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January 25, 2023

Cabinet Approves FY 2024 Budget

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January 25, 2023

On January 10, the Cabinet approved a 3.35 trillion baht (US$100 billion) budget for the 2024 fiscal year beginning October 1, a 5.18 percent increase compared to the budget for the 2023 fiscal year. The new budget will result in a 593 billion baht (US$18 billion) deficit, approximately 3 percent of Thailand’s forecast GDP. According to Prime Minister Prayut Chan-o-cha, the budget will prioritize financing post-pandemic economic revival through state projects, including 505 billion baht (US$15 billion) in investments by state enterprises. The budget will be part of a broader medium-term fiscal policy for fiscal years 2024-2027, seeking to reduce Thailand’s budget deficit to ensure fiscal stability. On January 4, the budget received endorsement by the Finance Ministry, the Budget Bureau, the Bank of Thailand (BoT), and the National Economic and Social Development Council (NESDC). State agencies must present budget requests to the Budget Bureau by January 27.

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