The Thai economy is set to expand by only 3% this year, well below the Bank of Thailand’s forecast of 3.6%, due to rising risks of a deeper slowdown in the global economy stemming from increasing uncertainty and banking stresses in the US and Europe, said Fitch Solutions.
In its Outlook for Thailand report, the research unit of Fitch Group projects the country’s economic recovery to pick up pace gradually over the coming quarters, driven mainly by a recovery in the tourism sector and private consumption.
However, real GDP growth is expected to only accelerate slightly to 3% in 2023, versus 2.6% last year.
“With rising risks of a deeper slowdown in the global economy due to increasing uncertainty and banking stresses in the US and Europe, risks to the Bank of Thailand’s economic growth projections are likely increasingly weighted to the downside,” the report…
