The MPs reject online data to confirm that the public debt will not exceed 60% of next year’s GDP.
According to an online page, “The World Bank reports that the Thai economy will face a severe crisis. One of the most important problems is that the public debt figure has surpassed the 18-year high, caused by the government borrowing $ 1.9 trillion, 13% of GDP. ”
Mrs. Jindarat Wiriyathaweekul, Deputy Director of the Public Debt Management Office I would like to clarify that the matter is not true. The public debt at the end of October 2020 totaled 7.8 trillion baht, with the public debt to GDP ratio of 49.53%, which is still under the fiscal discipline, which is not more than 60% per GDP while In 2000, the public debt-to-GDP ratio was the highest of 59.98% due to the financial crisis in the country.
However, when considering the government debt proportion, it was found that the Thai government has a low level of debt at 44.37%, especially when compared to emerging economies and developing countries in Asia. Which has an average of 62.89%. At the same time, the proportion of Thailand is still within the average compared with ASEAN countries and developing countries together. This is because most of the public debt is from borrowing for investment expenditures in the budget system. And borrowing for investment in various economic and social development projects Which resulted in the GDP of the country to expand as well
In addition, the government has the burden of borrowing directly to heal and restore the wealthy affected by COVID-19 at just 1 trillion baht, not 1.9 trillion baht. A. As mentioned above, only 348,761 million baht.