Thailand's economy grew by 1.8% in 2023, down from the 2.6% year-on-year, as the manufacturing and export sectors contracted, the country’s Finance Ministry said on January 25.
People shop at a supermarket in Thailand (Photo: VNA)
Bangkok (VNA) - Thailand's economy grew by 1.8% in 2023, down from the 2.6% year-on-year, as the manufacturing and export sectors contracted, the country’s Finance Ministry said on January 25.
As reported by the local news site The Nation, Fiscal Policy Office director-general Pornchai Thiraveja, who acts as the ministry’s spokesman, said economic figures from the last quarter of last year showed a contraction in the Manufacturing Production Index, which fell by 4.7% in November for 14 consecutive months. Several key products saw declines for many months in a row, including computers, cars, rubber, and plastics.
The ministry expects GDP growth at 2.8% this year as the country has seen increased exports of goods and services, the official said.
He said another factor to help boost economic growth this year will be the anticipated 33.5 million foreign tourist arrivals, 19.5% higher than last year. Tourism revenue has also been projected to rise by 23.6% annually to 1.48 trillion THB (41.47 billion USD).
In October 2023, the Fiscal Policy Office had forecast the country’s economy to expand by 2.7% for the entire year./.
The Thai economic recovery remained on track in June, with the tourism sector expanding on higher foreign tourist arrivals and exports decreasing, according to the Bank of Thailand (BoT).
Although the Bank of Thailand (BoT)'s revised GDP growth forecast of 3.2-3.8% next year is possible, analysts are warning that an economic slowdown in China and the US means downside risks remain, while the effectiveness of the government’s stimulus to ignite the economy is questioned, local media reported.
The Federation of Thai Industries (FTI) forecasted that the country’s economy, particularly exports, will be driven by high-potential industries such as agriculture, food, cars and auto parts, as well as bio- circular and green (BCG) manufacturing.
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People shop at a supermarket in Thailand (Photo: VNA) 
