Dynamics of Public Fiscal Administration under Public Debt Constraints: An Analysis of Thailand’s Economic Stimulus Policy in Fiscal Year 2026
Keywords:
Public Fiscal Administration;, Public Debt;, Economic Stimulus Policy;, Fiscal Sustainability;, Fiscal GovernanceAbstract
Thailand’s public finances are facing increasing constraints as public debt rises while the economy continues to rely on government measures to support recovery. These constraints involve not only public debt but also revenue capacity, expenditure commitments, and future fiscal space. This academic article aims to: 1) analyze public fiscal administration under public debt constraints; 2) examine the effects of economic stimulus policies on fiscal sustainability; and 3) propose approaches to fiscal management that are appropriate to Thailand’s long-term economic and fiscal conditions. The analysis draws on academic literature, research studies, government economic and fiscal reports, and policy documents issued by domestic and international institutions. The discussion is framed by the concepts of public fiscal administration, fiscal discipline, fiscal governance, and fiscal sustainability.
The analysis shows that Thailand’s fiscal position has become more constrained by rising public expenditure, persistent budget deficits, and increasing public debt. Although expansionary fiscal policy can support aggregate demand, employment, and economic recovery in the short term, prolonged reliance on such measures increases interest obligations and reduces fiscal space for future policy responses. Fiscal sustainability therefore depends not only on the level of public debt but also on the government’s capacity to mobilize revenue, prioritize expenditure, improve the quality of public spending, and ensure transparency and accountability in fiscal management.
The article argues that fiscal management under public debt constraints should address revenue, expenditure, and debt management together. Key measures include improving revenue collection, reviewing non-essential expenditure, allocating budgets according to national priorities, and managing debt structure and interest costs at manageable levels. Greater transparency and systematic policy evaluation are also required to preserve the government’s capacity to respond to future economic conditions.
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