THAILAND’S 2023 economic growth and inflation are expected to be lower than previously forecast due to softer-than-expected exports and tourism spending, the central bank chief said on Tuesday (Sep 5).
South-east Asia’s second-largest economy has been impacted by slowing global growth, a faltering recovery in its main trading partner China, and falling investor confidence due to prolonged political uncertainty after an election in Thailand in May. Thailand’s king swore in the new 11-party coalition government on Tuesday.
Overall, the economic recovery remains intact, with 29 million foreign arrivals still expected throughout the year, Bank of Thailand (BOT) governor Sethaput Suthiwartnarueput said during two economic seminars he addressed on Tuesday.
The economy “is still in recovery, even though it’s weaker than expected”, he said.
“The recovery of tourism remains clear, although spending may not be much as expected,” he added. Tourism is a key driver, accounting for about 12 per cent of GDP before the pandemic.
Updated forecasts due later this month would see downward revisions to the earlier projection for 3.6 per cent economic growth for 2023 and headline inflation of 2.5 per cent, he said. Last year’s economic growth was 2.6 per cent.
Source: The Business Times
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
