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Byline: Wichit Sirithaveeporn
Dec. 6--Early planning for the fiscal 2003 budget allows for a smaller deficit than in the current year, based on assumptions that existing stimulus programmes will lead to a recovery next year.
The current budget, which ends in September, calls for a record deficit of 200 billion baht on expenditure of 1.02 trillion baht.
The Finance Ministry projects economic growth next year at 2-3 percent, rising to 4-5 percent a year between 2003 and 2005.
Economic growth this year is expected to range from 1.3 percent to 1.8 percent.
Somchai Sujjapongse, the director of the Finance Ministry's fiscal policy and planning division, said that additional stimulus funds for the 2003 budget would be unnecessary if efforts this year saw results.
Funds transferred to provincial and local government administrations under decentralisation policies mandated under the 1997 constitution will reduce spending needs for the next fiscal year.