Officials instructed to take account of global changes in completing 2013 budget

Prime Minister Yingluck Shinawatra has instructed officials to complete the 2013 budget in line with global changes, chiefly volatility in Europe.

Presiding over the seminar on 2013 budgeting policy on Thursday, she said that amid the changes, Thailand needs to boost domestic demand and reduce dependence on global markets. While export income must be enhanced, the public expenditures must be cut.

Citing that the annual budgeting could shape the country's direction, she said that the Kingdom also needs spending in the areas which will strengthen Thailand's position as the gateway to Asean. More investment on infrastructure is required, after the floods.

The National Economic and Social Development Fund projects the 2012 economic growth rate at 5.5-6.5 per cent. Accordingly, Thailand sets to run a deficit of Bt300 billion in the 2013 fiscal year, based on the expenditure of Bt2.4 trillion and revenue of Bt2.1 trillion.

Yingluck also instructed all units to control their spending, to honour fiscal disciplines and transparency. If any of the government's 16 policies, as revealed to Parliament, is irrelevant to the situation, they could be overlooked for now, she said.