Finance Ministry Says Economy May Miss 2023 Forecast

[snoop1130]

 

BANGKOK (NNT) - The 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.

 

According to Finance Minister Arkhom Termpittayapaisith, slowing exports will not affect the ministry’s growth outlook of 3.4% for this year as the crucial tourism sector picks up pace.

 

Exports, a key driver of Thai growth, unexpectedly dropped in October for the first time in 20 months and the Ministry of Commerce predicted a further slowdown amid softer global demand.

 

Export shipments, however, were still up 9.1% in the 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 foreign tourist arrivals in 2022 and 21.5 million in 2023.

 

Arkhom noted that Thailand’s fiscal position remains strong enough to withstand future risks.

 

On Tuesday (29 Nov), the Cabinet approved a budget of about 37 billion baht (US$1.04 billion) to expand Don Mueang International Airport to accommodate 40 million passengers per year from 30 million currently.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221130134227526

 

-- © Copyright NNT 2022-11-30

 

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[Kenny202]

Pretty pointless reading the news here. Story flips around daily.

[Gottfrid]

May?

[nigelforbes]

3 minutes ago, Gottfrid said:

May?

Wont know for certain until end fiscal 2023.

[Gottfrid]

9 minutes ago, nigelforbes said:

Wont know for certain until end fiscal 2023.

Please Nigel! We all know that they miss their goals by now. My post was meant to be sarcastic.

[jcmj]

Well wonder why the exports went down? I’m sure it had nothing to do with them strengthening the baht. They always seem to find a way to shoot their own feet once things are looking up. Let’s see what’s next. 

[RichardColeman]

Clever man, re-setting his goals lower to take the praise if they beat it

[Kenny202]

10 minutes ago, RichardColeman said:

Clever man, re-setting his goals lower to take the praise if they beat it

Thats not how Thailand works. Get the praise now and make the excuse later, most likely blaming someone else

[hotchilli]

17 hours ago, snoop1130 said:

The 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.

Blindingly obvious.

[Gottfrid]

6 hours ago, RichardColeman said:

Clever man, re-setting his goals lower to take the praise if they beat it

Yep, that´s a real win, Thai style!

Edited December 1, 2022 by Gottfrid