Bangkok, September 10, 2024, The Europe Today: Thailand’s annual budget has successfully navigated its final legislative obstacle, with the Senate approving the 3.75 trillion baht (US$110 billion) spending plan, setting the stage for new Prime Minister Paetongtarn Shinawatra to implement fiscal measures aimed at invigorating the nation’s economy.
On Monday, September 9, 174 out of 200 senators endorsed the budget bill, which outlines a 4.2% increase in state spending starting October 1. The bill had previously cleared the lower house of Parliament last week and now awaits royal endorsement.
This budget, representing approximately 20% of Thailand’s $500 billion economy, will be instrumental for Paetongtarn Shinawatra in addressing a range of economic issues, including near-record levels of household debt and the challenges associated with an aging population. The new Prime Minister, aged 38, is scheduled to unveil her government’s policy priorities in Parliament on September 12.
Paetongtarn, the youngest daughter of prominent former leader Thaksin Shinawatra, assumed office last month following the dismissal of her predecessor, Srettha Thavisin, by a court ruling related to ethical violations.
Under her coalition government, a comprehensive debt restructuring plan will be expedited to alleviate the persistent debt burdens faced by households and small businesses. Additionally, the administration plans to accelerate economic stimulus efforts, as outlined in a draft of the forthcoming policy statement.
