Prime Minister and Finance Minister Srettha Thavisin on 3 January 2024 presented the 2024 national budget draft bill to the House of Representatives, saying that the Government had set the national budget in accordance with the country’s economic situation and fiscal position, as well as its directions for national development.

The national budget for the 2024 fiscal year is set at 3.48 trillion baht, an increase from 3.185 trillion baht in the 2023 fiscal year. Out of the total budget, 72.8 percent (2.532 trillion baht) is set aside for regular expenditures, 20.6 percent (717.7 billion baht) for investment, 3.4 percent (118 billion baht) for debt repayment and 3.4 percent (118 billion baht) for reimbursement of treasury reserves.

The 2024 national budget carries a deficit of 693 billion baht, against 593 billion baht in the 2023 fiscal year. The Government expects to earn 2.787 trillion baht in national income, representing an increase of 11.9 percent from the 2023 fiscal year.

The Office of the National Social and Development Council predicted that the Thai economy would grow by 2.5 percent in 2023 and 2.7-3.7 percent in 2024. The growth of the Thai economy in 2024 is likely to be supported mainly by an increase in exports, private consumption and investment, and the continued revival of the tourism sector.

The top five ministries to receive the highest budget allocations include the Ministry of Interior, the Ministry of Education, the Ministry of Finance, the Ministry of Defense, and the Ministry of Transport. Five ministries receiving the lowest budget allocations include the Ministry of Energy, the Ministry of Industry, the Ministry of Tourism and Sports, the Ministry of Commerce, and the Ministry of Culture.

The 2024 national budget is based on six major strategies. The Government has allocated 390 billion baht (11.2 percent) to (1) strengthen national security, 393.5 billion baht (11.3 percent) to (2) enhance Thailand’s competitiveness, 562 billion baht (16.1 percent to (3) develop human resources, 834 billion baht (24 percent) to (4) create opportunities and social equality, 131 billion baht (3.8 percent) to (5) promote “green growth,” and 604.8 billion baht (17.4 percent) to (6) develop public sector management.