Committee on Commerce Expects Thailand to Grow Slower than Other ASEAN Economies in 2023

The joint three business group warned on Wednesday that Thailand’s growth is likely to expand more slowly than other regional peers next year, adding that the global economic slowdown will have an effect on exports.

The Joint Standing Committee on Commerce, Industry, and Banking forecasts a 3.0-3.5% GDP increase for Thailand in 2023, which is lower than the growth projections of other ASEAN nations like Malaysia, Indonesia, and the Philippines.

Exports are expected to grow by 1.0-2.0% amid the economic downturn. However, inflation will fall to between 2.7% and 3.2% next year.