Thailand plans $20 billion budget deficit to bolster recovery

Thailand plans to stick to an expansionary fiscal policy to aid its recovery from the COVID-19 pandemic. Prime Minister Prayut Chan-o-cha's government has proposed a higher spending worth more than $93 billion in its 2023 draft budget bill. The budget deficit is projected at $20 billion, or 3.9% of the country's GDP. Southeast Asia’s second-largest economy is forecast to expand between 3.2% and 4.2% next year, as revenues are expected to improve amid higher domestic demand and a revival in the tourism sector.