Thailand: Finance Ministry says economy may miss 2023 forecast
The Thai 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.
A street in Bangkok capital of Thailand (Photo: AFP/VNA)
Bangkok (NNT/VNA) - The Thai Ministryof Finance has indicated that the Thai economy may not reach a forecast growthof 3.8% next year due to a global economic slowdown, but said this year’soutlook should still be achieved.
According to Finance Minister ArkhomTermpittayapaisith, slowing exports will not affect the ministry’s growthoutlook of 3.4% for this year as the crucial tourism sector picks up pace.
Exports, a key driver of Thai growth, unexpectedlydropped in October for the first time in 20 months and the Ministry of Commercepredicted a further slowdown amid softer global demand.
Export shipments, however, were still up 9.1% inthe 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 foreigntourist arrivals in 2022 and 21.5 million in 2023.
Arkhom noted that Thailand’s fiscal positionremains strong enough to withstand future risks.
On November 29, the Thai Cabinet approved a budgetof about 37 billion THB (1.04 billion USD) to expand Don Mueang InternationalAirport to accommodate 40 million passengers per year from 30 millioncurrently./.
Thailand is on course to surpass its target of attracting 10 million foreign visitors this year, according to government spokesman Anucha Burapachaisri.
The Thai Tourism and Sports Ministry is planning to ask the cabinet this month for a budget of 8.7 billion THB (224 million USD) to support the tourism industry, toward attracting 18-20 million foreign visitors next year.
Thailand’s economic growth recorded the fastest pace in over a year, expanding by 4.5% year-on-year in the third quarter of 2022, thanks to tourism rebound, according to data from the National Economic and Social Development Council (NESDC).
The Bank of Thailand (BoT) on November 30 raised its policy rate by 25 basis points for a third straight meeting, as it sought to balance between controlling inflation and supporting an economic recovery.
Ambassadors, Consuls General, along with staff and their families, joined traditional sports and cultural activities of Southeast Asia and performances bearing regional identity, thus contributing to strengthening unity and the ASEAN community spirit in New York.
In his post on social media the same day, Hun Manet said energy companies would be able to import sufficiently from other sources to meet domestic fuel and gas demands in the country.
The forum, which involves global experts and creative leaders from across 14 cultural sectors, aims to expand Thailand’s presence on the world stage through innovation and cultural exchange.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
A street in Bangkok capital of Thailand (Photo: AFP/VNA) 
