Somkid hints at another budget deficit in fiscal 2017
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The deputy prime minister in charge of economic affairs, Somkid Jatusripitak, has hinted that the 2017 fiscal budget will continue the deficit trend, in order to support the need for government investment in infrastructure and increase the country's compe
“I believe that under the current economic situation and current financial status, a budget deficit is not a problem because our public debt is very low but our principle is to avoid creating any unnecessary debt,” he told reporters at the Revenue Department Thursday.
The 2016 fiscal year has a Bt2.72-trillion budget, with a deficit of Bt390 billion on expected revenue of around Bt2.33 trillion.
The investment budget through to September 30 next year was set at Bt543.635 billion, which is Bt94.16 billion or 20.9 per cent more than for the 2015 fiscal year. Fiscal 2015 carried around Bt250 billion worth of deficit.
“Nevertheless, if we want our economy to be strong enough, and the country is currently developing, then it [a budget deficit] is sometimes necessary,” said Somkid.
