Fiscal Policy Office cuts 2023 economic growth projection to 2.7%

[snoop1130]

 

The Finance Ministry’s Fiscal Policy Office has decided to reduce its Thai economic growth forecast for 2023, from 3.5% to 2.7%, due to the tourism slowdown and export contraction.

 

Pornchai Thiraveja, director-general of office, said today (Friday) that the reduction is in line with the 2.7% growth projection by the International Monetary Fund and the 2.8% forecast from the Bank of Thailand.

 

Thailand’s exports for the whole year are forecast to contract by 1.8%, instead of 0.8% as originally projected, while tourist arrivals by the end of the year are expected to be about 27.7 million, instead of 29.5 million. As a result, revenues from tourism are estimated to be around 1.18 trillion baht, instead of 1.25 trillion baht, mainly due to the fewer than expected arrivals from China.

 

Caption: Pornchai Thiraveja, director-general of Fiscal Policy Office, Finance Ministry

 

Full story: Thai PBS 2023-10-27

 

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[Dogmatix]

Time to borrow a massive 3% of GDP to fund a digital wallet to add 1% to GDP growth.  Pink Sox will be able to figure out the maths.

[hotchilli]

12 hours ago, snoop1130 said:

The Finance Ministry’s Fiscal Policy Office has decided to reduce its Thai economic growth forecast for 2023, from 3.5% to 2.7%, due to the tourism slowdown and export contraction.

And the boast of next years GDP growth will follow suit.. 2024 will be a tough year for many

[Cake Monster]

Every week now we are getting these growth reduction forecasts

One word that is nor being used is " stagflation "

which IMO,  is the position in which IMO the Country sits today

[RichardColeman]

Cannot help but think that Thai economic forecasts are like watching the opening to Thunderbirds !

[Srikcir]

17 hours ago, snoop1130 said:

from 3.5% to 2.7%

Unfortunately very realistic.

Compared to 15 of the fastest growing countries in Asia with a minimum 4.2% (Timor-Leste) to 6.2% (Cambodia & Vietnam). Other nearby countries Malaysia 4.4%, Indonesia 5% and Philippines 5%.

Thailand had reached an all-time high of 9.4% in 2012Q1.

Then followed eight years of military governance led by Prayut who recently declared "Thailand's finances are 'strong and stable' ...'  www.nationthailand.com 

Might be time to realign and subsume the military budget to the People's immediate needs.