Bangkok, 3 Nov. – The private sector is concerned about budget delays in 2024, affecting economic stimulus measures. They recommend that the government use the budget to develop targeted technology. Accelerate investment in water throughout the system
Mr. Montree Mahaprukphong, Vice President of the Federation of Thai Industries (FTI), revealed the results of the FTI Poll under the topic “What matters do the industry want to see in the 2024 budget plan?” It was found that FTI executives The Lt. Gen. is concerned about the impact of the delayed preparation of the fiscal year 2024 expenditure budget and that it may affect the use of the budget to implement economic stimulus measures. In the past, the Thai economy has begun to show signs of slowing down. According to the NESDB’s assessment, GDP in the second quarter of 2023 expanded only 1.8 percent, slowing down from 2.6 percent in the first quarter of 2023, indicating that the economy has not yet been able to fully recover. In addition, with limitations on time periods and various conditions, budget allocation may be difficult. Unable to answer the needs of investing in building the economy in the long term
The survey also found that most FTI executives expect the government to give importance and allocate spending budgets that focus on developing the economic structure in the long term, such as promoting research and development of technology. Targeted innovation in both industrial and agricultural sectors Including investing in water management for the entire system to solve long-term problems with both drought and flooding. This will be an important foundation for the country’s future development. and sees that the government sector should adjust budgeting and budget spending in the long term That is, the government should give importance to the integration of budget planning to avoid duplication between agencies. Digital systems have been developed and used to track and measure the efficiency of budget expenditures along with disclosing more information. Including accelerating the development of government revenue collection mechanisms, such as adjusting the tax structure, creating incentives for businesses to enter the tax system (E-Tax Invoice, E-Withholding TAX).
Source: Thai News Agency