The government has dismissed allegations that it has overspent and is currently working to reduce its budget deficit to ensure economic stability.
The statement was made by Finance Minister Arkhom Termpittayapaisith in response to concerns over the country’s budget deficit and rising public debt. He said the government is currently drafting its fiscal budget for 2023 to reduce the budget deficit. He assures that the Ministry of Finance and the Bank of Thailand are working in tandem to maintain fiscal stability.
The finance minister also said the country is not in stagflation as the economy is still expanding despite rising costs. However, he expressed concern that rising costs would reduce domestic consumption and stressed the importance of implementing revenue reforms to protect the country’s economy.
The Finance Minister’s remarks are consistent with reports that the country’s public debt-to-GDP ratio was 60.17% in February. The ceiling level of GDP is set at 70%. (NNT)