Thailand to lower 2023 growth forecast after weak Q3

Bangkok’s skyline photographed before sunrise in Bangkok, Thailand, April 8, 2023. REUTERS/Athit Perawongmetha/File photo

BANGKOK  – Thailand’s previous 2023 economic growth forecast of 2.7 percent will be lowered after a weaker-than-expected third quarter, Deputy Finance Minister Krisada Chinavicharana said on Monday.

Southeast Asia’s second-largest economy expanded much slower than expected, at 1.5 percent, 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 percent, 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 percent economic growth in 2023 and 3.2 percent growth in 2024.