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Thailand lowers 2023 economic growth forecast

Thailand's Finance Ministry on October 27 cut its 2023 economic growth forecast to 2.7% from 3.5%, due to weaker exports and lower government consumption.
Thailand lowers 2023 economic growth forecast ảnh 1Thailand lowers 2023 economic growth forecast (Photo: VNA)

Bangkok (VNA) – Thailand's Finance Ministry on October 27 cut its 2023 economicgrowth forecast to 2.7% from 3.5%, due to weaker exports and lower governmentconsumption.

However, the ministry has forecast higher growth, of 3.2% in2024, adding that the projection has yet to evaluate the effect of thegovernment's planned 'digital wallet' handout scheme. Thailand’s economic growth was2.6% in 2022.

As exports are weak,Southeast Asian's second-largest economy continues to be supported by tourismand domestic consumption, the ministry said.

Exports, akey driver of the Thai economy, are forecast to contract1.8% this year, compared with a previous forecast for a 0.8%drop, but should rise 4.4% nextyear, the ministry said.

The ministryforecast foreign tourist arrivals at 27.7 million this year against an earlier estimate of 29.5million. It predicted 34.5 million foreign visitors in 2024.

Pre-pandemic2019 saw a record of nearly 40 million foreign tourists, who spent about 1.91trillion THB (53 billion USD), or more than 11% of the country's gross domestic product(GDP)./.

VNA
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