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Increase in public debt ceiling raises questions on government's competence
13 Sept 07:07 Key points summarised by AI
- Thailand's government increased the public debt ceiling to 70% of GDP, reversing prior commitments, to address the economic fallout from the COVID-19 pandemic.
- The decision drew sharp criticism from experts and the opposition, who highlighted the government's perceived lapses in economic management, slow vaccination rollout, and imprudent spending on unproductive projects.
- While current debt levels are deemed manageable, there's a strong call for strategic borrowing, particularly to fund crucial areas like education development, including school COVID testing, learning loss recovery, and digital infrastructure.
- Facing a widening budget deficit and modest economic growth projections, the government is under pressure to demonstrate competence in fiscal management and implement effective recovery strategies to ensure long-term stability.
