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| Cabinet Approves Budget Deficit for Fiscal 2009 |
| UPDATE : 18 March 2008 |
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Cabinet approves total public expenditures of 1.85 trillion baht for the fiscal year 2009, leaving a budget shortfall of 249.5 billion baht, and decides to raise the salary for private firm employees.
Today, Cabinet approved a government budget for the fiscal year 2009 at 1.85 trillion baht, showing 249.5 billion baht in deficit, which is equivalent to 2.5 per cent of the gross domestic product or GDP.
Deputy Prime Minister and Finance Minister, Surapong Suebwonglee, says the budget framework for the fiscal year 2009 is run under the assumption that Thailand's economy will grow 5.5 to six per cent, and the GDP will increase to a level of 9.98 trillion baht, while the country's inflation will stay at 3.5 per cent.
Surapong believed that such assumptions are possible, as the government's economic stimulus plan could recover the country's economy.
Regarding public spending for the fiscal year 2009, 22 per cent of the total amount will be allocated for investment expenditures.
The Finance Minister expects that the government will continue to release budget deficits until the fiscal year 2011, and change to a balanced budget in the fiscal year 2012.
Furthermore, Cabinet also approved a salary increase for private sector staff for the year 2008 following the proposal by the Central Wage Committee, which suggested that firms should increase wages by 6.9 per cent for workers who showed excellent performance, 4.9 per cent for workers with good performance, and 2.9 per cent for those with average performance.
The government will pass the approach to businesses to use as a criteria to increase the income for skilled and semi-skilled employees who serve companies for over one year.
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