The government has dismissed claims that it has overspent its budget and is currently working to reduce its budget deficit to ensure economic stability.
The statement was made by Finance Minister Arkhom Termpittayapaisith in response to concerns in regard to the country’s budget deficit and increasing public debt. He stated that the government is currently drafting its fiscal budget for 2023 to reduce the budget deficit. He assures that the Ministry of Finance and the Bank of Thailand are working in tandem to maintain fiscal stability.
The Finance Minister also stated that the country is not in stagflation since the economy is still expanding despite rising costs. However, he expressed concern that rising costs would reduce domestic consumption and emphasized the importance of implementing revenue reforms to protect the country’s economy.
The Finance Minister’s remarks are consistent with reports that the country’s public debt-to-GDP ratio was 60.17 percent in February. The GDP ceiling level is set at 70 percent. (NNT)
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