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Government finances - statistics & facts

The government of Thailand operates under a unitary state alongside a democratic system with a constitutional monarchy. Thailand was governed under an absolute monarchy regime until 1932 and was ended by the Siamese Revolution of 1932 which was then replaced with a constitutional monarchy as seen today. The government of Thailand consists of three branches: the executive, the legislative, and the judiciary. In 2020, the Thai government was evaluated with the governance index among other ASEAN countries, coming in sixth after the Philippines.

Government revenue and expenditure

Regarding the financial management capacities of the Thai government, government spending had been increasing as a proportion to the country’s GDP in recent years. The recent COVID-19 pandemic has also contributed to even greater government spending, raising expenditures-to-GDP to almost 13 percent while government revenue continued to decline. Although uncertain, government spending has been expected to decrease, with monetary assistance from the Bank of Thailand, as the situation continues to improve. In terms of revenue sources, government revenue in Thailand is generated from multiple channels, but the main contributor to revenue is tax, with the largest proportion coming from value-added tax.

The current state of government debt

Despite the country’s promising economic conditions, Thailand still struggles with its national debt levels that have been gradually rising over the past years. The recent COVID-19 pandemic has continued to increase the amount of national debt in order to support the stimulus packages and relief measures by increasing the debt ceiling to 70 percent in terms of debt to GDP. When not taking into account the pandemic, the national debt in Thailand was forecast to amount to around 334 billion U.S. dollars by 2026, which would be more than half of the GDP's proportion. In correspondence to the national debt levels, the government of Thailand held a significant value of debt securities as liabilities in 2020, taking up most of the total value of government liabilities. Such government debt securities consisted of treasury bills, bonds, and promissory notes.

Interesting statistics

In the following 5 chapters, you will quickly find the 26 most important statistics relating to "Government finances in Thailand".

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