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Friday, July 12, 2024

Thai PM Srettha presents 3.75 trillion baht 2025 budget bill to parliament

Prime Minister Srettha Thavisin presented the 3.75 trillion baht budget bill for the 2025 fiscal year to the House of Representatives today. He forecasts that it will increase Thailand’s economic growth next year by 2.5%-3.5%.

The growth, he said, will be driven by continuing export increases, in line with global economic recovery, an increase in consumption, increased private investment, tourism recovery and the launch of the “digital wallet” scheme by the third quarter of this year.

He said that the scheme, under which an estimated 50 million Thais will receive a 10,000 baht taxpayer-funded welfare benefit to buy goods and services, will create what he described as an “economic whirlwind” which will stimulate the Thai economy from the grassroots level, resulting in extensive spending and a massive increase in the production of goods and employment.

Foreign investments for projects seeking Board of Investment incentives last year were registered at 850 billion baht, the highest in nine years, said the prime minister, adding that several projects are related to hi-tech electronic products.

Public debt, by the end of March, amounted to 11.4 trillion baht, representing 63.37% of GDP, which is still within the 70% legal limit. Reserves at April 30th were 430 billion baht, said the prime minister, adding that there are still several challenges for the export and manufacturing sectors.

He disclosed that the government’s investment budget for the 2025 fiscal year is set at 908 billion baht, which is the highest in 17 years.

Public sector expenditure will include 405 billion baht for security affairs, 398 billion baht for the improvement of Thailand’s competitiveness, 583 billion baht for human resource development, 923 billion baht for the creation of opportunities and social equality, 137 billion baht for the improvement of the quality of life and environment and 645 billion baht for the “development of bureaucratic management”.

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