Budget bill boost to government

PM Prayut Chan o cha’s government received a boost today when Parliament passed the first reading of an almost 3.2 trillion baht draft budget bill for the 2023 fiscal year starting October 1.

After a 3-day debate, the bill passed with 278 votes in favour, 194 against, and two abstentions.

Pm Prayut says the bill will help the nation restore strong and sustained growth.

“The budget will support the economic recovery and society after a crisis caused by the outbreaks.”

Second and third readings of the bill need to be passed in August before being sent for senate and royal approval.

The budget projects spending about 2.75% more than the current year and a deficit of 695 billion baht, or around 4% of gross domestic product.

The budget planners believe the economy will grow 3.5%-4.5% this year and 3.2%-4.2% year after, boosted by domestic demand and tourism.

The National Social and Development Council are not as confident as the budget planners and predict lower growth at 2.5%-3.5% this year due to a volatile global economy.