The government is expected to meet its revenue collection targets for the 2022 and 2023 fiscal years, helped by increased exports and a recovery in tourism, Finance Minister Arkhom Termpittayapaisith said on Wednesday.
The country has lifted most Covid-19 curbs, allowing nightlife to resume from Wednesday, to revive the crucial tourism sector.
Despite a global surge in food and energy prices, several economic indicators like exports were still performing well, Mr Arkhom told the House of Representatives, which is debating a budget bill for the 2023 fiscal year.
The government proposed spending of 3.185 trillion baht and targets revenue of 2.49 trillion baht for the next fiscal year starting in October to aid economic recovery.
Mr Arkhom said there would be more tourism revenue following a reopening to foreign visitors while higher imports would also help increase tax revenue.
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The state planning agency forecast 7 million foreign tourist arrivals this year, though still far below the 40 million foreign arrivals in 2019, before the coronavirus pandemic.
Exports, a key driver of growth, have performed well so far with 'satisfactory' growth between January and April, Mr Arkhom said, as annual shipments rose 13.7% over the period.
Exports will continue to drive the economy, while inflation of below 5% so far this year is still at a good level, Commerce Minister Jurin Laksanawisit told the lower house.
Nightspots in Soi Nana, a popular nightlife destination in Bangkok, are expected to revive after Covid restrictions ease from Wednesday. (Photo: Wichan Charoenkiatpakul)