March 19, 2008
BANGKOK - The cabinet yesterday approved a budget worth 58 billion dollars (1.83 trillion baht) for the next fiscal year from October 2008, 10 percent up from the current budget.
Thailand's budget deficit in the next fiscal year would reach nearly 250 billion baht, equal to 2.5 percent of the country's gross domestic product (GDP), the official said.
The government expects Thai economy to expand by 5.5 percent in the next fiscal year with the inflation rate seen at 3.5 percent.
"The economy is likely to grow from rising domestic demand and a recovery in investments from the private sector," he said, adding investor confidence would also likely recover under the current government.
Boosting the Thai economy is one of the top priorities for the Samak government.
Surapong said last week the government would launch a raft of stimulus measures to shore up sluggish domestic consumption, according to AFP.
