Govt Unveils 2024 Budget Plan

[snoop1130]

 

BANGKOK (NNT) - 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.

 

By Woraprat Lerpaisal

 

Full story: NNT 2023-10-02

 

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[observer90210]

Will be a great fiscal year with all the nice tax plans towards foreigners in Thailand.

[retarius]

5% over each of the best 4 years....pie in the sky.

600 baht minimum wage by 2027? all foreign direct investment will evaporate and make growth even harder to achieve. 

Don't bet your house on the achievement of these goals

[KannikaP]

39 minutes ago, retarius said:

600 baht minimum wage by 2027?

They're talking about £11 AN HOUR 'living wage' in UK next April.

Edited October 2, 2023 by KannikaP

[StayinThailand2much]

40 minutes ago, retarius said:

5% over each of the best 4 years....pie in the sky.

600 baht minimum wage by 2027? all foreign direct investment will evaporate and make growth even harder to achieve. 

Don't bet your house on the achievement of these goals

Seems they hired former TAT staff to come up with such numbers...

[KannikaP]

27 minutes ago, KannikaP said:

They're talking about £11 AN HOUR 'living wage' in UK next April.

Whoever is CONFUSED by my answer, come on, please explain why, thanks.

[Karma80]

Releasing 560 Billion Bhat of free money into the system. If only we had some sort of recent reference as to how it might impact the economy as a whole when governments throw huge quantities of money about....

[dinsdale]

Alcohol up. Cigs up. Massive borrowing from the govt. Just for starters. Populist policies always have to be paid for. This will not come from increasing the tax for the rich (or even taxing them) or taking the money trough away from the pig's snout.

As for this it has still yet to be shown how people who are not in the 4km? (can't remember) radius will be able to use it i.e. I would imagine a very large % of the villages in Thailand.

3 hours ago, snoop1130 said:

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.

 

[Purdey]

If only one government cared about the level of education here they would stop buying war toys and invest properly to raise education standards.

One foundation I know wanted to teach poor women basic financial literacy but the project failed. When asking the women why, many said they didn't know how to read and weight.

Budget be damned, focus on where it goes and what it does