Picture the scene: Prime Minister Srettha Thavisin, standing at the forefront of a seminar, in the vast halls of Impact Muang Thong Thani, his voice echoing off the walls as he addresses a sea of public officials. It’s October, and the subject is as absorbing as a thriller novel – the intricacies of planning an annual expenditure budget.
Flash forward, and the plot thickens. The government, like a maestro conducting an economic symphony, orchestrates a budget deficit grander than before – a whooping 713 billion baht for the fiscal year of 2025. It’s a year of ambition, with spending aspirations reaching the lofty heights of 3.6 trillion baht! Why? To back the groove of economic growth projected to sway at a rhythmic 3.6% in 2025, as whispered by a statement post-cabinet approval this Tuesday past.
As we delve deeper into this fiscal narrative, we find that the deficit for 2025 is puffing its chest out by 2.8% compared to visions spun for 2024. “The government still needs a short-term deficit budget to support continued economic expansion and stability,” the statement proclaims, like a seasoned economist setting the stage for a financial drama.
Let’s take a stroll down memory lane, back to 2006 – the fiscal year when budgets blushed with a surplus. It was the last act of Thaksin Shinawatra’s governmental performance, right before the coup’s curtain fell. Now, our current ensemble projects an inflation crescendo between 1.5% and 2.5%, with a public debt-to-GDP ratio tapping at 63.73% by the fiscal finale.
But wait, before we march towards 2025, there’s the tale of the 2024’s budget – a tale of 3.48 trillion baht with a deficit undertone of 693 billion, rising from the ashes of 593 billion approved by a prior regime. The twist? It hasn’t yet danced through parliament, thanks to the tantalizing tango of government formation post-elections. “Not until early May,” whispers Deputy Finance Minister Julapun Amornvivat. Yet hope twinkles on the horizon, as the cabinet has blessed the budget bill with a first reading scheduled for the dawn of January.
And so, the numbers waltz forward – the total planned spending twirls up by 295 billion baht, a majestic 9.3% leap from last fiscal’s choreography. Beneath the spotlight, 2.53 trillion baht steadfastly holds onto the stage as fixed annual expenditure, with 118.36 billion baht pirouetting into boosting treasury reserves, and a robust 715.4 billion – a full 20.5% of our budget – spinning into investment funds.
Prime Minister Srettha, in his final act, drops the curtain on this fiscal theatre: the remainder, ladies and gentlemen of the budget audience, will gracefully bow out as it’s funnelled into repaying loans.
Inhale the financial intrigue, embrace the budgeting drama, and stay tuned for the next act in Thailand’s economic timeline. After all, in the great performance of fiscal planning, every baht counts and every decision sets the stage for tomorrow’s prosperity.
Be First to Comment