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Thai Finance Ministry lowers growth outlook for 2023 to 3.5%

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The Thai Finance Ministry has lowered its economic growth forecast for 2023 to 3.5% due to weaker global demand for exports. They also predict a 0.8% decline in exports for this year. However, increased domestic consumption and a recovery in the tourism sector have helped support the economy. The Ministry maintains a forecast of 29.5 million foreign tourist arrivals this year. Inflation is expected to be 1.7%, down from 2.6%, and the exchange rate is projected at 34.01 baht per dollar. The revised growth outlook is likely to affect industries reliant on exports, such as manufacturing, agriculture, and international services. However, the government’s efforts to attract tourists and encourage local spending have mitigated the impact of weaker global demand.

Source link : Thai Finance Ministry lowers growth outlook for 2023 to 3.5% by Aishwarya Gupta

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