Thailand’s economy forecast to see better recovery in 2023
Thailand's economic growth slowed in the fourth quarter of 2022 as reduced exports and factory activity, together with tightening monetary conditions, curbed private consumption, according to a recent Reuters poll of economists.
Thailand’s economy forecast to see better recovery in 2023 (Photo: eastasiaforum)
Bangkok (VNA)♛ – Thailand'seconomic growth slowed in the fourth quarter of 2022 as reduced exports and factoryactivity, together with tightening monetary conditions, curbed privateconsumption, according to a recent Reuters poll of economists.
As mentioned by medianforecast of 19 economists polled from February9-15, growth in Southeast Asia's second-largest economy was forecast at 3.5% year-on-year in theOctober-December period, down from 4.5% growth in the prior quarter. The survey showed, on aquarterly basis, the country's gross domestic product (GDP) was forecast to have grown a seasonally-adjusted0.5%, a significant slowdown from 1.2% in the previous quarter. The official data will be releasedon February 17. A separate Reuters poll found, the Thai economy wasexpected to grow 3.7% this year and 3.8% in 2024, before slowingto 3.2% in 2025. Bansi Madhavani, senior economist at ANZ,said China'sborder reopening should provide renewed impetus for Thailand's recovery in 2023and help offset some of the weakness from the goods export sector. He revealed that firmergrowth will in turn give the Bank of Thailand (BoT) some scope to continue its path ofgradual monetary policy normalisation. TheBOT has raised rates by a total of 100 basis points since August to 1.5%,though the tightening cycle has been less aggressive than that of many of itspeers as Thailand's economic recovery has lagged other Southeast Asian nations. A majority of economists in the Reuters pollexpected the BoT to implement another modest rate hike at its policymeeting on March 29./.
Thailand's Commerce Ministry is scheduled to organise about 450 activities to stimulate exports this year, focusing mainly on four potential markets namely the Middle East, South Asia, China, and the CLMV (Cambodia, Laos, Myanmar and Vietnam), a senior official has said.
Thailand will host the Cobra Gold military drills this year, which will for the first time include training for space disasters, according to the Royal Thai Armed Forces.
The Government of Thailand has approved the collection of an entry fee, ranging from 150 - 300 THB (4.3 - 8.7 USD), from all international visitors to this country, starting on June 1.
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.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
Thailand’s economy forecast to see better recovery in 2023 (Photo: eastasiaforum) 
