Thailand’s previous 2023 economic growth forecast of 2.7% will be lowered after a weaker-than-expected third quarter, the country’s Deputy Finance Minister Krisada Chinavicharana said on November 27.

The country’s economy expanded much slower than expected, at 1.5%, in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending.

The finance ministry’s current forecasts are for 2.7 % economic growth in 2023 and 3.2 % growth in 2024.

The minister said that for the next year, while the ministry is aiming for economic growth of slightly higher than 3%, it will try to push for even more with upcoming government stimulus measures.

The Thai Ministry of Commerce has revealed that the country’s exports increased for the third consecutive month in October 2023 and rose 8% over the same period last year.

October imports rose 10.2% year-on-year, beating a forecast rise of 6%, resulting in a trade deficit of 0.83 billion USD for the month, compared with a f
orecast surplus of 530 million USD. In the January-October period, exports declined 2.7% from a year earlier while imports dropped 4.6% and the trade deficit stood at 6.67 billion USD.

Earlier this month, Commerce Minister Phumtham Wechayachai said exports were expected to contract less than 1% this year before rising 1.99% next year./.

Source: Vietnam News Agency