NESDC prunes 2023 growth view to 2.7-3.7%

Downgrade attributed to global slowdown, declining exports

The government’s planning unit has downgraded its economic growth forecast to 2.7-3.7% for this year from 3-4% estimated in November last year, largely attributed to the global slowdown and declining exports.

According to Danucha Pichayanan, secretary-general of the National Economic and Social Development Council (NESDC), the export value of goods in US dollar terms is anticipated to decrease by 1.6% this year, compared with 5.5% growth in 2022, a downward revision from 1% growth in the November estimate.

He attributed the export revision to an assumption of lower export prices and a dip in export volume. Export volume is expected to decline by 0.6% compared with 1% growth in the previous estimate.

Mr Danucha said export services are expected to notably increase as the…