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Monday, April 22, 2024

Finance Ministry Maintains Projection for GDP Growth in 2023

The Ministry of Finance maintains its economic growth forecast for 2023 at 3.8%, aided by a resurgence in tourism and domestic consumption, while this year’s exports are still anticipated to decline.

As exports, public investment, and private spending slowed, Pornchai Thiraveja, head of the ministry’s fiscal policy office, stated in a briefing that the Thai economy will likely rise 3.0% in 2022, down from the prior prediction of 3.4%.

Next month, official gross domestic product (GDP) estimates for 2022 will be announced. The GDP expanded by 1.5% in 2021, one of the lowest rates in the area.

As global travel restrictions are loosened, Pornchai also observed that the tourist industry has been gaining momentum.

The tourism industry began to recover in 2016 with the arrival of 11,15 million international tourists.

Since the start of the new year, Thailand has booked 1.34 million international tourists.

As a result of China’s openness, Pornchai noted that the monarchy expects to attract 27.5 million international visitors this year, up from 21.5 million forecast previously.

The administration anticipates at least 5 million Chinese visitors this year, around half of the number in 2019 prior to the epidemic.

The number of international visitors to Thailand hit a new high of about 40 million in 2019, while their expenditure totaled 1.91 trillion baht ($58.07 billion). Tourism contributed for almost 12 percent of the nation’s gross domestic product.

Due to a worldwide downturn, exports – another crucial growth engine – may expand by only 0.4% this year, rather than the 2.5% forecast before.

In the meanwhile, the ministry forecasts that the baht will average 32.50 per dollar this year, down from 35.07 last year, since Thailand is among the countries anticipated to have an ongoing economic rebound.

This year’s average headline inflation is anticipated to be 2.8%, down from last year’s 24-year high of 6.08%, which was well beyond the Bank of Thailand’s goal range of 1% to 3%.

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