Government approves deficit budget for 2017 fiscal year

The Thai economy this year is expected to grow 3.8 percent with 2 percent inflation rate and export to expand 7 percent compared to last year whereas global price for Dubai crude will hover at US$ 55 per barrel and exchange rate for baht currency averages 36 baht per US dollar, said Deputy Prime Minister Somkid Jatusripitak on Thursday.

He, however, said that global economy remains fragile although economy has somewhat recovered. He noted that deficit budget is still necessary as the country’s expenditure budget this fiscal year is estimated at 2.9 trillion baht with 450 billion baht in deficit.

Revenue is expected to total 2.45 trillion baht, but deficit budget will boost government sector’s investments by 23 percent.

Public debt this year accounts for 45 percent of GDP which is within the 60 percent ceiling vis-A�-vis GDP, said the deputy prime minister.

Budget Bureau director Somsak Choterattanasiri disclosed that all state agencies had asked for a combined total of expenditure of 4.52 trillion baht, but the amount had been trimmed to 3.41 trillion baht and further reduced to 2.9 trillion baht based on priority consideration.

Source: Thai Public Broadcasting Service (Thai PBS)

Post Author: thailandmirror.com