The Cabinet has approved the draft 2024 budget, totaling 3,48 trillion baht. This approval, announced by the Director of the Budget Office, Chalermphol Pensoot, is a preparatory step for the final approval by the Cabinet, scheduled for December 26, followed by a parliamentary discussion.
The 2024 budget, which is 130 billion baht higher than the previous budget, projects a deficit of 693 billion baht. This is an increase from the previously approved deficit of 593 billion baht. This increase is in line with the medium-term budget plan drawn up by the Financial and Fiscal Policy Committee for the period 2024 to 2027.
A significant part of the budget increase is due to the expected increase in revenues, estimated at 30 billion baht. This increase is necessary to cover the higher interest payments caused by rising interest rates. A 100 billion baht increase in the budget deficit is also planned to support government initiatives while maintaining fiscal and monetary discipline.
According to the budget office, more than 99% of participants in public hearings held between November 29 and December 5 agreed to the details of the 2024 budget.
The 2024 budget targets economic growth of 5% and aims to continue deficit spending to boost economic recovery. This is in line with Thailand's National Strategy and the 13th National Economic and Social Development Plan. The agency emphasizes that the increased budget deficit will not affect the country's medium-term fiscal framework.
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Known as Khun Peter (62), lives alternately in Apeldoorn and Pattaya. In a relationship with Kanchana for 14 years. Not yet retired, have my own company, something with insurance. Crazy about animals, especially dogs and music.
Enough hobbies, but unfortunately little time: writing for Thailandblog, fitness, health and nutrition, shooting sports, chatting with friends and some other oddities.
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They count themselves too rich again, the economic growth as now expected is 3,2% for the coming year and in addition, this year's growth has recently been significantly reduced and, given the past 25 years, that will probably also happen before 2024 to apply. So it is assumed that one will receive more money than actually, or the deficits will continue to increase. The fact that 99% of those who responded during hearings agree with it is sad, but one can understand that growth of more than 50% above the economic forecasts of experts is wrong.