A recovery in export orders should lift industrial sector growth to between 4.5% and 5.5% next year, after a 5.9% slide this year, says the Industry Ministry.

The ministry bases its forecast on GDP growth of 3.1%, crude averaging $68 per barrel, the baht at 35.5 per dollar, and on World Bank projections of demand from Thailand’s top 14 trading partners.


“We made it a bit conservative because the Map Ta Phut issue should drag investment sentiment slightly,” said Suttinee Poopaka, director-general of the Office of Industrial Economics (OIE).

Capacity utilisation is forecast to rise from 56.4% this year to 63% next year, close to 62.6% recorded in 2007. Export orders reflect demand spurred by government stimulus packages, she said.

via Export revival lifts industrial output forecast.

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Year in Review: Rollback of pandemic restrictions fuelled growth

An easing of Covid-19-related restrictions and shifting supply chains have bolstered growth in Asia, even as inflation and climate change generate significant headwinds.

Asia’s Economies Face Weakening Growth amid Rising Inflation Pressures

Economic growth in Asia and the Pacific is projected to decelerate to 4.2 percent this year, 0.7 percentage points less than forecasted in April and slower than the 6.5 percent growth in 2021.

Finance Ministry lowers 2022 growth forecast to 3.4%

In 2023, the number of foreign tourists is expected to reach 21.5 million, but prior to the pandemic, there were nearly 40 million foreign tourists in 2019.