500 members of Thailand's House of Representatives vote on budget bill

Thailand's House of Representatives has just passed a 3.75 trillion baht ($111 billion) budget bill for fiscal year 2025 with 309 votes in favor.

After 3 days of debate, 500 members of the Thai House of Representatives voted with the result: 309 votes in favor, 155 votes against and 4 abstentions. (Source: THX)

The bill, which applies to the fiscal year starting in October 2024, proposes a 4.2% increase in government spending compared to the current fiscal year, which would allow new Prime Minister Paetongtarn Shinawatra to increase state spending to boost economic recovery.

The budget proposal includes a deficit financing of 866 billion baht, equivalent to 4.5% of GDP, based on a growth forecast of 2.8-3.8% next year. The Thai government forecasts overall inflation in the range of 1.1-2.1%, with the current account surplus estimated at 1.6% of GDP.

The bill will then be sent to the Senate for approval and will come into effect after being published in the official gazette.

Meanwhile, Thailand's new prime minister has pledged to take steps to help the country's economy out of "crisis." The new government will revamp an "e-wallet" program that promises to give 10,000 baht to nearly every Thai adult.

Source: https://baoquocte.vn/500-thanh-vien-ha-vien-thai-lan-bo-phieu-ve-du-luat-ngan-sach-285205.html