Thailand: Finance Ministry says economy may miss 2023 forecast

A street in Bangkok capital of Thailand (Photo: AFP/VNA)

Bangkok (NNT/VNA) - The Thai Ministryof Finance has indicated that the Thai economy may not reach a forecast growthof 3.8% next year due to a global economic slowdown, but said this year’soutlook should still be achieved.

According to Finance Minister ArkhomTermpittayapaisith, slowing exports will not affect the ministry’s growthoutlook of 3.4% for this year as the crucial tourism sector picks up pace.

Exports, a key driver of Thai growth, unexpectedlydropped in October for the first time in 20 months and the Ministry of Commercepredicted a further slowdown amid softer global demand.

Export shipments, however, were still up 9.1% inthe first 10 months of 2022 from a year earlier, assisted by a weak baht.

The finance ministry expects exports to rise 8.1%this year and increase 2.5% next year. It also sees 10.3 million foreigntourist arrivals in 2022 and 21.5 million in 2023.

Arkhom noted that Thailand’s fiscal positionremains strong enough to withstand future risks.

On November 29, the Thai Cabinet approved a budgetof about 37 billion THB (1.04 billion USD) to expand Don Mueang InternationalAirport to accommodate 40 million passengers per year from 30 millioncurrently./.

VNA/