Thailand’s government has released its report on the country’s financial risks for the 2022 fiscal year. The report, delivered by Government Spokesperson Anucha Burapachaisri, estimates that state revenue collection for the year will total 2.53 trillion baht, which marks a 6.57% increase from the previous year.
Despite the increase in revenue, the report highlights the continued minor income risk posed by the pandemic. The expenditure budget for the 2022 fiscal year is projected to be 3.1 trillion baht, which represents a 5.66% decrease from the previous year.
The country’s fiscal reserve is expected to total around 624 billion baht at the end of the 2022 fiscal year. This increase from the previous year reflects the government’s flexible spending capability.
However, the trend of public debt risk is estimated to be nearly 10.4 trillion baht, which accounts for 60.41% of GDP at the end of fiscal 2022. This increase has been attributed to the government’s expansionary fiscal policy during the pandemic.
The spokesperson stated that the government could use the financial risk as a guideline for its fiscal policy in the next fiscal year. In the past, the government has used its fiscal policy and budget to alleviate the burden on people and businesses stemming from the pandemic.
It is worth noting that although the debt level remains over 70%, it is primarily used for investment purposes, particularly in the nation’s infrastructure, to allow sustainable growth. The Thai government’s approach has been adopted as a model for other countries’ national development.