Thailand lowers 2023 economic growth forecast

Thailand’s Deputy Finance Minister Krisada Chinavicharana announced a downward revision of the country’s 2023 economic growth forecast from the initial 2.7%. This adjustment follows a disappointing third quarter, where the economy grew only 1.5%, marking the slowest pace this year. The sluggish growth is attributed to reduced exports and government spending. Despite this setback, the finance ministry targets a slight increase above 3% growth for the next year and is planning government stimulus measures to boost the economy. Currently, the ministry forecasts a 2.7% growth for 2023 and a more optimistic 3.2% for 2024.