Bangkok capital city of Thailand (Photo: picswe.com)Bangkok (VNA) – Thailand’sCabinet on October 7 approved a budget of 3.2 trillion THB (106 billion USD)for the 2020 fiscal year to bolster the country’s sluggish economy.
Thailand’s overall spending will be about 7percent higher than the previous year’s 3 trillion THB, with a deficitprojected at 469 billion THB, or 2.6 percent of gross domestic product (GDP),up from the previous year’s 450 billion THB gap.
Government investments are projected at 656billion THB, or 20.5 percent of all spending, up from last year’s 649 billionTHB.
A bill on this effect is expected to beeffective in early February 2020, after gaining all approvals and the king’sendorsement in late January, Budget Bureau chief of Thailand Dechapiwat NaSongkhla said.
The first reading of the bill in parliamentis scheduled for October 17-18, while two others will take place in earlyJanuary. However, it is not expected to be passed into law for four more monthsdue to political delays.
The fiscal year began on October 1.
The budget has been delayed becauseThailand only had its new Cabinet in July after March’s general election./.
Thailand’s overall spending will be about 7percent higher than the previous year’s 3 trillion THB, with a deficitprojected at 469 billion THB, or 2.6 percent of gross domestic product (GDP),up from the previous year’s 450 billion THB gap.
Government investments are projected at 656billion THB, or 20.5 percent of all spending, up from last year’s 649 billionTHB.
A bill on this effect is expected to beeffective in early February 2020, after gaining all approvals and the king’sendorsement in late January, Budget Bureau chief of Thailand Dechapiwat NaSongkhla said.
The first reading of the bill in parliamentis scheduled for October 17-18, while two others will take place in earlyJanuary. However, it is not expected to be passed into law for four more monthsdue to political delays.
The fiscal year began on October 1.
The budget has been delayed becauseThailand only had its new Cabinet in July after March’s general election./.
VNA
