BANGKOK (NNT) – The Budget Bureau notes that the Thai government plans to increase its investment budget by 90 billion baht in the fiscal year 2022, in compliance with a law related to state financial and fiscal discipline.
Budget Bureau Director Dechapiwat Na Songkhla said, of the 90 billion baht the government plans to add to the 2022 investment budget, 50-60 billion is from the 500-billion-baht emergency loan. The remainder comes from the 2022 investment budget of state agencies and enterprises.
According to the 2022 fiscal budget bill, which has public spending set at 3.1 trillion baht, accounting for 17.9% of GDP, the government would need to borrow 700 billion baht to offset the deficit.
However, the bill set the investment budget at only 624 billion baht, lower than the deficit of 700 billion. This means the government would have to raise the investment budget to more than 700 billion baht, to comply with the 2018 law governing state financial and fiscal discipline, as the investment budget must not be less than the deficit amount in the state’s annual budget.
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BANGKOK, July 15, 2021 – Thailand’s economy continues to take a heavy toll due to the COVID-19 pandemic and is projected to expand modestly at 2.2 percent in 2021, revised down from the 3.4 percent growth projected in March, according to the World Bank’s latest Thailand Economic Monitor “The Road to Recovery” published today.(more…)
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Thailand’s GDP fell by 6.1 percent in 2020, the largest contraction since the Asian financial crisis. The tourism sector, which accounts for about a fifth of GDP and 20 percent of employment, has been especially affected by the cessation of tourist travel.
Like many countries, Thailand’s economy was hit hard by the COVID-19 pandemic last year. The country’s GDP fell by over 6 percent in 2020 and many workers, especially those related to the tourism sector, lost their jobs.(more…)