Thai cabinet approves inflation target of 1-3 percent for 2021

Thailand’s cabinet on December 22 approved the inflation target range of 1-3 percent for 2021 as set by the Finance Ministry and the Bank of Thailand’s Monetary Policy Committee (MPC).
Thai cabinet approves inflation target of 1-3 percent for 2021 ảnh 1The Red Line railway of the State Railway of Thailand. Increased public debt is attributed to measures to rehabilitate the economy and to infrastructure projects (Photo: BangkokPost)

Bangkok (VNA) – Thailand’s cabinet on December 22 approved theinflation target range of 1-3 percent for 2021 as set by the Finance Ministryand the Bank of Thailand’s Monetary Policy Committee (MPC).

Spokesperson of the Government Anucha Burapachaisri said the target isappropriate for the current situation and support the economy, adding it isflexible and has already factored in the coronavirus outbreak.

The MPC priorities supporting economic recovery, together with maintainingprice stability and a healthy financial system.

The same day, the cabinet acknowledged themedium-term fiscal policy framework for 2022-25 that targets economic growth of2.7-4.2 percent.

According to Anucha, under the medium-term framework,the government aims for 3-4 percent growth in 2022, 2.7-3.7 percent in 2023,2.9-3.9 percent in 2024 and 3.2-4.2 percent in 2025.

Net revenue between 2022-25 is planned at 2.4trillion THB (79.4 billion USD), 2.49 trillion THB, 2.61 THB and 2.75 THB,respectively, based on the assumption the government can collect value-addedtax from overseas electronic service providers, additional fees from thefrequency concession and more revenue from petroleum concessions.

Anucha said the government will still operate at adeficit, with expenditure estimated at 3.1 trillion THB in 2022, 3.2 trillion THBin 2023, 3.31 trillion THB in 2024 and 3.42 trillion THB in 2025.

The deficit is estimated at 700 billion THB for2022, up to 710 billion THB in 2023, but down to 690.5 billion THB in 2024 and669.50 billion THB in 2025.

As of Sept 30, the country's public debt amountedto 7.84 trillion THB, or 49.3 percent of GDP, up from 41.1 percent year-on-year.The rate remains under the 60 percent limit set for the country.

According to Anucha, the public debt ratio isprojected to swell to 9.08 trillion THB in 2021 or 56 percent to GDP; 9.73trillion THB in 2022 or 57.6 percent, and 10.40 trillion THB or 58.6 percent in2023.

The public debt to GDP is projected to reach 10.97 trillion THB or 59 percentin 2024 and amount to 11.46 trillion THB in 2025 or 58.7 percent.

Anucha said higher public debt stems largely from the government borrowing torehabilitate the economy and finance infrastructure projects./.
VNA
#Thailand’s cabinet#inflation target range#Monetary Policy Committee#medium-term fiscal policy#public debt#Vietnam News Agency#Vietnamplus
Follow VietnamPlus

Related News

Thailand extends state emergency in southernmost provinces

Thailand extends state emergency in southernmost provinces

The Emergency Situation Administration Committee (ESAC) of Thailand has decided to extend the state of emergency in the restive southern border provinces of Yala, Pattani and Narathiwat for another three months from December 20 for security reasons.

See more

The RoK's Finance Minister Choi Sang-mok speaks at a trilateral meeting with his Japanese and Chinese counterparts in Georgia. (Photo: Yonhap)

ASEAN+3 to create new financing facility against regional crises

The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.

Thailand to apply VAT on imports sent via post

Thailand to apply VAT on imports sent via post

The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
Malaysia asserts pioneering role in halal industry

Malaysia asserts pioneering role in halal industry

Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
ASEAN Future Forum 2024 enters first session

ASEAN Future Forum 2024 enters first session

The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
ASEAN youth empowered to unleash potential: ASEAN chief

ASEAN youth empowered to unleash potential: ASEAN chief

ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
ASEAN bolsters intellectual property cooperation

ASEAN bolsters intellectual property cooperation

The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.