The cabinet on Tuesday approved a budget of 3.35 trillion baht (US$100 billion) for the 2024 fiscal year.
The new budget is 5.18% bigger, or 165 billion baht higher, than the previous year, government spokesperson Anucha Burapachaisri said. In the 2023 fiscal year, the government set the expenditure at 3.18 trillion baht, with a budget deficit of 695 billion baht.
Four state economic agencies, comprising the Finance Ministry, the Budget Bureau, the Bank of Thailand (BoT), and the National Economic and Social Development Council (NESDC), last Wednesday endorsed the framework of the fiscal 2024 budget, with state expenditure set at 3.35 trillion baht and a budget deficit of 593 billion baht.
The budget deficit is roughly equal to 3% of Thailand's forecast gross domestic product (GDP), down by 102 billion baht.
Revenue collection is estimated at 2.75 trillion baht, up by 10.7%.
The government expects an average inflation rate of 1% to 2% in fiscal 2024, while the ratio of public debt-to-GDP is expected to stand at 61.35%.