The Finance Ministry has lowered its 2023 economic growth outlook to 3.5% from 3.6% projected earlier, as tourism gathers strength but tepid global demand crimps exports.
Exports, a key driver of the Thai economy, are forecast to contract 0.8% this year, compared with a previous forecast for a 0.5% drop, Pornchai Thiraveja, head of the Fiscal Policy Office, told a media briefing on Wednesday.
Southeast Asia’s second-largest economy has been supported by increased domestic consumption and a recovery in the tourism sector, officials have said.
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