FTI Urges 2027 Budget for Investment to Reshape Thai Economy

Khaosod•Economy•20d ago

Reader Briefing

The Federation of Thai Industries (FTI) advises the government to strategically allocate the 2027 budget towards investment for long-term economic restructuring, rather than short-term problem-solving.

•The Federation of Thai Industries (FTI) has released recommendations for the 2027 government budget.
•FTI emphasizes using the budget for structural economic transformation and long-term investment.
•The organization highlights Thailand's fiscal limitations and the need for efficient budget allocation.
•Key recommendations include prioritizing outcome-based budgeting, increasing revenue through economic expansion, and enhancing transparency.

Overview

•The Federation of Thai Industries (FTI) provided recommendations on the 2027 fiscal budget, acknowledging Thailand's fiscal constraints and the need for short-term economic management alongside fiscal discipline.
•The estimated 2027 budget is 3.788 trillion THB, a 0.2% increase from the previous year, with estimated net revenue of 3 trillion THB, necessitating a deficit of approximately 788 billion THB.
•Fixed expenditures in the 2027 budget are projected to increase by 5.0% and constitute 73.6% of the total budget, while investment expenditures are set to decrease by 8.4% to 20.8% of the budget.
•FTI noted that Thailand's fiscal space is narrowing, emphasizing the need for clear budget prioritization, especially as the 2027 economy is projected to grow only 1.7-2.7%.
•FTI suggested the 2027 budget should serve as a tool for long-term economic restructuring rather than immediate problem-solving, focusing on projects that increase national productivity.
•FTI proposed five key fiscal recommendations for government action: outcome-based budget allocation, revenue enhancement via economic growth, transparent budget tracking and evaluation, increased public and private sector participation, and reducing recurrent expenditures through digital transformation of government services.
•FTI stressed that in times of budget limitations, government funds must be treated as investments to enhance national potential, aiming for reduced redundancy, increased transparency, and genuine economic restructuring.
•Effective implementation of the FTI's recommendations for the 2027 budget could lead to a more robust long-term growth base for Thailand.

Full article content is available on the original source.

Read on Khaosod (Thai Version)

Source: Khaosod (Original)

View Original Article

Key Quotes

Pimphat Liyisaranukun

"The 2027 budget should be used as a tool for long-term economic restructuring, rather than distributing funds to solve immediate, individual problems."

มองว่างบประมาณปี 2027 ควรถูกใช้เป็นเครื่องมือปรับโครงสร้างเศรษฐกิจระยะยาว มากกว่าการกระจายงบเพื่อแก้ปัญหาเฉพาะหน้าเป็นรายเรื่อง

Pimphat Liyisaranukun

"In times of budget constraints, every government baht must do more than just spend; it must be an investment to boost national potential."

ในภาวะที่งบประมาณมีข้อจำกัด ทุกบาทของภาครัฐต้องทำหน้าที่มากกว่าการใช้จ่าย แต่ต้องเป็นการลงทุนเพื่อเพิ่มศักยภาพประเทศ

Key Entities

Organization

FTI(ส.อ.ท.)ℹ️

The Federation of Thai Industries, which provided recommendations on the 2027 budget.

Person

Pimphat Liyisaranukun(นางพิมพ์ใจ ลี้อิสสระนุกูล)

President of the Federation of Thai Industries (FTI), who offered insights on the 2027 budget.