Thailand to keep budget deficit not over 3% of GDP for 2024 fiscal yr - Finance Minister
Wednesday, December 28, 2022
© Reuters. FILE PHOTO: Thai baht notes are seen at a Kasikornbank in Bangkok, Thailand, May 12, 2016. REUTERS/Athit Perawongmetha/File Photo BANGKOK (Reuters) - Thailand's government is planning to keep its budget deficit to no more than 3% of gross domestic product in the 2024 fiscal year, the finance minister said on Tuesday, aiming for a deficit of 593 billion baht ($17.13 billion).
Arkhom Termpittayapaisith also said the inflation target range of 1% to 3% was appropriate and monetary policy would ensure continued recovery of the economy.
The inflation target will help maintain price stability and keep medium-term inflation expectations anchored, he told a news conference.
Headline inflation was 5.55% in November, far above the Bank of Thailand's target range, but Arkhom said it would gradually fall back to within the target in 2023.
The country's public debt was expected at 61.35% of GDP at the end of the 2024 fiscal year starting Oct. 1, he said.
The central bank recently it would continue to gradually raise its key interest rate for a while until the economy grew at its full potential and inflation returned to target.
It has raised the benchmark rate by a total 75 basis points since August to 1.25%, and economists expected a further rate hike next month.
($1 = 34.62 baht)
(This story has been corrected to change the year to 2024, not 2023, in the headline, and paragraphs 1 and 5)
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| EUR/USD | 1.0658 | ↑ Sell | |||
| GBP/USD | 1.2475 | ↑ Sell | |||
| USD/JPY | 157.91 | ↑ Buy | |||
| AUD/USD | 0.6469 | Neutral | |||
| USD/CAD | 1.3780 | ↑ Buy | |||
| EUR/JPY | 168.32 | ↑ Buy | |||
| EUR/CHF | 0.9808 | Neutral |
| Gold | 2,295.80 | ↑ Sell | |||
| Silver | 26.677 | ↑ Sell | |||
| Copper | 4.5305 | ↑ Buy | |||
| Crude Oil WTI | 81.14 | ↑ Sell | |||
| Brent Oil | 85.62 | ↑ Sell | |||
| Natural Gas | 1.946 | ↑ Sell | |||
| US Coffee C | 213.73 | ↑ Sell |
| Euro Stoxx 50 | 4,920.55 | ↑ Sell | |||
| S&P 500 | 5,035.69 | ↑ Sell | |||
| DAX | 17,921.95 | ↑ Sell | |||
| FTSE 100 | 8,144.13 | Sell | |||
| Hang Seng | 17,763.03 | ↑ Sell | |||
| Small Cap 2000 | 1,973.05 | ↑ Sell | |||
| IBEX 35 | 10,854.40 | Neutral |
| BASF | 49.155 | ↑ Sell | |||
| Bayer | 27.35 | ↑ Sell | |||
| Allianz | 266.60 | ↑ Sell | |||
| Adidas | 226.40 | ↑ Sell | |||
| Lufthansa | 6.714 | Neutral | |||
| Siemens AG | 175.90 | ↑ Sell | |||
| Deutsche Bank AG | 15.010 | Neutral |
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