Thursday, June 1, 2023
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Thailand to keep budget deficit below 3% of GDP in FY2023 – Finance Minister

BANGKOK (Reuters) – Thailand’s finance minister said on Tuesday the government plans to keep the budget deficit to no more than 3 percent of gross domestic product in the 2023 fiscal year, targeting a deficit For 75 billion baht ($13. billion).

Arkhom Termpittayapaisith also said that an inflation target range of 1% to 3% is appropriate and monetary policy will ensure a sustained economic recovery.

Inflation targeting will help maintain price stability and stabilize medium-term inflation expectations, he told a news conference.

Headline inflation is 5.35%, well above the Bank of Thailand’s target range, but Arkhom says it will be in the 2023 Gradually fall back to the target range.

At the end of the year, the country’s public debt is expected to be 61.35% of GDP. Say, the 2024 fiscal year begins on October 1st.

The central bank will continue to gradually raise key interest rates for a period of time in the near future until the economy reaches its full potential and inflation returns to the target level.

It has raised the benchmark interest rate by a total of 61 basis points to 1 since August.%, economists expect further rate hikes next month.

($1=25.62 baht)

(this story has been corrected to 2023 instead of 2023, in the title and in paragraphs 1 and 5)



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