Government revenue and expenditure
Regarding the financial management capacities of the Thai government, government spending seemed to be quite consistent and showed little changes in the contribution to Thailand's GDP since 2016 . In comparison, the government revenue as a ratio to the GDP showed slight fluctuations over the past few years, decreasing to 17.2 percent in that same year. The government revenues are generated from multiple sources, but the main contributor to revenues is tax, with the largest proportion coming from value added tax revenue. This was followed by the corporate income tax which had been steadily increasing since 2015.
The current state of government debt
Despite having shown promising economic conditions, Thailand still struggles with its national debt which has been gradually rising over the past years. The national debt in Thailand was forecasted to reach almost half of the GDP's proportion by 2024 which would be equivalent to approximately 315.23 billion U.S. dollars. In correspondence to the national debt, the government of Thailand held a significant value of debt securities as liabilities in 2019, taking up most of the total value of government liabilities. Such government debt securities consisted of treasury bills, bonds, and promissory notes.