Thailand’s lower house passes the delayed 3.48 trillion-baht budget bill for the fiscal year 2024 to boost consumption and stimulate the economy amidst challenges.
Thailand’s Lower House Passes 3.48 Trillion-Baht Budget Bill
Thailand’s lower house has finally passed the delayed 3.48 trillion-baht budget bill for the fiscal year 2024. The Thai government explained that the budget will be ready to be used early next month, with a focus on increasing the level of consumption in the Thai economy. The state planning agency has adjusted its growth outlook for 2024 to between 2.2% and 3.2%.
Impact on Thai Economy and Government Spending
The approved bill will play a key role in trying to help recover the second-largest economy in the Southeast Asia region. The delay in the budget has had a tangible impact on government spending and the economy, which contracted unexpectedly in the last quarter of 2023. The total budget includes approximately 718 billion baht allocated for investment to bolster the economy through strategic development projects.
Prime Minister’s Plans and Approval Process
Prime Minister Srettha Thavisin has emphasized that the budget will be used to support the economy, society, and the people’s living standards. The budget bill is currently awaiting approval from the Senate and royal before it can take effect, with the goal of providing much-needed stimulus to the Thai economy. The approval of the delayed budget is a critical step toward revitalizing Thailand’s economic prospects and ensuring a stable and prosperous future for its citizens.
