The Asian Development Bank (ADB) has revised down its forecast for the Thai economy in 2023 due to the global economic slowdown from 3.5% to 2.5%.
However, the regional economy is expected to grow 4.9% this year, compared with a previous forecast of 4.7% in September, according to the Asian Development Outlook (ADO) December 2023, released today. The outlook for next year is maintained at 4.8%.
Key Takeaways
- Developing Asia’s growth forecast for 2023 has been revised up to 4.9%, driven by robust domestic demand, indicating a positive outlook despite global challenges.
- Inflation in the region is expected to decline to 3.5% in 2023, but potential supply disruptions and higher price pressures in certain countries may slightly increase inflation to 3.6% in 2024.
- Southeast Asia’s growth forecasts have been revised down for 2023 due to weak external demand, while South Asia’s growth…
