Thailand’s revised GDP growth forecast met with caution due to global slowdown risks

Analysts expressed caution over the Bank of Thailand’s revised GDP growth forecast of 3.2 to 3.8% for the upcoming year, highlighting potential risks from an economic slowdown in China and the US. Doubts have also been raised about the efficacy of government stimulus to revive the economy.

Nattaporn Triratanasirikul, the deputy managing director of Kasikorn Research Centre (K-Research), deemed the central bank’s 2024 forecast consistent with the think tank’s estimate. In contrast, K-Research had downgraded Thailand’s 2023 growth outlook to 2.5% from 3% after the GDP expansion of just 1.5% in the third quarter, resulting in a year-to-date growth of 1.9%.

K-Research highlighted that while private consumption is likely to witness growth in the fourth quarter due to the burgeoning recovery of tourism, the delay in the government’s fiscal…