a GDP estimate of 18.4tr.
  • The government approved a fiscal budget of THB3.2tr in 2020, with a budget deficit of THB469bn.
  • The regular budget is set at THB2.50tr in fiscal 2021, making up 76% of the total budget, up THB116bn or 4.8% from fiscal 2020. The investment budget is projected at THB693bn, accounting for 21% of the total budget, up by THB37bn from fiscal 2020.
  • The government said the budget in fiscal 2021 will focus mainly on social and economic restructuring, economic growth stability, income redistribution to remote areas, local economy development and income disparity reduction.\ state agencies are required to submit their budgeting proposals for fiscal 2021 to the Budget Bureau by 24 Jan 20.

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