5-7-2023 (BANGKOK) The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) announced on Wednesday that Thailand’s economy is projected to grow between 3.0% and 3.5% this year, maintaining its previous forecast. While the tourism sector shows signs of recovery, concerns arise due to a softening in exports.
The JSCCIB expressed cautiousness regarding exports, a crucial driver of the Thai economy, predicting either stagnation or a decline of up to 2% for this year. In 2022, the economy expanded by 2.6%.
Last month, the JSCCIB, comprising prominent business groups, already highlighted its expectation of a slowdown in export growth for the remainder of the year due to various global uncertainties.
The steady growth forecast for Thailand’s economy reflects the positive momentum in the tourism industry, as travel activities gradually resume amidst the easing of COVID-19 restrictions. However, the potential slump in exports poses a significant challenge that may impact the overall economic performance.
