People go shopping at a supermarket in Bangkok, Thailand. (Photo: VNA)Bangkok (VNA) – The Thai cabinet has approved a budget of 3.35 trillion THB (over 100 billion USD)for the 2024 fiscal year, government spokesman Anucha Burapachaisri has said.
The new budget is 5.18% or 165 billion THB higher than the 2023 fiscal year, Anucha said.
The government set the expenditure at 3.18trillion THB, with a budget deficit of 695 billion THB, the Bangkok Post reported.
The budget deficit is roughlyequal to 3% of Thailand's forecast gross domestic product (GDP), down by 102billion THB. Revenue collection is estimated at 2.75 trillion THB, up by10.7%.
The government expects anaverage inflation rate of 1% to 2% in fiscal 2024, while the ratio of publicdebt-to-GDP is expected to stand at 61.35%.
The 3.35 trillion baht budgetcomprises 2.508 trillion THB worth of fixed expenditure, up 4.43% from thelast fiscal year. This amount makes up 74% of the overall budget.
Anucha emphasised that thebudget provides vital support for enhancing the country's competitiveness andthe necessary finances for ongoing and new investments in economic and socialinfrastructures, adding that the government attachespriority to keeping the budget deficit manageable, at no more than 3% of theGDP starting from 2024 fiscal year./.
