Thailand expands budget to support lacklustre economy
The draft budget bill, which is being debated in the house over the next four days, projects a 0.7% rise in spending, and a 0.7% drop in the budget deficit to 860 billion THB, or 4.3% of gross domestic product, from the 2025 fiscal year that ends in September.
Thai Prime Minister Paetongtarn Shinawatra (Photo: VNA)
Bangkok (VNA) - Thai Prime Minister Paetongtarn Shinawatra on May 28 proposed a 3.78 trillion THB (115.5 billion USD) budget to parliament for the 2026 fiscal year, as her government seeks to support a sluggish economy facing steep US tariffs.
The draft budget bill, which is being debated in the house over the next four days, projects a 0.7% rise in spending, and a 0.7% drop in the budget deficit to 860 billion THB, or 4.3% of gross domestic product, from the 2025 fiscal year that ends in September.
The proposed budget "aims to revive and drive the economy toward sustainable growth while improving the quality of life for the people in all aspects," Paetongtarn told parliament.
Given the constraints on revenue and the global economic situation, the government is pursuing a deficit budget policy to maintain economic stability, she noted.
The budget plan projects growth at 2.3% to 3.3% for both 2025 and 2026, with inflation predicted at 0.5% to 1.5%. The economy expanded 2.5% last year, lagging regional peers.
PM Shinawatra noted that Thailand's economic outlook is being supported by rising public investment, stronger domestic consumption, and a robust recovery in tourism - a key driver of the Southeast Asian nation’s economy.
However, she also cautioned that growth remains vulnerable to several challenges, including high levels of household and corporate debt, risks from US trade protectionism, geopolitical tensions, and volatility in the agricultural sector.
꧃ The four-day parliamentary debate is expected to conclude on May 31. The draft budget will pass its first reading if it secures majority support from attending lawmakers./.
This comes after the International Monetary Fund (IMF) revised Thailand’s 2025 GDP growth forecast downward from 2.9% to 1.8%, citing the impact of US reciprocal tariffs. Thailand remains the only ASEAN country whose GDP projection has been cut to below 2%. For 2026, the IMF anticipates a further decline to 1.6%.
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