WB projects economic growth of Thailand, Malaysia this year
The World Bank (WB) expected Thailand's economy to grow 3.6% year on year in 2023, accelerating from 2.6% in 2022, supported by domestic consumption, tourism recovery and pent-up demand in China.
Bangkok (VNA) - The World Bank (WB) expectedThailand's economy to grow 3.6% year on year in 2023, accelerating from 2.6% in2022, supported by domestic consumption, tourism recovery and pent-up demand inChina.
WB East Asia andPacific Chief Economist Aaditya Mattoo said at a virtual press conference onMarch 31 when the bank released its latest East Asia and the Pacific EconomicUpdate report, that the country’s tourist arrivals are projected to increase to27 million in 2023, reaching 68% of the pre-pandemic level, and are expected toaccelerate and surpass the pre-pandemic level by 2024.
Mattoo said though theSoutheast Asian country's inflation remains higher than the target range, theinflation pressures have eased.
He warned aboutdomestic challenges such as rising household debt levels, rapid aging, lowcapital investment accumulation and declining export competitiveness, which maylimit Thailand's potential growth, and advised deepening reforms, especially inthe service sector.
To ensure sustainabledevelopment, Kiatipong Ariyapruchya, the WB's senior economist for Thailand,said besides maintaining fiscal stability and sustainability, Thailand mustfurther open up the service sector, increase investment for climate adaptationand enhance social protection for the aged and poor.
Meanwhile, the bankprojected the Malaysian economy to grow at a more moderate pace of 4.3% in 2023thanks to domestic demand amid an expected slowdown in external demand.
Private consumptiongrowth is forecast to remain robust, albeit at a slower rate at 6.3% in 2023,as compared to 11.3% in 2022, the WB said in the report.
According to thereport, private consumption growth is supported by improvements in labor marketconditions, as well as ongoing income support measures from the government.
Meanwhile, investmentis projected to increase by 4.4% in 2023, as compared to 6.8% in 2022,reflecting the continued flows of investments in the private and publicsectors.
Malaysia's inflation,on the other hand, is forecast to moderate to between 2.5 and 3.0% in 2023, ascompared to 3.3% in 2022, as global supply constraints ease, and commodityprices stabilise./.
Malaysian Minister of Foreign Affairs Zambry Abdul Kadir has expressed his satisfaction that the future of Malaysia - Vietnam relations looks very promising, and that both countries will continue to engage even more closely for greater success.
Thailand always attaches importance to promoting tourism and sport cooperation with Vietnam, Thai Minister of Tourism and Sports Phiphat Ratchakitprakarn recently told Vietnamese Ambassador to the country Phan Chi Thanh.
Thailand beat its target for tourist arrivals of 6 million arrivals in the first quarter, reaching 6.15 million in the January to March 27 period, government spokesperson Traisuree Taisaranakul said on March 29.
The Bank Negara Malaysia on March 29 forecast that the country’s economy is projected to grow between 4-5% in 2023, amidst challenges rising from slowing global growth.
Total trade between Indonesia and New Zealand in the first half of 2025 reached 963.23 million USD, an increase of 21.56% compared to 792.39 million USD in the same period last year. Of this amount, Indonesia's exports to New Zealand totaled 374.89 million USD, while imports 588.35 million USD
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).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
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.
Illustrative photo. (Photo: AFP/VNA) 
