Thailand: Finance Ministry says economy may miss 2023 forecast
The Thai Ministry of Finance has indicated that the Thai economy may not reach a forecast growth of 3.8% next year due to a global economic slowdown, but said this year’s outlook should still be achieved.
A street in Bangkok capital of Thailand (Photo: AFP/VNA)
Bangkok (NNT/VNA) - The Thai Ministryof Finance has indicated that the Thai economy may not reach a forecast growthof 3.8% next year due to a global economic slowdown, but said this year’soutlook should still be achieved.
According to Finance Minister ArkhomTermpittayapaisith, slowing exports will not affect the ministry’s growthoutlook of 3.4% for this year as the crucial tourism sector picks up pace.
Exports, a key driver of Thai growth, unexpectedlydropped in October for the first time in 20 months and the Ministry of Commercepredicted a further slowdown amid softer global demand.
Export shipments, however, were still up 9.1% inthe first 10 months of 2022 from a year earlier, assisted by a weak baht.
The finance ministry expects exports to rise 8.1%this year and increase 2.5% next year. It also sees 10.3 million foreigntourist arrivals in 2022 and 21.5 million in 2023.
Arkhom noted that Thailand’s fiscal positionremains strong enough to withstand future risks.
On November 29, the Thai Cabinet approved a budgetof about 37 billion THB (1.04 billion USD) to expand Don Mueang InternationalAirport to accommodate 40 million passengers per year from 30 millioncurrently./.
Thailand is on course to surpass its target of attracting 10 million foreign visitors this year, according to government spokesman Anucha Burapachaisri.
The Thai Tourism and Sports Ministry is planning to ask the cabinet this month for a budget of 8.7 billion THB (224 million USD) to support the tourism industry, toward attracting 18-20 million foreign visitors next year.
Thailand’s economic growth recorded the fastest pace in over a year, expanding by 4.5% year-on-year in the third quarter of 2022, thanks to tourism rebound, according to data from the National Economic and Social Development Council (NESDC).
The Bank of Thailand (BoT) on November 30 raised its policy rate by 25 basis points for a third straight meeting, as it sought to balance between controlling inflation and supporting an economic recovery.
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Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
A street in Bangkok capital of Thailand (Photo: AFP/VNA) 
