BOT Warns Thai Growth May Fall Below 3% Next Year If Tourism, Exports Miss Expectations

The Bank of Thailand on Wednesday issued a warning on economic growth next year, saying it could fall short of target if the number of tourists visiting the country drops below the 19 million milestone and exports see a deficit  from the 1.1% growth projection.

The BOT’s Deputy Governor for Monetary Stability, Mr. Mathee Supapongse, has stated that if foreign tourist numbers come up short of expectations, Thailand’s GDP growth could fall below 3%. 

According to the central bank, business sentiment in Thailand fell to 47.80 points in October from 49.60 points in September of 2022, dropping below pre-COVID levels for the first time this year. This was owing to a decline in confidence across almost all business sectors, headed by petroleum refiners and the manufacturing industry, which includes the food and beverage business, as order and costs have tumbled due to rising inflation globally, placing pressure on spending both at domestic and international levels.