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Hua Hin
Tuesday, May 21, 2024

Current Public Debt to GDP Ratio Still Below Ceiling

Thailand’s public debt-to-GDP ratio stood at 60.17% as of February, with the figure expected to reach 62.7% by the end of fiscal 2022 – below the current ceiling of 70% of GDP. February GDP was 16.3 trillion baht. 

Deputy Finance Minister Santi Promphat reiterated that the government has optimally managed the nation’s financial situation, with various measures implemented to assist people and especially vulnerable groups. He also said more policies will be revealed in due time.

The deputy minister stressed that the government is not facing bankruptcy, but acknowledged there have been challenges due to the current COVID-19 situation pandemic and other global factors.

Patricia Mongkhonvanit, director-general of the Public Debt Management Office (PDMO), meanwhile said the ratio of interest burden to the nation’s estimated annual revenue is projected to be 8% by the end of fiscal 2022. The figure is expected to remain below 10% – the international standard for the ratio – over the next five years.

Patricia said Thailand must continue with an expansionary fiscal policy to support economic growth. She added that from 2015-2021, the government invested more than 2.6 trillion baht in 178 mega-projects covering transport, utilities and energy.

The director-general noted that the PDMO developed the 2022-2026 public debt management plan to cater to the government’s expected spending of another 840 billion baht on mega-projects for that period.

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