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Revised growth outlook for 2023 lowered to 2.7% by Finance Ministry
The Ministry of Finance in Thailand has lowered its economic growth forecast for 2023 from 3.5% to 2.7% due to weaker exports and lower government consumption.
Key Takeaways
- The Ministry of Finance has revised Thailand’s economic growth forecast for 2023 downwards to 2.7% due to weaker exports and lower government consumption.
- The Thai economy continues to rely on tourism and domestic consumption as exports remain weak.
- The ministry predicts a contraction of 1.8% in exports this year, but expects a rebound with a 4.4% growth in exports in 2024.
However, they predict a higher growth rate of 3.2% for 2024, which does not yet account for the impact of the government’s planned ‘digital wallet’ handout scheme.
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The Thai economy is currently reliant on tourism and domestic consumption as exports remain weak. Exports are projected to contract 1.8% this year but rise by 4.4% in 2024.
The ministry also revised down the number of expected foreign tourists for this year from 29.5 million to 27.7 million, with a prediction of 34.5 million in 2024. In 2019, Thailand welcomed nearly 40 million foreign tourists, who contributed over 11% of the country’s GDP.
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