Thailand’s government has disclosed its budget blueprint for the 2024 fiscal year, with a strong emphasis on transparent and efficient financial management.
Prime Minister and Finance Minister Srettha Thavisin outlined the core principles underpinning the budget plan, highlighting five key areas. These include aligning budget allocations with public commitments, streamlining efforts to minimize redundancy, maintaining fiscal discipline, setting measurable objectives for all projects, and tapping into various sources of capital. The total budget allocation for the upcoming year is set at 3.48 trillion baht.
Acknowledging potential delays in the budget process, Prime Minister Srettha emphasized the importance of all government departments adhering to legal frameworks and accelerating their spending efforts. Each agency is required to submit its individual budget plans by October 6th.
To stimulate immediate revenue growth, the government will inject 560 billion baht into the economy through a digital wallet program, offering 10,000 baht to citizens. This financial boost is scheduled for release in February of the following year, with the aim of invigorating local economies and subsequently replenishing state coffers through taxes.
Prime Minister Srettha underlined specific economic objectives, including a targeted 5% GDP growth rate over the next four years and a plan to raise the minimum wage to 600 baht by 2027. He stressed that successful policy implementation hinges on a thriving economy and the well-being of citizens, urging all sectors to actively engage with the public and adapt their strategies accordingly. The 2024 fiscal year budget represents a significant step towards fostering transparency, economic growth, and overall prosperity in Thailand. (NNT)
