The World Bank advised Thailand to enhance its revenue collection long-term to address increasing public spending requirements, notably from its aging populace. The nation must balance rising expenditures on pensions, healthcare, education, and climate adaptation without hindering economic growth or exacerbating public debt, according to a World Bank report. Fabrizio Zarcone, the World Bank's country manager for Thailand, recommended progressive tax reforms to raise revenues, suggesting measures like increasing the value-added tax rate, broadening personal income tax base, and expanding property tax collection. This, if implemented gradually over this decade, would promote equity while providing essential funding. Despite Thailand's public debt increasing from 40% to over 60% due to COVID-19, the World Bank considers the nation's fiscal risks manageable.
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