April 3, 2023
The government recently reported on Thailand’s financial risks for the 2022 fiscal year.
According to Government Spokesperson Anucha Burapachaisri, the government estimates that state revenue collection for the year will total 2.53 trillion baht – a 6.57% increase from the previous year. The report also highlighted the continued minor income risk posed by the pandemic.
The expenditure budget for the 2022 fiscal year is projected to be 3.1 trillion baht, a 5.66% decrease from the previous year.
The country’s fiscal reserve at the end of the 2022 fiscal year is expected to total around 624 billion baht, representing an increase from the previous year and reflecting the government’s flexible spending capability.
The trend of public debt risk at the end of fiscal 2022 is estimated to be nearly 10.4 trillion baht, which accounts for 60.41% of GDP. This increase has been attributed to the government’s expansionary fiscal policy during the pandemic.
The spokesperson added that the government could use the financial risk as a guideline for its fiscal policy in the next fiscal year. In the past, the government has used its fiscal policy and budget to alleviate the burden on people and businesses stemming from the pandemic.
Although the debt level remains over 70%, it is primarily used for investment purposes, particularly in the nation’s infrastructure, to allow sustainable growth. Other countries have adopted the Thai government’s approach as a model for their own national development.
Source : National news bureau of thailand