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.
Thailand's Deputy Finance Minister Krisada Chinavicharana delivers the opening speech and outlines the Thai economic situation at the Bangkok Post’s CEO of the Year 2023 awards (Photo:bangkokpost.com)
Bangkok (VNA) 𝕴- Thailand's previous 2023 economic growth forecast of2.7% will be lowered after a weaker-than-expected third quarter, the country’s DeputyFinance Minister Krisada Chinavicharana said on November 27.
The country's economy expanded muchslower than expected, at 1.5%, in the July-September quarter from a yearearlier, the slowest this year, due to declining exports and governmentspending. 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 theministry is aiming for economic growth of slightly higher than 3%, it will tryto push for even more with upcoming government stimulus measures. The Thai Ministry of Commerce has revealed thatthe country's exports increased for the third consecutive month in October 2023and rose 8% over the same period last year. October imports rose 10.2% year-on-year, beating a forecastrise of 6%, resulting in a trade deficit of 0.83 billion USD for the month,compared with a forecast surplus of 530 million USD. In theJanuary-October period, exports declined 2.7% from a year earlier while importsdropped 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./.
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Thailand's Deputy Finance Minister Krisada Chinavicharana delivers the opening speech and outlines the Thai economic situation at the Bangkok Post’s CEO of the Year 2023 awards (Photo:bangkokpost.com) 
