Exports now expected to contract even as tourism growth exceeds expectations
The Finance Ministry has lowered its 2023 economic growth outlook to 3.6% from 3.8% projected earlier, on expectations of a fall in exports as global demand weakens.
Exports, a key driver of growth, are expected to drop 0.5% this year, compared with a previous forecast for a 0.4% rise, Pornchai Thiraveja, head of the ministry’s Fiscal Policy Office, told a briefing on Tuesday.
“A global slowdown is a drag on Thailand’s economic growth… and exports might not increase as thought,” he said.
The dollar value of the country’s exports in February fell by 4.7% from…
