Thailand to lower 2023 growth forecast after weak Q3

THAILAND’S previous 2023 economic growth forecast of 2.7 per cent will be lowered after a weaker-than-expected third quarter, Deputy Finance Minister Krisada Chinavicharana said on Monday (Nov 27).

South-east Asia’s second-largest economy expanded much slower than expected, at 1.5 per cent, in the July-September quarter from a year earlier, the slowest this year, due to declining exports and government spending.

For next year, while the ministry is aiming for economic growth of slightly higher than 3 per cent, it will try to push for even more with upcoming government stimulus measures, he told reporters.

The finance ministry’s current forecasts are for 2.7 per cent economic growth in 2023 and 3.2 per cent growth in 2024. REUTERS