Thai public debt manageable, not problem for fiscal policy -fin ministry
BANGKOK : Thailand's public debt level is manageable and does not represent a problem for fiscal policy, a finance ministry official said on Friday, as the government deals with the threats from the Omicron coronavirus variant.
The ratio between Thai public debt and gross domestic product (GDP) was at 59.58per cent as of November. The ministry previously forecast the public debt level would rise to about 62per cent of GDP by the end of the 2022 fiscal year that runs to September.
Last year, the debt ceiling was raised to 70per cent of GDP from 60per cent, allowing the government to raise more funds to help a flagging economy with the key tourism sector still struggling.
"The current public debt level has not caused any problems to fiscal policy, as the government still has debt affordability," Patricia Mongkhonvanit, head of the finance ministry's Public Debt Management Office (PDMO), said in a statement.
The finance minister said last month Thailand's economy should still be able to achieve growth of 4per cent this year, despite uncertainty over the spread of the Omicron variant.
Thailand on Thursday raised its COVID-19 alert level following rising infections driven by the spread of the variant.
(Reporting by Satawasin Staporncharnchai; Editing by Ed Davies)