Budget draft worth $100 billion passed in Thai parliament after delay

Accelerating growth: Thailand's lower house of parliament has approved a budget of 3.48 trillion baht (about $101 billion), delayed from its original passing date in October after the new government was elected to power.

The budget covers the rest of the 2024 fiscal year, and was passed after voting 311 to 177 on its first reading.

The passing was in line with expectations, Reuters reported. The bill now faces deliberation by both houses of parliament in its second and third readings, scheduled in early April before it becomes a law in early May this year.

Budget Expectations

Assent of the spending budget which is up 9.3 per cent from the previous period, was delayed from the original date of October 1 because of the slow process of forming a government after the election in May.

Prime Minister Srettha Thavisin said the budget allocations will provide the greatest benefit for the public.
The budget bill had been expected to pass the first vote as the Pheu Thai-led government commands a majority of seats in the House of Representatives.

Acceleration of economic growth was promised by the government to an average of 5 per cent a year.

The budget was necessary to drive the economy, Srettha had said this week, adding that growth in 2024 is estimated to range in between 2.7 per cent and 3.7 per cent.